It’s never enough for Her Majesty’s Revenue and Customs when it comes to its campaign to snuff out tax avoidance, even in the face of successful feedback.
Review Period: Dec 2013
The accountancy sector has always been subject to rather tight regulatory practices – but now as the landscape evolves and changes, is it for good or for ill?
Well it’s finally come to light: accountancy firms in the UK are woefully behind the times in a number of ways, according to some recent news stories this week.
This week, not one but two major accountancy firms have been called on the carpet for their poor behaviour, and as far as I’m concerned it’s about damned time.
This week, outrage over WHSmith’s mishandling of its pensions liabilities has led to a new call for pensions accounting reform across the industry.
The UK has been dragging its feet on new EU accounting rules, but now the playing field seems to have changed dramatically over the course of the last week.
It seems the taxman can’t seem to get much right nowadays, whether it be hunting down tax evasion or making it easier for smaller businesses to file taxes.
There seems to be no end to the row caused between the Government and accounting reforms, heedless of the injury it’s causing the industry at large.
I’m not here to say that tax evasion isn’t a problem in the UK right now, but HMRC is going the wrong way about it – and I’m not the only one that thinks so.
Is it just me or is there a major double standard when it comes to being punished for tax avoidance in this country?