What attracts smart people to crypto? How much havoc can one NIMBY cause? How did someone magic a £58bn company out of thin air? And why should Britain buy Greenland?
Companies are already required to submit their accounts with XBRL tagging which is a standardised format which captures key data. VAT returns are also now submitted through Making Tax Digital (MTD) which requires a standard format and digital links which gives them more standardised data.
I suspect the issue is money to review the data and ownership (HMRC vs Companies House vs someone else) more than data quality.
Poland has had MTD in place for Sales tax (VAT) returns for much longer than us and has had some excellent success stories in routing out issues through data analysis demonstrating it's value, but as is increasingly frequent the UK lags behind.
Oh interesting, that makes this case even more nuts then as the ‘company’ literally just copy-pasted the exact same numbers from previous years, which you would think would be pretty trivial to spot 😬. And good point on ownership, too. Personally I’d put it with the entity collecting the data to do some basic checks but then ensure it’s available to HMRC or other parts of gov for further investigation or analysis, but I doubt there’s anything that joined up.
Companies are already required to submit their accounts with XBRL tagging which is a standardised format which captures key data. VAT returns are also now submitted through Making Tax Digital (MTD) which requires a standard format and digital links which gives them more standardised data.
I suspect the issue is money to review the data and ownership (HMRC vs Companies House vs someone else) more than data quality.
Poland has had MTD in place for Sales tax (VAT) returns for much longer than us and has had some excellent success stories in routing out issues through data analysis demonstrating it's value, but as is increasingly frequent the UK lags behind.
Oh interesting, that makes this case even more nuts then as the ‘company’ literally just copy-pasted the exact same numbers from previous years, which you would think would be pretty trivial to spot 😬. And good point on ownership, too. Personally I’d put it with the entity collecting the data to do some basic checks but then ensure it’s available to HMRC or other parts of gov for further investigation or analysis, but I doubt there’s anything that joined up.