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Tax Saving Accountants

How would tax rates be affected by Scottish independence?

The story that has been on everybody’s lips has been Scottish independence – and whether there’s a Yes or a No vote, there could be tax changes afoot. If Scotland decides to go it alone, Holyrood would be able to decide its own income tax rates, not to mention VAT and corporation tax. Lowering the […]

Tax Saving Accountants

HMRC ‘should be banned from misleading Parliament’

HMRC has been accused of misleading Parliament, its MPs and the public after it inaccurately suggested it was collecting billions of pounds in extra taxes. One expert, Sir Andrew Dilnot, wants the taxman to be banned from confirming how much revenue it collects in the wake of the scandal. In the 2011/12 tax year, as […]

Tax Saving Accountants

Entrepreneurs To Get Taxes In Order As Self-Employment Hits Record

The Self Employed Will Have To Pay Income Tax Professionals who are going self-employed for the first time are being warned to make sure that they are fully prepared to pay tax. The number of people who work for themselves is at a record high in Britain – with 4.5 million now proud to call […]

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Tax Saving Accountants

HMRC plans to tighten offshore tax evasion

A new criminal offence is being considered by HMRC, which would see offshore tax evaders face tougher sanctions when they try to conceal their wealth. However, most of these cases would be dealt with via civil means. The taxman has launched a new consultation which targets those who move assets between countries on a regular […]

Tax Saving Accountants

By 2033, one in three of us will pay 40p tax rate

In its latest forecast, the OBR said that more than 9 million people could be landed with the 40 per cent tax rate, with a further 1.7 million losing 45% of their earnings. This is on the assumption that their respective thresholds continue to rise along with inflation. In an interview with The Telegraph, the […]

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Tax Saving Accountants

HMRC boss defends her £20,000 bonus

Bonuses at HM Revenue & Customs have fallen under scrutiny – after its chief executive pocketed an extra £20,000 despite a massive error which saw the taxman drastically overestimate the extra revenue it had collected. Lin Homer has insisted that she deserves the bonus, even though she already earns a salary estimated at £185,000. Many […]

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Tax Saving Accountants

Public Favour Merger of Income Tax and NI

Research by PwC suggests that a merger of income tax and national insurance would get widespread public support. The research was carried out with the help of a representative group of 22 members of the public. Following the research, PwC have set a number of recommendations for reform of the UK’s tax system before government. […]

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Tax Saving Accountants

PAYE Mistakes hit 5.5 Million People

HMRC estimates that 5.5 million people have paid the wrong amount of tax through PAYE in the 2013/2014 tax year. This figure is higher than the 5.2 million who paid the wrong amount of tax due to PAYE miscalculations last year. Of these people, it is estimated that 2 million have overpaid and will be […]

Tax Saving Accountants

Lord Saatchi Calls for SME Corporation Tax to be Dropped

Well-known advertising professional Lord Saatchi has called for corporation tax, along with capital gains tax, to no longer apply to SMEs. This, he claims, would significantly drive growth. Lord Saatchi produced a report for the Centre for Policy Studies in which he pointed out that a huge 90% of businesses in the UK employ fewer […]

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Tax Saving Accountants

Dawn Raids by HMRC Down 6%

Over the past twelve months, the number of dawn raids carried out by HMRC following investigations into tax evasion has fallen noticeably. Compared to a year ago, the number of raids is now down by 6%. Law Firm Irwin Mitchell discovered the drop after obtaining figures directly from HMRC under the Freedom of Information Act. […]

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