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- Tax Saving Accountants
- 7 Apr 14
VAT Coming for Digital Goods
From next January, VAT will be applied to digital purchases such as downloaded music, ebooks and apps. Currently, the lack of VAT on UK sales of these products is allowing vendors to pay little tax by setting up their offices in jurisdictions such as Luxembourg. Amazon, Apple and many other companies sell such digital goods […]
- Tax Saving Accountants
- 31 Mar 14
More Assets Being Seized to Settle VAT Bills
New data has been released that shows that the number of companies whose assets were seized to settle VAT bills saw a significant increase during the recession. The data has been revealed by Syscap, a notable finance provider. The data shows that in the period during the recession between 2008 and 2013, the number of […]
- Tax Saving Accountants
- 24 Mar 14
Government Tax Targets Attract Criticism
The Treasury Select Committee has criticised the government’s current tax targets. In particular, the Committee has questioned the accuracy of the expectations on which these targets are based. An example used to illustrate this point was the yield that came from tax agreements with countries such as Switzerland. The deal carried a target of £3 […]
- Tax Saving Accountants
- 17 Mar 14
Government Dismisses PAC Recommendations
According to minutes from a recent meeting, the government has dismissed a number of recommendations from the Public Accounts Committee (PAC). The recommendations relate to issues such as the tax gap and the way HMRC accounts are reported. Specifically, the PAC suggested that the government should be more transparent about the alleged limitations of the […]
- Tax Saving Accountants
- 10 Mar 14
UK Steps Up Efforts Against Offshore Account Holders
The UK is to expand its efforts to target holders of offshore accounts who are avoiding UK tax. A new campaign aimed at offshore tax evaders has been launched following the agreement of a new global information-sharing deal. So far 42 different tax jurisdictions have signed up to the new information-sharing initiative, which was agreed […]
- Tax Saving Accountants
- 3 Mar 14
Commonwealth Games Athletes get Income Tax Exemption
It has been announced that athletes who come to the UK to compete in the Commonwealth games will be exempt from income tax. The UK’s income tax system for visiting international athletes has previously received high-profile criticism, including from fastest living man Usain Bolt. The current system sees income tax levied from the appearance fees […]
- Tax Saving Accountants
- 24 Feb 14
IFS Warns of UK Tax “Punishing” Success
The Institute for Fiscal Studies (IFS) has warned that the government should identify further sources of tax rather than relying on taxation of the country’s high-earners. According to the IFS, the current strategy is an unsustainable method of supporting the UK’s economy and a way of punishing success. Currently, just short of 30% of all […]
- Tax Saving Accountants
- 17 Feb 14
Record Number of Self-Assessments Filed
A record number of self-assessments was filed at the end of January. This comes in part because HMRC stood firm on the 31st January deadline, despite many calling for it to be pushed back until the 3rd of February. With a rise in self-employment in the past tax year and a record number of new […]
- Tax Saving Accountants
- 10 Feb 14
50% Tax Rate “Not Anti-Business” Says Balls
Ed Balls has defended Labour”s pledge to bring back the 50% top rate of tax. In particular, he has insisted it does not mean that his party has an “anti-business agenda.” Ed Balls Wants To See Tax Rates Falling Balls also said that even though those earning over £150,000 would pay more in tax, he […]
- Tax Saving Accountants
- 3 Feb 14
Bitcoin Taxation Under Review
Bitcoin Is Being Used For Tax Evasion & Money Laundering The taxation rate of the popular virtual currency Bitcoin has come under review by HMRC. The review comes amid concerns that the currency could currently be used for tax evasion purposes or even for money laundering. Concerns Raised Against The Attached Bitcoin VAT Rate Concerns […]