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HMRC explain why they need to work with “high-volume” agents
KEY POINTS
- High-volume agents pose a risk to the Exchequer.
- Purpose of the memorandum of understanding.
- Amendment programme to recover lost tax.
- Work in 2012 saw £30m additional revenue collected.
The work HMRC are doing in relation to high-volume agents (HVAs) who submit high numbers of self-assessment returns that result in a repayment of tax was discussed by Guy Smith in Sign here or else...
As he pointed out the primary objectives of this work are to reduce tax losses and drive behavioural change in HVAs and their clients.
Most tax agents operate competently and professionally. HMRC’s research suggests that 80% of tax agents have a professional qualification and 70% of tax agent firms are members of a professional tax or accountancy body that assures standards and ethics.
Few...
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