A warm and sunny welcome to Daily Insight. The first headline that caught my eye this morning was “HMRC cracks down on offshore tax dodgers“.
The revenue says those with overseas assets risk higher fines if they don’t follow the rules. The crackdown starts in October this year. So HMRC suggests that people “put their cards on the table”.
“Everyone has to pay their tax and the vast majority of people and businesses already do. It’s on their behalf that we are cracking down on offshore tax cheats,” said David Richardson, HMRC’s chief of customer strategy and tax design.
From tax dodgers to Hammond and Brexit
The Financial Times‘s big story of the day focuses on chancellor Philip Hammond and Brexit. Apparently, when Hammond delivers his spring statement next Tuesday, he’s going to present the accounts for the UK leaving the EU.
The Office for Budget Responsibility has been busy ‘estimating’ the impact of the divorce payments on the public purse. The government has “agreed to obligations” of £35 billion to £39 billion.
The FT says the idea to pay the money back over years is likely to rattle Eurosceptics who want a clean break from Brussels.
Scotland signs accounting deal with US
Accountancy Age has an interesting story about a deal between Scots accountants and their US chums. The Institute of Chartered Accountants Scotland has signed an agreement with US accountancy bodies NASBA and AICPA. It will allow members from each country to practice the jurisdiction of the other nation.
The agreement will create opportunities for professionals to work in other countries, says the website.
They quote Anton Colella, CEO of ICAS. “This is an historic agreement. It’s the first of its kind between a UK chartered accountancy body and American accountancy bodies, and comes at a pivotal point for the UK.
“It not only creates new opportunities in the world of transatlantic trade, but also reinforces the high standing in which we hold our American colleagues, and the expertise they value in us.” A special relationship?