PracticePeople In PracticeNAO gives Customs and the Revenue a clean bill of health over appropriation accounts

NAO gives Customs and the Revenue a clean bill of health over appropriation accounts

Errors in VAT payments detected by Customs continued to rise, according to a report from the National Audit Office.

During 1998-99 Customs found under declaration errors totaling £2,569m in VAT and Insurance Premium Tax Returns. VAT avoidance experts identified £143m of avoidance while Shadow Economy Teams targeting unregistered businesses provided extra revenue of £34.

Investigations into the abuse of warehousing and transit arrangements of excise unearthed a further £244m of evaded duty.

The figures came in the annual report into Customs and the Inland Revenue appropriation accounts.

It found Custom’s net revenue receipts increased by 4.3% over the previous year to £90.4bn with VAT income increased by £1.4bn. The Inland Revenue saw its revenue rise 9% to £128.1bn. Income tax rose by £9.8bn and stamp duty by £1.2bn.

Sir John Bourn, head of the NAO, gave the two services a clean bill of health.

He said: ‘The Revenue Departments collected over £220bn tax in 1998-99. With such large sums at stake it is important that the tax system operate effectively. I am therefore pleased to advise Parliament that my examination confirmed that the Department’s systems continued to provide an effective check on the assessment and collection of revenue.’

Related Articles

Is inefficiency stealing your time and money?

Accounting Firms Is inefficiency stealing your time and money?

6m Emma Smith, Managing Editor
CIMA elects new president

Institutes CIMA elects new president

6m Emma Smith, Managing Editor
Transparent currency trade: How to achieve costs visibility

Governance Transparent currency trade: How to achieve costs visibility

6m Emma Smith, Managing Editor
Introduction to KPMG UK’s new leadership team

Accounting Firms Introduction to KPMG UK’s new leadership team

6m Emma Smith, Managing Editor
EY appoints head of UK Infrastructure Asset Intelligence practice

Accounting Firms EY appoints head of UK Infrastructure Asset Intelligence practice

8m Emma Smith, Managing Editor
FRP Advisory expands operation with new office, partner appointments

Accounting Firms FRP Advisory expands operation with new office, partner appointments

10m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

10m Emma Smith, Managing Editor
MHA MacIntyre Hudson advises on management buy-out

Accounting Firms MHA MacIntyre Hudson advises on management buy-out

10m Emma Smith, Managing Editor