'Risk-based' regulation looms for UK plc
Gordon Brown has said that UK businesses will be regulated in a 'risk-based' environment, which will mean less insepections and more 'justification'
Gordon Brown has said that UK businesses will be regulated in a 'risk-based' environment, which will mean less insepections and more 'justification'
UK businesses are set to be regulated less often, and only when there is some ‘justification’, according to chancellor Gordon Brown.
Link: Brown outlines new regulatory approach
Brown was talking at today’s launch of the Better Regulation Action Plan, which is hoped will create a more ‘risk-based’ approach to regulation.
‘The theory has been to inspect everyone continuously, demand information wholesale, and require forms to be filled in at all times, the only barrier to the blanket approach, a lack of resources,’ said Brown.
‘The new model we propose is quite different. In a risk-based approach, there is no inspection without justification, no form-filling without justification, and no information requirements without justification.’
Brown said that HMRC executive chairman David Varney was ‘now consulting’ with industry on a single tax account for small businesses, a single point of contact for all taxes, while piloting single inspections with information provided to HMRC only once.
He added that the government was cutting the tax return form pages for micro-businesses from 16 to four.
In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...
View resourceIn 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 resourceIn 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 resourceThe 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 resourceThe upcoming tax changes in 2024 will significantly impact businesses and individuals in the UK. Accountants play a crucial role in helping clients na...
View articleUHY Hacker Young and audit engagement partner Martin Jones face fines of more than £300,00 following Laura Ashley audit breaches. Read More...
View articleIt is hard to argue that the Taxes Management Act 1970 (TMA), wouldn’t benefit from some substantial updating. It came into force back in the mists of...
View articleMorton became Tax Director of the Office of Tax Simplification, an independent office of HM Treasury, in 2017 Read More...
View articleThe Low Income Tax Reform Group believes the government should have included tax initiatives in its plans for disabled people and employment Read More...
View articleThe Upper Tribunal has rejected an appeal from HMRC in a case relating to the taxation of termination payments made to football player employees of To...
View articleThe revised guidance sets out the circumstances under which trustees need to disclose the identities of beneficiaries to HMRC Read More...
View articleAlthough the concept of a £1,000 tax-free allowance sounds very simple, there are a number of complexities of which taxpayers and advisers need to be ...
View article