Tax Reforms – Cost of Tax Reforms Not Known

Cost of Tax Reforms

The government has not calculated how much money reforms to the personal tax system will cost, Exchequer secretary David Gauke has said.

The government is trying to help the public understand how the tax system works and allow taxpayers the chance to see the tax they are paying in a more transparent way.

One suggestion is to follow the system used in the Republic of Ireland, where employees can access their tax details in a similar way to how self employed people can in the UK.

Another idea is to implement the Danish model, where taxpayers are sent annual return statements.

The minister told Accountancy Age that the Treasury had not yet begun formulating the extra administration costs of any possible reforms for HM Revenue & Customs. “There may be costs involved, but there may be savings from reducing customer contact,” he said. “This is the beginning of the debate and we have not looked at how much this will cost. We will see in what direction the debate goes.”

Ricky Steedman

Ricky worked as an Investigator in the Inland Revenue for over 20 years before founding Steedman & Company in 1987, giving him the experience and knowledge that enabled him to help so many clients over the years.

His appearance on a Channel 4 television programme about the inside workings of Revenue and Customs was watched by 4.1m which sealed his status as one of the most highly respected tax consultants to ever work in Scotland.

Ricky led all tax investigation and COP 9 cases, using his extensive knowledge to help people reach a positive resolution to their situation.

Ricky passed away suddenly and unexpectedly in June 2022 after leaving his indelible mark on the company he founded and headed for over 35 years.