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Tax avoidance: Accountants face tougher penalties

Discussion in 'Money, Accounts & Finance' started by Cody, Aug 17, 2016.

  1. Cody

    Cody

    Joined:
    Feb 17, 2016
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    Accountants and advisers that bend the rules for their clients to gain a tax advantage will now face tougher fines under new regulations set out by the Treasury. This will see - of the avoided tax - a 100% fine for the individuals involved in tax avoidance schemes.

    Currently advisers face little risk whilst their clients end up pay the debt if they lose in a court battle, so this is a sure way to help stop tax avoidance on both sides when these new rules are in play.

    Financial Secretary, Jane Ellison said "These tough new sanctions will make would-be enablers think twice and in turn reduce the number of schemes on the market."

    With the constant abuse of this system, which costs apparently £3bn a year, it seems only fair that advisers face punishment in advising on tax avoidance, even if the advice they offer is legal. 'Accountants see the move as a significant change, which could result in them paying fines even if the advice they give isn't illegal.'

    And why shouldn't they pay? We work very hard everyday to end up paying a huge amount of tax in this society, so why should others get away with not paying, especially those that provide advice on tax avoidance schemes?
    With a risk of 100% fine for advisers this will be a great way to stop this practice, and hopefully encourage those thinking or already involved in tax avoidance to give up their practice.

    To read the full news article click here.

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