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9am Lowdown
AccountingWEB

9am Lowdown: Finance Bill, HMRC closures, football raid

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28th Apr 2017
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It’s Friday! To ease you into the Bank Holiday weekend, here is the news hitting the accounting world today.

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Royal Assent given to Finance Bill (no.2)

The Finance Bill (No. 2) received Royal Assent yesterday as the prorogation announcement marked the formal end of the Parliamentary session for the general election.

The prorogation announcement lists the legislation passed during the last parliament, which includes the Finance Bill. From here, Parliament will be dissolved on 3 May for general election on June 8.

Rebecca Cave reported earlier this week how the slimmed down Finance Bill abandoned a catalogue of clauses, including digital reporting and record keeping (MTD) for income and VAT. Meanwhile, Andrew Robins explained in an article this week how the scrappage of the new tax regime for non-doms in the Finance Bill will cause chaos for those individuals.

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HMRC office closures won’t save as much as predicted

HMRC’s  plans to close 170 offices has come under fire from the Public Accounts Committee (PAC) who warned the closures will not save as much money as predicted and would lead to poorer customer service, according to the Daily Mail.

“We do not believe that the plan will save as much money as HMRC has predicted and we are concerned that it has not thought through all the negative costs to the wider economy of its approach and the impact on local employment,” the PAC report said.

The HMRC’s plan to replace tax offices with regional hubs was designed to save £300m by 2025. But the PAC remains unconvinced and said the relocation of staff carried a “high risk” of tax collecting and customer service.

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Marveaux arrested in HMRC football investigation

Former Newcastle United midfielder Sylvain Marveaux is being reported as one of four men arrested in France in connection with the HMRC tax fraud investigation.

According to the Mirror, Marveaux joined Newcastle United in June 2011 but was released last June. French newspaper Le Parisien reported on the arrests: "According to our information, they are three players' agents, as well as Lorient's attacking midfielder Sylvain Marveaux, the former Newcastle player."

180 HMRC officers were deployed on Wednesday across the UK and France to investigate suspected Income Tax and National Insurance fraud within the professional football industry. As part of these searches, invetigators seized business records, financial records, computers and mobile phones.

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