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2016: what's in store for accountants in the year ahead

What does 2016 have in store for accountants and tax advisers, auditors and finance directors? We ask the experts about their concerns for the new year from a raft of tax and accounting rule changes to an overhaul of audit rules. Bill Dodwell at Deloitte, Richard Morley at BDO, Danielle Stewart at RSM, Smith & Williamson's Tina Riches and Raj Mody at PwC share their insights

Richard Morley, tax partner, BDO

Taxpayers who lost out on the opportunity afforded by the Liechtenstein Disclosure Facility (LDF), may be able to look to another incarnation of a disclosure facility, set for announcement by HMRC. But this won’t be as advantageous as the LDF - it is not immunisation from prosecution. A new penalty will probably be a percentage under the new disclosure regime that is not as attractive as the LDF, which is 10% up to 2009 and 20% thereafter.

Advisers will probably compare the new regime, to the Contractual Disclosure Facility (CDF), available to use at any time, and with which you get a form of immunity from prosecution, if HMRC accepts what you’re telling them.

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