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9am Lowdown
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9am Lowdown: Connect quadruples tax recovery

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23rd Jun 2016
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Good morning. EU referendum Polling stations have opened and according to the latest AccountingWEB Brexit barometer, the result is still too close to call.  

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Connect quadruples tax recovery

HMRC’s task force has seen an exponential rise in tax recovery by utilising a ‘Big Brother-esque’ Connect software system, which links people, organisations, assets and income according to tax advisers Barr & Ford. 

In 205/16, HMRC task force has recovered £248m in tax. Connect cross checks one billion pieces of data from HMRC’s records, including self assessment information, PAYE details, Salaries &Pensions, savings, benefits houses, vehicles and even credit card sales. It can even scan social media and retrieve holiday snaps

Ann Somerville adds, “The purpose of this is not to pick up innocent errors made by taxpayers already in the system. Task forces have been put to excellent use to generate tax from sectors and the information from Connect has undoubtedly helped in what has been an excellent growth rate in the return for HMRC.”

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ATT backs grassroots sport CT relief

The ATT has called for a corporation tax relief to be extended to individuals contributing to grassroots sports, not just the private sector.  

As the summer of sport inspires a generation of youngsters, the ATT believes the tax system could assist the government in achieving its goal of getting more people, young and old, involved in grassroots sports. The government is currently consulting on this possibility, which could see an increase in private sector funding of sport.

ATT president Michael Steed said: “we think that the full potential of the concept will only be achieved if the source of the prospective contributions is extended. There is no obvious logic in confining the proposed tax relief to limited companies.”

The ATT recommends extending eligible purposes to include insurance, water rates, travel, and professional costs.

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Video of the day

Xero's Gary Turner talks about what's next for cloud accounting and practice management software.

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