HMRC Public Accounts Committee Attacked By MPs

The HMRC Public Accounts Committee has been attacked by a committee of MPs for the way they have allowed some big businesses to settle their tax bills.

The Public Accounts Committee aired “serious concerns” about how some large settlements had been concluded.

Around £25 billion of tax from large companies is outstanding, the MPs believe. They also want HMRC to be more transparent with its dealings with big business.

This follows a high profile case when Goldman Sachs underpaid tax on bonus payments of £20 million. It has also been suggested that Vodafone paid nearly £5 billion less than it should have done.

The chair of the Committee Margaret Hodge MP said: “Big companies have very expensive advisors, consultants and lawyers. HMRC, on their own admittance, has very few people who have deep knowledge of tax affairs.

She added: It’s imperative everyone is treated equally in front of the law.”

However, HMRC have hit back, saying the MPs misunderstood the facts.

A spokesman said: “The report is based on partial, inaccurate opinion and some misunderstanding of the facts.”

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.