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
Customs & Excise accounts were not similarly qualified. The departments,
which are now merged as HM Revenue & Customs, will report together next
Colin responds to the call for 'Darwinism' in accountancy
Does Darwin's theory apply to taxation? Colin ponders...
Colin comments on the effect of Brexit on the influx of partners at KPMG
Colin provides insight into the Tesco and Unilever scandal over Marmite