Hm Revenue and Customs should be praised for their willingness to engage with
tax professionals to resolve the issues outlined in the Working with Tax Agents
consultation document, according to the Institute of Chartered Accountants
At a meeting with ICAS members, both HMRC and ICAS members agreed that the
aim of the document was to raise standards of accuracy in the quality of tax
returns submitted and to encourage all taxpayers to pay the right amount of tax
at the right time.
Derek Allen, director of taxation at ICAS, said: ‘This engagement with senior
HMRC officials has helped to assuage the anger of many ICAS members who resented
the fact that the document lumped all tax agents into one basket.
‘There is a big difference between a tax agent who belongs to a professional
body such as ICAS and one that does not, as the professional agent is subject to
a monitoring, quality review and disciplinary regime.’
Allen said HMRC should pour its efforts into targetting the small minority of
tax agents who do not belong to any regulatory regime.
According to Richard Baron, head of taxation at the Institute of Directors,
the ‘open-minded spirit’ of HMRC’s consultation is welcomed.
‘This is exactly how consultations at an early stage of policy development
should be conducted,’ he said.
Engineering and technology executives have voiced concerns over the government’s industrial strategy and the need to fill the R&D funding and long-term investment gap in a post-Brexit Britain
This year’s Finance Act is 649 pages, the second longest recorded, and highlights the increasing complexity for taxpayers of an ever expanding tax code
The International Integrated Reporting Council (IIRC) and the CIPFA have launched an introductory guide for leaders on integrated thinking and reporting
Accountancy Age is delighted to reveal the shortlists for the 2016 British Accountancy Awards