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About In House Tax

About In House Tax

This weblog is a news and views site for tax professionals within the UK and international in-house tax community.  You will find information about appointments and people moves in and around the in-house tax market, issues affecting the in-house tax professional, opinions on the state of the tax job market, updates on tax technology, and other general thoughts of the day.

Hope you find it useful.

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Location: St Albans, United Kingdom

This site has been developed by Simon Godley, who also runs the niche tax recruitment company Talentpool Selection . Simon spends a lot of his time placing tax specialists into FTSE companies, large in-bound groups and some professional services organisations. He also recruits and is well networked around the UK tax technology and VAT markets.

Tax News

FDs / CFOs - are your tax controls adequate?

Sunday, 26 April 2009

The Government announced a number of measures in this week's budget to ensure that businesses and individuals pay the right amount of tax and reduce the opportunity for evasion, avoidance or non-compliance. The clauses which I suspect will be mostly of interest to readers of this blog are:

- it will legislate for the publication by HMRC of the names of both corporate
and individual taxpayers who incur a penalty because they have deliberately
understated more than £25,000 of tax;

- it will establish a statutory requirement for senior accounting officers of major corporates to certify personally that adequate controls to prepare accurate tax computations are in place;

- HMRC will require those who have incurred a penalty for deliberate
understatement of over £5,000 of tax to provide more information about
their tax affairs for up to five years to ensure they have proper systems to be
able to make a correct tax return; and

- HMRC will shortly issue a draft code of practice on taxation for the banking
sector, along with a consultation document.

This will be quite a significant issue for in-house tax functions, and clearly means that the FD / CFO of a business has a personal motivation for shining a torch over the systems and controls that are in place to ensure that the tax computations process is solid, thereby delivering accurate CT returns to HMRC.

This may lead to companies upgrading and investing in better tax technology solutions to put in place greater automation over the tax computations process, thereby increasing accuracy and reducing risk of error through possible out-of-date spreadsheet methods.

This new budget development will certainly be a topic debated at Talentpool's forthcoming Tax Technology discussion evening, to be held at the IoD on 29th April.

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posted by Simon Godley


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