Government wrote off £10.9bn in unpaid tax in 2010
The Public Accounts Committee, chaired by Margaret Hodge, published the first audited Whole of Government Accounts
The Public Accounts Committee, chaired by Margaret Hodge, published the first audited Whole of Government Accounts
THE TREASURY wrote off £10.9bn in unpaid tax 2009/2010, according to the report published by a government select committee.
The Public Accounts Committee, chaired by Margaret Hodge, published the first audited Whole of Government Accounts – the first time either Treasury officials, ministers, MPs and the public have been able to look at the total cost of policies over time.
“The 2009-10 WGA reveals some staggering numbers and shows that the total effect of individual financial decisions can be very significant,” Hodge said.
The amount of unpaid tax written off by the government was as high as £10.9bn. However, the report was criticised for falling short of giving a true and fair view of the UK’s financial position.
The figures in the first audited WGA are too dated because Treasury took 20 months to prepare and publish the report.
“The Treasury has departed from accounting standards by leaving out of the accounts such bodies as Network Rail and the publically owned banks,” Hodge said.
More about:
In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...
View resourceIn recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...
View resourceIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceThe first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...
View resourceFollowing international accounting standards for leasing one battle too many for the MOD Read More...
View articleNational Audit Office report critical of Department for Education's financial statements, amid huge expansion of academies across England Read More...
View articleFRC tells Conservative MP Andrew Tyrie full report into KPMG's audit of HBOS can be expected in the spring Read More...
View articleTreasury Select Committee chairman Andrew Tyrie raises "number of concerns" over FRC's supervision of KPMG's role in HBOS collapse Read More...
View articleThe Treasury's fifth such set of accounts consolidates the financial activities of 5,400 organisations from across the UK public sector Read More...
View articleUnqualified 2013/14 accounts criticised while attention drawn to the poor quality of several aspects of the SPA's accounting records Read More...
View articleThe Audit Commission dismayed at decline in quality of reporting for ‘small bodies' such as parish councils and Internal Drainage Boards, which spend ...
View articleA parliamentary committee heard evidence of pitfalls and gaps in a local audit draft bill Read More...
View article