We have seen tax avoidance schemes in the public light in recent events due to the media uncovering use of it by high profile individuals. But what does that mean for you? Well the HMRC have reacted by closing down a number of loop holes.
“A YouGov has found that 44% of respondents would use an offshore tax scheme if it meant they could slash bills to Jimmy Carr-like levels.”
The excessive use of these schemes by qualified accountants is damaging to their reputation and questions their ethical views. There have been inquests into the on goings of large firms and offshore accounts, the crack down has led to a shake up in many companies, who are now probably trying to justify their actions. ICAEW have released guidelines for its members on aggressive avoidance schemes as it may potentially go against their code of ethics.
accounting standard 