Revenue accounts qualified again

Revenue accounts qualified again

Tax credit errors still 'unacceptably high' according to National Audit Office

The National Audit Office (NAO) has qualified the Inland Revenue’s accounts,
it said today.

Ongoing tax credit issues were the culprit, with Sir John Bourn, head of the
NAO, saying that the level of error in the Revenue’s calculation of overpayments
was the problem. Chairman David Varney said in a press conference this morning,
held to reveal its accounts for the year 2004/05, that the Revenue’s error rate
may be as high as 3.4%. Sir John described this as ‘unacceptably high’.

The Revenue’s accounts have attracted qualified audit opinions for the last
three years.

Customs & Excise accounts were not similarly qualified. The departments,
which are now merged as HM Revenue & Customs, will report together next
year.

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata
Professional Services

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In 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 resource
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In 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 resource
Digital Links: A guide to MTD in 2021
Making Tax Digital

Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The 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 resource