Inland Revenue denies loss of tax records
A denial has been issued by the Inland Revenue following reports that it has lost millions of tax records.
A denial has been issued by the Inland Revenue following reports that it has lost millions of tax records.
A denial has been issued by the Inland Revenue following reports that it has lost millions of tax records.
The Revenue said it has lost nothing and that it has what it describes as ‘open records’ on only a number of taxpayers which resulted from being supplied with incomplete information.
Press reports claimed that around five million records for 1998 to 1999 had been lost due to information not being transferred properly from the Revenue’s National Insurance Recording (NIR) system, run by Andersen Consulting, to COP, the PAYE computer.
Speculation has mounted that millions of taxpayers would get a tax holiday.
The NIR system cost Andersen £100m to develop, and a further £20m has been spent on it since being installed, but the firm has received only £19m in fees to date. The latest reports will come as a further embarrassment to the company.
The Revenue said this morning that the ‘open records’ problem was an annual event. A spokesman said: “This is not because the Inland Revenue or its computer systems have lost any information or [that] there is any problem with the systems. [It is] because complete information has not been received from [an] employer, or someone who was an employee in an earlier tax year has moved into self employment.”
First published on Accountancy Age
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 resourceThe shift to cloud-based accounting marks a significant transformation, enhancing efficiency, collaboration, and data security, and setting new standa...
View articleOn February 28, Xero became the latest accounting technology provider to launch a new AI assistant. ‘Just Ask Xero’ or JAX was announced a...
View articleThe collaboration between OCR and AI in automating the AP workflow marks a significant stride towards operational excellence. Read More...
View articleThomson Reuters has successfully acquired Pagero, a Swedish e-invoicing and tax solutions company, for approximately $800 million. The content and tec...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleWith so many accounting software options on the market today, from QuickBooks to FreshBooks to Xero, it can be overwhelming for small business owners ...
View articleThe Horizon scandal has shed light on the crucial role of ethical practices in the accounting technology industry, and underscored the need for transp...
View articleAccountants in industry must upgrade wisely to help their businesses evolve, according to Nick Longden of AccountsIQ Read More...
View article