 Spend to Save Billions at HMRC
25 May 2010: PKF Accountants & business advisers is suggesting that the Chancellor should increase rather than cut HM Revenue & Customs (HMRC) funding if he is serious about reducing the Budget deficit.
Yesterday the government announced that up to £190m of the current cost savings are to be achieved by a freeze on non-frontline civil service recruitment, but PKF is urging the government to ensure these cuts do not affect HMRC.
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 | Philip Fisher, Head of Employment Taxation and Rewards at PKF says: “Further reductions in HMRC staff numbers and capability would be a false economy. A far better solution would be to give HMRC the resources to work effectively.” |
PKF estimates that with the ‘tax gap’ estimated at £40bn, by recruiting additional staff and introducing a national tax amnesty, an extra £20bn could be collected in the next three years.
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For further information, please contact:
Jane Murray, PR, 020 7065 0135, jane.murray@uk.pkf.com
Notes to Editors:
- The ‘tax gap’ – the figure between the amounts that tax legislation should collect and the amounts that HMRC actually collects each year – was estimated at £40bn by HMRC at the time of the 2009 Pre-Budget Report.
- PKF is a leading firm of accountants and business advisers with more than 1,500 partners and staff operating in 23 offices in the UK mainland firm, a wholly-owned financial planning company and associated offshore practices. The firm specialises in advising growing and entrepreneurial/owner-managed businesses, AIM and fully listed companies, and also has extensive experience in the public and not-for-profit sectors. Principal services include assurance and advisory; taxation; consultancy; corporate recovery and insolvency; corporate finance and forensic. The firm has particular expertise in advising sectors such as hotels and leisure; mining and resource; public sector; real estate and construction; professional practices; not-for-profit; and medical. The firm’s web site is www.pkf.co.uk.
- PKF (UK) LLP also offers financial services through its FSA authorised company, PKF Financial Planning Limited. PKF (Isle of Man) LLC is a limited liability company registered in the Isle of Man. PKF (Guernsey) Limited is incorporated in Guernsey.
- PKF (UK) LLP is a member firm of the PKF International Limited network of legally independent firms. The PKF International Limited network has around 15,000 people operating in 120 countries around the world.
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