ICAEW to spot check party accounts

News Article - 04 February 2012
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New legislation proposed by HM Revenue & Customs to combat tax avoidance should focus mainly on those companies which have committed the offence, it has been suggested.

The Professional Contractors Group (PCG) made the call earlier this week; along with expressing support for the Institute of Chartered Accountants in Scotland (Icas) following its identification of failures in the intermediary legislation IR35 introduced in 2000.

Icas highlighted concerns that the government was planning to make the taxation system more unmanageable by imposing further complexity.

"Icas' intervention reaffirms our commitment to steering the government towards a solution to the tax and employment status problem that is workable," said the PCG's chief executive officer John Thomas.

"As we have pointed out in our response, the current proposals contain deficiencies that threaten to turn a potentially sound measure into a shambles."

He added that while the laws surrounding employment status were confused, they would be manipulated for a tax advantage.

The introduction of new measures should be delayed to allow those affected to ensure they fully understand what is required of them, the PCG stated.

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