Thursday, 13 May 2010

Taxman seeks access to accountants’ working papers

Government consultation on “Tax agents and deliberate wrongdoing” has been met with outcry by the accounting profession. They fear that the controversial government proposals will lead to deterring tax advisors from offering legitimate tax advice to clients for fear of opening themselves to prohibitive fines and investigation for assistance to unacceptable tax avoidance. Under the proposals, the HMRC will have access to accountants’ working papers.

(Our comment: we can’t help it thinking that this is another attempt by the taxman – following removal of legal privilege - to increase its take by restricting the taxpayer’s ability to influence the amount of their tax through legitimate tax planning by using accountants’ expertise).

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