Bespoke tax planning is the future

The future of tax planning lies in bespoke rather than mass-marketed schemes, partner at NGM Tax Law, Mark Nichols advised.

Speaking at the recent annual UK200 conference in Edinburgh, Nichols outlined how the recent media and political attention on tax avoidance, including the introduction of the new general anti-abuse rule (GAAR) are helping to kill off mass-marketed tax avoidance schemes.

Indeed, the most recent statistics from law firm Pinsent Masons showed that the number of tax planning schemes reported to HMRC fell by a third - 36% - in the last year.

This is the lowest number of schemes reported since the disclosure of tax avoidance schemes (DOTAS) was first introduced in 2004.

Pinsent Masons upholds that this is down to...

Continued...

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Comments
johnjenkins's picture

I actually think    1 thanks

johnjenkins | | Permalink

that the role of the Accountant is going to be limited to simple bookkeeping. With the advent of cloud systems it won't be too long before HMRC glean all the info they require and send out tax bills accordingly. So yes the future of all tax scenarios will be bespoke. However there will be a lot more tax experts to choose from as the up and coming Accountants realise that Accountancy is a thing of the past and taxation is taking over. Unless, of course, we get a government with a bit of guts to give us a fair tax system.

PK Group's picture

Bespoke Tax Planning is benificial for all parties

PK Group | | Permalink

Bespoke Tax Planning can help clients recieve a more valuable overall service. This is especially useful to clients of 'Financial Architect' type firms, since a more in-depth analysis of a client's tax affairs could lead to other non-tax services being utilized.

Furthermore, when a client recieves a more bespoke service, clients may feel a greater level of trust towards the company handling their tax schemes.

I believe that tax schemes will incorporate more bespoke planning in the future, since it appears to help both the client and the tax planner.

PK Group