Breaking news from the BBC Paper tax returns to be replaced by digital by 2020

Read more...

Chancellor George Osborne delivers his last budget before the General Election

Read more...

Tax planning for 5 April 2015

Read more...

How does HMRC select tax returns for enquiry?

Read more...

Deadline Day looms for Electricians Tax Safe Plan (ETSP) 30/07/12

Read more...

HMRC net 500 million 14/09/12

Read more...

Contact Us

News Items

Tax Tips

Brilliant with numbers
Great with people
Clear and precise with advice
Timely and cost effective
In touch with issues that face our clients
Mindful of our client’s long term strategic goals


Helping Your Business is Our Business


Call us now on 023 8083 6900 ABDS Home

Tax Tip

MPâs accuse PwC of promoting tax avoidance.


In a report by the Public Accounts Committee (PAC), the accountancy firm PricewaterhouseCoopers (PwC) has been accused of promoting tax avoidance "on an industrial scale".

"We believe that PricewaterhouseCoopers's activities represent nothing short of the promotion of tax avoidance on an industrial scale," said Margaret Hodge, chairwoman of the Public Accounts Committee (PAC).

Stuart Coleman, Manager of the Tax Department of ABDS comments:
“The tax avoidance schemes, which are legal, involve companies diverting profits to tax havens like Luxembourg via a series of loans between different parts of the business. The profits of these are eventually taxed in that country, but often at tiny rates. The report claims that PwC had written more than 500 letters to the tax authorities in Luxembourg, on behalf of more than 300 international clients.”

The MPs also accused PwC of misleading the committee at an earlier hearing, and has asked the Government to take a more active role in regulating the tax industry.

In its defence, PwC said: "We stand by the evidence we gave the Public Accounts Committee and disagree with its conclusions about the work we do.

The European Commission is currently investigating the internet giant Amazon, over its agreements with the Luxembourg tax authorities.

The UK government is also in the process of introducing the Diverted Profit Tax, announced by the chancellor, George Osborne in the Autumn Statement.

If you need any help and advice with your Tax returns and declarations, contact Lavinia Newman, Stuart Coleman or Liz Kennett to discuss how ABDS can help in all your financial and business planning.

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

Brilliant with numbers   
Great with people  
Clear and precise with advice
Timely and cost effective 
In touch with issues that face our clients and
mindful of their long term strategic goals

Helping Your Business is Our Business

« Back to Tax Tips