COMPANIES THAT SET UP complex tax schemes for clients could face fines if they fail to reveal the individuals taking advantage of the arrangements.
Treasury minister David Gauke will tell think tank Policy Exchange this morning that aggressive schemes “damage” the government’s ability to fund public services and “provide support to those who need it”.
The latest words from a government minister increases the stakes on those operating aggressive tax avoidance schemes, following rhetoric from both the prime minster David Cameron and chancellor George Osborne.
However, advisors believe that better tax legislation – and a more simple system – would deal with many of the concerns involving complex schemes. They argue that they are ethically bound to make sure their clients pay the minimum amount of tax within the confines of the law.
Visit Accountancy Age later for more details from Gauke’s Policy Exchange speech.
Companies must report on their complex financial structures including offshore accounts and notify HMRC
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The mornings after the night that was the British Accountancy Awards; and Andrew Tyrie's latest thoughts on Making Tax Digital timing
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