The Commons Public Accounts Committee has urged a ban on external accountants inside the government in an effort to prevent taxation loopholes being passed on. HMRC is thus pitted against the seemingly over-powering strength of the large accountancy firms who are well set-up to hand out advice to their clients.
However HMRC also said they are winning the battle against tax avoidance while, in it’s latest report the committee focusses on accountancy companies after previously highlighting the tax avoidance practices of large private companies over their corporation tax payments.
Public Accounts Committee states ‘conflict of interest’
Margaret Hodge Chairwoman of the Commons Public Accounts Committee has stated that a conflict of interest is the best way to describe the now common practice of private accountancy firms being employed by the public sector.
An example of tax avoidance advice offered to the large multi-national companies is to move profits overseas but the large accountancy firms say they are helping clients pay the tax that is due.
More about the Commons Public Accounts Committee
Read more about Ricky Steedman’s involvement with Margaret Hodge in our previous article: Parliamentary Hearing on Tax Avoidance with the Big Four.
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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.