Save content
Have you found this content useful? Use the button above to save it to your profile.
AIA

9am Lowdown: ​Post Office CEO grilled about accounting system

by
4th Feb 2015
Save content
Have you found this content useful? Use the button above to save it to your profile.

The Post Office software scandal continues with a BIS inquiry this week, HMRC targets car dealer VAT errors and a record revenue for films made in Britain due to tax breaks - it's the 9am Lowdown.

Post Office CEO grilled about accounting system

During the hearing the Post Office defended itself during the inquiry into issues and lack of IT support offered to subpostmasters having difficulty with the Horizon accounting system used at all Post Office branches.

While being grilled, CEO Paula Vennells said the organisation's CIO will "talk to any subpostmaster she can". 

MPs were told that subpostmasters' Horizon training was just couple of days despite having over 500 pages in the user guide.

Some subpostmasters have claimed since 2009 that Horizon accounting software used by thousands of Post Offices nationwide is to blame for some of the accounting discrepancies.

Last year, a leaked report commissioned by the Post Office and done by forensic accountants Second Sight said the technology was not fit for purpose in some branches, although there was no evidence of systemic computer problems.

Bugs were identified in the system by Second Sight in 2013, and in August last year some of the sub-postmasters were acquitted of false accounting.

* * * 

HMRC targets var dealer VAT errors 

Head of motor VAT at MHA MacIntyre Hudson, Alison Horner, told AMOnline: "With onerous penalties of 70-100% applied to under declared VAT for deliberate errors this is an area which the motor trade should consider and act on."

She added that the Revenue is increasing its interest in how dealers invoice part-exchange cars where there is negative equity involved in the deal.

* * *

Record revenue for films made in Britain

This is down to the tax breaks available to feature productions with a budget of £20m or more which fulfil a certain criterial and opt to film int he UK. 

Figures from the BFI show ta 35% increase in revenue on the previous year and the highest since records began 20 years ago.

US studios are filming an more high budget blockbusters in the UK, from the Star Wars franchise to Mission Impossible 5.

Tags:

Replies (0)

Please login or register to join the discussion.

There are currently no replies, be the first to post a reply.