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New Tax Evasion Offence Would See Firms Fined

The Liberal Democrat chief secretary to the treasury, Danny Alexander, aims to introduce a new offence for firms that fail to act to prevent economic crime.

The proposed crackdown comes in the wake of HSBC tax-dodging allegations.

The measures are part of a strategy to make tax evasion "as socially unacceptable as benefit fiddling or drinking and driving".

He said the plan would see organisations that encourage tax evasion or make such a practice easier to carry out face the same level of fine as the evaders themselves.

Stuart Coleman, Manager of the Tax Department of ABDS comments:
“This means that organisations, be they accountants, banks or whatever, who help people evade tax will be liable for this new offence and crucially liable for financial penalties. Making the professional advisers pay the same fine as their clients will also send a chill down the spine of many of the big four accountants and all of the banks.”

Labour's shadow chief secretary to the Treasury, Chris Leslie, said: "Nobody will believe these warm words when Danny Alexander and the Lib Dems have broken their promises on tax. Along with the Tories they have totally failed to tackle tax avoidance and cut taxes for millionaires while raising VAT on families and pensioners."

Labour would carry out an immediate "root and branch" review of HM Revenue and Customs to make sure it is "up to the job", Mr Leslie added.

If you need any help and advice with your Tax compliance and planning, or you wish to know more about the ABDS tax Investigation Service, contact Lavinia Newman, Stuart Coleman or Liz Kennett to discuss how ABDS can help in all your financial planning and business advice.

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

Brilliant with numbers   
Great with people  
Clear and precise with advice
Timely and cost effective 
In touch with issues that face our clients and
mindful of their long term strategic goals

Helping Your Business is Our Business

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