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News - 1 February 2013

Tax laws influenced by big firms

Margaret Hodge the chairwoman of the Public Accounts Committee (PAC) has claimed that new tax laws are too heavily influenced by major corporations and accountancy firms.

On the 30th January, representatives of the largest accountancy firms are due to be questioned by MPs on the PAC.

Treasury minister David Gauke said it was vital to listen to firms, "but we expect businesses to pay their tax".

This follows on from Prime Minister David Cameron who last week told leaders at the World Economic Forum in Davos that countries must work together to clamp down on tax avoidance.
 

Mrs Hodge also said that working groups set up by the government to discuss a series of tax reforms were too heavily dominated by those with something to gain.
 

In fact two managers from accountancy firm KPMG were among those seconded to the Treasury to help formulate tax changes, they are now named on brochures produced by KPMG for potential clients, telling them how they might use the changes to reduce their tax bills.
 

And Exchequer Secretary David Gauke, who is responsible for tax policy, said it was important to involve companies like KPMG who were able to act as ambassadors for inward investment into the UK.
 

Stuart Coleman, Manager of the Tax Department of ABDS comments:
“Not all of the existing tax legislation is good, and some technical input from those operating in a commercial environment is required and desirable, but we must also remember that Governments are solely responsible for the formulation of legislation.”


If you need any help and advice for your business on Corporation Tax or VAT  contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can help

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

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