Accountants could be next for tax amnesty
22 Feb 2010, Accountancy Age, AccountancyAge
http://www.accountancyage.com/aa/news/1807880/accountants-tax-amnesty
Fresh speculation surfaced over the weekend that accountants could be the next profession to be offered a tax amnesty, according to reports in in the Mail on Sunday.
HMRC is currently running a new disclosure opportunity for the medical profession but the press have speculated that accountants, lawyers and construction company bosses could be the next to be targeted.
The amnesty for doctors runs out at the end of March. Under the scheme taxpayers are offered a 10% penalty if they come clean during the amnesty. If they fail to come forward, taxpayers face repaying their tax plus a much higher penalty.
No confirmation has been made by HMRC of which profession could be offered an amnesty.
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Visitor comments
Disclosure
Should they also disclose this to their professional bodies for the appropriate punishment ? I wonder. I say no such amnesty should be granted as it makes a mockery of those that already comply with their obligations. They have had enough warnings !!!
Posted by: Spike , 22 Feb 2010 | 00:00
what nonsense!
what do HMRC plan to base their enquiries on? with doctors they can coerce insurance companies and the health service to obtain details of income but there is no equivalent for accountants. Lawyers' income from legal aid could be obtained but that is only relevant in some cases
Posted by: anon , 22 Feb 2010 | 00:00
Accountants Tax amnesty
Surely accountants are in the best position to get their tax right in the first place ! The small practitioner has born the brunt of unqualifieds dabbling in accounts and tax preparation, attempting to compete with fee levels that do not contain the professional overheads of the various Chartered practitioners - an amnesty sends entirely the wrong message to the public who will wonder if our profession has joined the black economy !
Posted by: small practitioner , 24 Feb 2010 | 00:00
Accountants Amnesty
Then they should be struck off...
I cant see it happening there isn't enough rotten apples in the barrel and the ones that are, are going to keep there heads down, because if your going to be a bad lad, whats the point in doing it in halves.
Posted by: tom mcmanners ACA , 24 Feb 2010 | 00:00
Wrongthink
I agree with the general sentiment that this is ill considered nonsense. If an accountant is stupid enough to be dishonest then he/she derserves all that he/she gets.
Posted by: Phil Rees , 24 Feb 2010 | 00:00
Risk assessment for accountants
OK so all that HMRC need to do is total up the accountancy fees for the clients handled by accountants and compare them with the accountants turnover
Posted by: Bill , 05 Apr 2010 | 00:00