The Big Question - FDs back Revenue and CA link
A merged Inland Revenue and Contributions Agency would simplify the taxation system and be beneficial for businesses, according to the majority of finance directors surveyed for The Big Question.
In a poll conducted by Accountancy Age and Reed Accountancy Personnel, 56% of FDs said their businesses would benefit from having one main reference point to simplify the payment process. Only 31% of FDs were sceptical of the proposed merger and preferred to adopt a ‘wait and see’ attitude.
‘Anything which consolidates the existing structure will cut down on both cost and frustration and must be appreciated,’ said Nigel Collins, FD of chemical manufacturers Mitchanol International.
‘There will be only one organisation to deal with and that would benefit all individuals and corporate taxpayers,’ said Andrew Pearson of Laser Lines.
David Bailey of the RAF Benevolent Fund agreed. ‘Joint helplines would ease communication problems. Both sets of inspectors could be trained to recognise tax and NI irregularities on inspections,’ he said.
But Craig Baxter, of roofing and insulation manufacturers Willan Group, said he was not confident of the government’s ability to implement the merger successfully.