On Wednesday 15th July Ed Dwan and Tony Spillett from BDO Stoy Hayward will be talking live about the proposals of personal accountability for senior accounting officers (SAOs), as announced in the 2009 Budget.
New legislation, which is due to receive Royal Assent within the next two weeks, will mean that SAOs of large companies - those with a turnover in excess of £200million or gross assets of £2billion or more - will be required to provide personal certification that their accounting systems are capable of delivering accurate tax reporting.
Failure to comply with the new legislation could result in the SAO being liable for a £10,000 fine. The company may also be fined £5,000 for failure to notify HMRC of the identity of its SAO.
According to HMRC estimates approximately 2,000 companies will be affected by the proposals drafted in response to the G20 Summit meetings, which are due to be made law later this month.
If you would like to know how these changes will affect you, or if you would like to put forward your thoughts on the matter, then log on to a live and interactive WebTV show where Ed Dwan and Tony Spillett, tax partners at BDO Stoy Hayward will be discussing this subject.
Will the changes be just an added compliance burden on already overloaded executives or is it a vital step in reducing tax liability misreporting?
Whatever your opinion - this is your forum to express it.
Tony works with a variety of listed and unlisted clients, helping them to manage both their tax exposures and their relationships with HMRC.
Ed specialises in Tax Risk Management for corporate clients. This includes managing all aspects of HMRC enquiries. He also assists clients to improve their underlying systems and record-keeping to minimise the risk of future HMRC enquiries.
To take part in the live web chat on 15 July 2009 at 10am, or to submit a question in advance, see below.
Please register or log in to add comments.
There are not comments added