One minute with Peter Jordan, Head of Tax at Domestic & General.
What’s keeping you busy at work?
The dreaded Pillar Two. I struggle to remember a time when Pillar Two wasn’t a thing. Advisers have been banging on about it for as long as I can remember. It was this nasty complex regime which was always years away – and now it’s on my doorstep and I’m having to deal with it.
Please share a tip about managing the in-house tax function.
I can do better than sharing a tip, I can share two. I’m a one-man band so:
First, get reliable external advisers who you get on well with. Let’s face it, despite what the big four might argue, they are all perfectly capable of providing adequate advice and support. The difference is whether you can rely on them in a pinch and can get hold of them when you really need them. I know if I call my guys, Shyam Patel (PwC) or Charlotte Spratt (S&W), they’re going to answer.
Second, stay organised. Half the job is making sure everything gets filed on time and you give yourself plenty of time to review. A key skill is moving things along and making sure everyone has the required information to progress their part.
What do you know now that you wish you’d known at the start of your career?
Don’t worry about knowing everything; instead, focus on improving how quickly you can find the answers. Tax is complex and it changes. It’s impossible to remember everything, and it’s dangerous to think that you can.
Pro-tip: the CTA study manuals are great, they explain everything in basic terms and they also provide the statutory references so you can double check the wording in the legislation. It’s worth sitting the CTAs just for the notes.
If you could make one change tax, what would it be?
Because I’m a loser and I love tax, I often think about this very question while in the shower. I always settle on VAT. I feel the VAT system needs an overhaul. VAT has been relatively static in comparison to other taxes, and I feel the government is missing a trick. VAT is an incredibly powerful tool which hasn’t been fully utilised. Plus I feel sorry for VAT experts, so a big change might give them something to be excited about. Personally, I believe, all essentials – food, clothing, energy, medical supplies, water etc. – should be zero-rated. However, genuine luxury items should be taxed at a much higher rate than the current 20%. If you want the status symbol of driving around in a Lambo then be prepared to pay 75% VAT. If you want to tax the rich, then the VAT system is the way forward.
Has a recent change in HMRC practice impacted your work?
I’m not sure if it’s a recent change or if it’s been happening overtime and it’s crept up on me, or perhaps I just been lucky, but I feel over the course of my career I’m getting a better service from my CCM. This has made my overall HMRC experience much better. Shout-outs to Kris Scrimgeour and James McConville.
And finally, you might not know this about me but...
I’ve been thinking about this for a while, and it’s dawned on me that I’m just a geek. I still play Age of Empires II and I occasionally shop at Hobbycraft. I’ve discussed this question with my non-accounting/tax friends, and they’ve not been impressed with any of my suggestions. So, I’ve gone for the one which was at least situated in Monte Carlo to add a bit of panache to it. I finished 20th in the 2013 backgammon world championships.
One minute with Peter Jordan, Head of Tax at Domestic & General.
What’s keeping you busy at work?
The dreaded Pillar Two. I struggle to remember a time when Pillar Two wasn’t a thing. Advisers have been banging on about it for as long as I can remember. It was this nasty complex regime which was always years away – and now it’s on my doorstep and I’m having to deal with it.
Please share a tip about managing the in-house tax function.
I can do better than sharing a tip, I can share two. I’m a one-man band so:
First, get reliable external advisers who you get on well with. Let’s face it, despite what the big four might argue, they are all perfectly capable of providing adequate advice and support. The difference is whether you can rely on them in a pinch and can get hold of them when you really need them. I know if I call my guys, Shyam Patel (PwC) or Charlotte Spratt (S&W), they’re going to answer.
Second, stay organised. Half the job is making sure everything gets filed on time and you give yourself plenty of time to review. A key skill is moving things along and making sure everyone has the required information to progress their part.
What do you know now that you wish you’d known at the start of your career?
Don’t worry about knowing everything; instead, focus on improving how quickly you can find the answers. Tax is complex and it changes. It’s impossible to remember everything, and it’s dangerous to think that you can.
Pro-tip: the CTA study manuals are great, they explain everything in basic terms and they also provide the statutory references so you can double check the wording in the legislation. It’s worth sitting the CTAs just for the notes.
If you could make one change tax, what would it be?
Because I’m a loser and I love tax, I often think about this very question while in the shower. I always settle on VAT. I feel the VAT system needs an overhaul. VAT has been relatively static in comparison to other taxes, and I feel the government is missing a trick. VAT is an incredibly powerful tool which hasn’t been fully utilised. Plus I feel sorry for VAT experts, so a big change might give them something to be excited about. Personally, I believe, all essentials – food, clothing, energy, medical supplies, water etc. – should be zero-rated. However, genuine luxury items should be taxed at a much higher rate than the current 20%. If you want the status symbol of driving around in a Lambo then be prepared to pay 75% VAT. If you want to tax the rich, then the VAT system is the way forward.
Has a recent change in HMRC practice impacted your work?
I’m not sure if it’s a recent change or if it’s been happening overtime and it’s crept up on me, or perhaps I just been lucky, but I feel over the course of my career I’m getting a better service from my CCM. This has made my overall HMRC experience much better. Shout-outs to Kris Scrimgeour and James McConville.
And finally, you might not know this about me but...
I’ve been thinking about this for a while, and it’s dawned on me that I’m just a geek. I still play Age of Empires II and I occasionally shop at Hobbycraft. I’ve discussed this question with my non-accounting/tax friends, and they’ve not been impressed with any of my suggestions. So, I’ve gone for the one which was at least situated in Monte Carlo to add a bit of panache to it. I finished 20th in the 2013 backgammon world championships.
