Good morning, here’s the Lowdown!
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Tyrie seeks clarity on personal tax accounts
Andrew Tyrie, chairman of the Treasury Committee, has written to David Gauke seeking clarity on personal tax accounts and concerns about ‘quarterly tax returns’.
In his Autumn Statement, the Chancellor George Osborne indicated that the new personal tax accounts will require most businesses, self-employed people and landlords to keep track of their tax affairs digitally and update HMRC “at least” quarterly.
Commenting on his correspondence with Gauke, Tyrie said: “Understandably, there has been a lot of concern about so called ‘quarterly tax returns’. Without a good deal more information, and clarity about information that has already been provided, those concerns will grow.
“So I’ve written to the Financial Secretary to the Treasury asking him for it as soon as possible.
“Consultation is taking place now and implementation will take place between 2018 and 2020, but this is the sort of detail that, given the greater scope that has developed over the last five years for consultation on tax policy, might better have been provided before the Autumn Statement in December.”
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Homer will not receive HMRC pay-off
Dame Lin Homer will not receive a pay off when she leaves HMRC and a 36-year career in local and central Government, reports The Telegraph.
But a pension pot worth £2.174million, one of the biggest in the Civil Service, will surely soften the blow.
In a statement, Homer said she would be taking a break over the summer before starting a new job in the private sector which would not prove to be an embarrassment to her old department.
“I will be fully sensitive to the responsibility and care that senior HMRC officials should take when considering the appropriateness of potential roles and organisations,” said Homer.
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About Francois Badenhorst
I'm AccountingWEB's business editor. Feel free to get in touch with comments, tips, scoops or irreverent banter.