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9am Lowdown: Shadow chancellor publishes tax return

1st Feb 2016
Practice Editor AccountingWEB
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Good morning. Today’s lowdown has the shadow chancellor revealing his tax return. Also, if you thought your self assessment season was stressful, an accountant was recently held up at gunpoint.

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Shadow chancellor publishes tax return

Labour’s shadow chancellor John McDonnell published his tax returns in the Sunday Mirror over the weekend and urged Chancellor George Osborne to do the same. McDonnell subsequently released a screenshot of his tax return on Twitter.

After the #googletax deal for openness and transparency I've published my tax return today. Now it's Osborne's turn pic.twitter.com/Zrkecsk2M7

— John McDonnell MP (@johnmcdonnellMP) January 31, 2016

McDonnell released his tax return in response to the tax deal the chancellor struck with Google. McDonnell claimed the Google tax deal had “created a lack of confidence in those politicians who manage our tax system.”

McDonnell insisted the chancellor “should be open and transparent about their own income”.  The only problem for McDonnell, as Twitter commentators soon remarked, he missed whole pages, other income, and benefits.

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Accountant robbed at gun point

An accountant refused to commit fraud on behalf of his client and was then threatened at gun point.

Sebastian Mysliwiec was sentenced to six years and three months, after flying to the UK to coerce his accountant into submitting false VAT invoices. After his accountant refused, Mysliwiec returned to the office days later accompanied by four men armed with guns.

Despite the threats, the accountant continued to refuse to commit fraud. The gang then assaulted their victims with builder tools. Following Mysliwiec’s sentencing, Ross Moultrie, from the Metropolitan Police's Flying Squad, said: "This couple caused immense fear and distress to their victims and huge arrogance towards the UK justice system. I am pleased that they will now have to spend the next few years behind bars, reflecting on their actions.

"Mysliwiec banked on his accountant assisting him in his criminality, but when this was refused, his three victims were subjected to a terrifying experience.”

The AccountingWEB community have not escaped abusive encounters. In 2014 the readers shared their accounting experiences and AccountingWEB compiled a top ten list of the most explosive cases

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Community: Self assessment deadline

The self assessment deadline brings out the last minute panic clients. This was true for WallyGandy who posted a message he received Saturday evening on Any Answers.  

At 9:32pm, January 30, a mobile alert buzzed through. It said: "Hi this is John - you act for my brother James. Can you help me with my tax return?" (Names changed)”.

Gandy declined. The AccountingWEB community shared Gandy’s frustration. Dropoutguy reported from his Saturday evening. He said: “I was asleep on the sofa and a client has tried to call twice.” 

But BigMuggsy takes the late client award. At 18:53 on Sunday night, five hours before deadline, they received this message: “Please find attached my bank statements and spreadsheets for my tax return, as requested.”

Did you receive any last minute horror stories from clients looking for a last minute accountant to file their returns? 

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Replies (7)

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By James Reeves
01st Feb 2016 09:42

That's not the Member of Parliament supplementary form (SA102MP), it's a standard employment form (SA102). So presumably this is a second job and in addition to the 67K he gets for being an MP?

Open and transparent, or openly misleading?

Thanks (4)
By Rebecca Cave
01st Feb 2016 10:47

wrong SA pages completed

Suspect the MP has completed the wrong SA pages - not the special MP pages (SA 102MP). I wonder how many years he has been submitting incorrect returns?

Thanks (1)
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By redboam
01st Feb 2016 14:03

@taxwriter

He can't have got away with simply submitting an SA102 in error for years because without an SA102MP he cannot account for allowances and other receipts associated with his office, plus reporting the setting off the travel, secretarial, research, accommodation and other costs and expenses against this, let alone fail to provide details of his salary and tax deducted as an MP.

Thanks (1)
By jon_griffey
01st Feb 2016 11:27

Can we have

...his tax year overview as well please.

Thanks (1)
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By Scriptic
01st Feb 2016 14:07

SA102MP

As expenses and allowances are tax-payer funded unlike his income from other sources besides his work as an MP, it is all the more regrettable that McDonnell appears to have overlooked them.

Thanks (0)
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By LuKosro
01st Feb 2016 20:53

SA302

Why not publish the SA302?

* capital gains

* interest income

* dividends from companies

* consulting income

* other employments

* foreign income

etc.

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By Ian McTernan CTA
18th Mar 2016 12:53

So this is openness?

So is this Labour's idea of openness?  Publish a doctored document on the wrong page and then omit all the other pages of the return and no sign of the tax computation.

Yep, about as honest as the rest of their stuff on the economy- still accepting no blame for over spending last time and still making empty sound bite promises to fool the gullible.

Thanks (1)