They should privatise HMRC. Things would get done, more money in the government coffers, and tax evaders would not be able to sleep at night through worry.
In cases like this, what happens to the clients who have paid their tax money to him only for it to disappear? Do they get credit, do they have to pay again, do they take legal action against the accountant or his professional body, or both?
Gambling debts are enforceable by law. If I bet my sister £1million that she will die before me then, if I die first my estate owes her £1million and if she dies first her estate owes me £1million. Any flaws in this IHT avoidance method?
This doesn't really address the exact question, but it may make it more palatable. Indexation for Overlap Relief.
I seem to recall that when self assessment was introduced the question of indexation for overlap relief was raised. HMRC said that as taxpayers could choose whether to, and when, to change their accounts year end to 31st March or 5th April, they would oppose any indexation.
Perhaps now is a good time to review that, as they are forcing profits to be calculated for 2023/24 based on the year or more to 5th April 2024, less any overlap profits.
I know we all moan, but it is still better than the old days when the only software was excel, tax returns were completed by hand, and accounts were typed using several sheets of carbon paper, and delivered to HMRC on the morning of a commissioners meeting.
My answers
They should privatise HMRC. Things would get done, more money in the government coffers, and tax evaders would not be able to sleep at night through worry.
Based on the MTD model, if Harra is in the cockpit then the passengers would be flying the pane.
I think this is a great idea. Anything that will get 27 hours work a week out of a civil servant has to be applauded.
In cases like this, what happens to the clients who have paid their tax money to him only for it to disappear? Do they get credit, do they have to pay again, do they take legal action against the accountant or his professional body, or both?
No problem, just shift more of the work on to accountants.
Gambling debts are enforceable by law. If I bet my sister £1million that she will die before me then, if I die first my estate owes her £1million and if she dies first her estate owes me £1million. Any flaws in this IHT avoidance method?
This doesn't really address the exact question, but it may make it more palatable. Indexation for Overlap Relief.
I seem to recall that when self assessment was introduced the question of indexation for overlap relief was raised. HMRC said that as taxpayers could choose whether to, and when, to change their accounts year end to 31st March or 5th April, they would oppose any indexation.
Perhaps now is a good time to review that, as they are forcing profits to be calculated for 2023/24 based on the year or more to 5th April 2024, less any overlap profits.
£7,800? They should have heard the case in Wetherspoons.
All the Covid Crooks have taken their money and closed their companies. All you have left now are the genuine insolvencies.
I know we all moan, but it is still better than the old days when the only software was excel, tax returns were completed by hand, and accounts were typed using several sheets of carbon paper, and delivered to HMRC on the morning of a commissioners meeting.