HMRC faces tough cost reduction challenge by 2015
Over the next four years, HM Revenue & Customs (HMRC) is expected to reduce its overall running costs by £1.6 million which will lead to 10,000 redundancies.
The National Audit Office (NAO) report 'Reducing Costs in HM Revenue & Customs' (HC 1278) details that at the same time as significantly reducing costs, HMRC must increase tax revenues, improve customer service and achieve reductions in welfare payments.
Report highlights need for Department interaction with tax agents
HM Revenue & Customs (HMRC) should communicate effectively with intermediary third parties for customers to receive accurate tax returns.
In the report, ‘Engaging with Tax Agents: HM Revenue & Customs’ (HC 486), the National Audit Office (NAO) identifies the importance of tax agents as it has been estimated that around eight million taxpayers receive help to file income and corporation tax returns each year.
Tax obligations for
newly registered businesses
This NAO report examines opportunities for Her Majesty’s
Revenue & Customs (HMRC) to improve on the help they offer to new
businesses.
Around 700,000 new businesses start up each year, all
required to register with HMRC for various liable taxes. For example, if a
business takes on employees, they will need to pay PAYE and if the business has
a turnover exceeding £61,000, they then become liable for VAT.
Investing in Britain’s potential: Pre-Budget Report
2006
‘Investing in Britain’s potential: Building our long-term
future’ is the Treasury’s 2006 Pre-Budget Report.
The Report presents
updated assessments and forecasts of the economy and public finances, describes
how the Government's policies are helping to deliver its long-term goals and
details reforms the Government is considering for Budget 2007 and on which it
will be consulting in the months ahead.