Lords Finance Bill Sub-Committee hears from accountancy sector
How concerning is the development of Her Majesty's Revenue and Customs' (HMRC) powers over the last few years? How can tax avoidance be tackled effectively without undermining safeguards for taxpayers? Are businesses, HMRC and software companies ready for the full introduction of Making Tax Digital for VAT in April 2019?
These are among the questions the House of Lords Economic Affairs Finance Bill Sub-Committee will be asking a panel of witnesses from professional accounting and taxation bodies on Wednesday 10 October 2018.
At 4.05pm the Committee will hear from:
- Frank Haskew, Head of the Tax Faculty, Institute of Chartered Accountants in England and Wales (ICAEW)
- Charlotte Barbour, Director of Taxation, Institute of Chartered Accountants of Scotland (ICAS)
- Chas Roy-Chowdhury, Head of Taxation, Association of Chartered Certified Accountants (ACCA Global)
- John Cullinane, Tax Policy Director, Chartered Institute of Taxation (CIOT)
Other questions the Committee is likely to ask include:
- The Finance Bill would extend HMRC's time limit for dealing with offshore matters to 12 years and expand HMRC's powers to require security for tax liabilities to corporation tax and the construction industry tax deduction scheme. Is this proportionate?
- What further evidence is emerging, as businesses prepare for April 2019, of the costs and benefits of mandatory digitalisation?
- Is HMRC doing enough to make sure that businesses are aware of their obligations under Making Tax Digital for VAT? What else could they be doing?
- Is the penalty and interest regime proposed in the draft Finance Bill an improvement on the old regime? How could it be improved?
This evidence session, which is open to the public, is part of the Sub-Committee's inquiry into the Draft Finance Bill 2018. It will start at 4.05pm on Wednesday 10 October 2018 in Committee Room 2 of the House of Lords.
