The spiraling costs of the investigation into collapsed carmaker MG Rover
funded by the Department of Trade and Industry could be limitless, as a closing
date has still not yet been announced, Accountancy Age has
Under the Freedom of Information Act, Accountancy Age has discovered
that the costs incurred by the Department of Trade and Industry to October 2005
were paid to chief investigator and head of forensic accounting at BDO Stoy
Hayward, Gervase MacGregor, totalling £2.1m – more than £1m more than the amount
However, the DTI stated that ‘no end date’ for the investigation ‘had been
fixed’. It said that ‘the inspection would end when the inspectors submitted
their report to the secretary of state’.
It also said that the DTI’s former permanent secretary, Catherine Bell, did
not expect to receive a report from inspectors before ‘mid-2006’, meaning the
investigation could cost millions more.
In November last year Accountancy Age revealed that MacGregor and
BDO had earned £1,090,890 in fees, disbursements and VAT between the 31 May and
31 August – well over £10,000 a day.
If a similar pattern in costs continued from 31 May until 30 December, then
this figure will have more than doubled to over £2.5m.
"The whole idea of HMRC officials supplying confidential information about individuals to the media on a non-attributable basis is, or should be, a matter of serious concern," say Supreme Court judges
UK-based non-doms have paid ten times more tax than the average taxpayer, raising concerns over the Brexit impact on non-dom contributions and therefore, the economy
A senior MP has questioned the impact of HMRC’s decision to undertake yet another radical overhaul of its internal structure
The Apple Tax situation; Accountants replaced by robots; and The Accountancy Age Top 50+50; all discussed by head of editorial Kevin Reed