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- Tax Saving Accountants
- 19 May 14
MPs Uncomfortable with HMRC’s Debt Recovery Powers
The recently-expanded set of powers afforded to HMRC for the recovery of debt has raised concerns among Treasury Select Committee MPs. The committee expressed especial concern over the possibility of mistakes being made in the process, pointing to a history of past errors by the department. The budget in March saw a “modern” set of […]
- Tax Saving Accountants
- 12 May 14
Potential HMRC Power Increase Leaves Finance Professionals Divided
Proposed increases to the powers that HMRC has at its command have divided the opinions of finance professionals almost equally. According to a poll by Accountancy Age, a news outlet for such professionals, a very slender majority are comfortable with the potential power increases, but almost half are not so sure. The poll took in […]
- Tax Saving Accountants
- 5 May 14
HMRC Could Share Taxpayer Information
Proposals under consideration could see HMRC selling taxpayer data to third parties such as private companies. HMRC insists that this would only happen if “there is a clear public benefit” and that the data would be “anonymised.” HMRC has also insisted that there would be “robust safeguards” and that before making any data available they […]
- Tax Saving Accountants
- 28 Apr 14
HMRC to Level New Powers at Offshore Tax Evasion
As the government continues to target those holding undeclared, taxable funds in overseas accounts, HMRC are set to get new powers for pursuing offshore tax evaders. While HMRC must currently prove that the offender intended to evade tax before bringing any prosecution against them, it will now be possible to charge them with a criminal […]
- Tax Saving Accountants
- 21 Apr 14
Lords Report Leads to Calls for IR35 Suspension
According to a report from the House of Lords, HMRC must better justify the continued existence of IR35. On the heels of the report, stakeholders began calling for the legislation to be suspended. The law is aimed at preventing people from lowering their tax through avoiding direct employment and instead being taken on as independent […]
- Tax Saving Accountants
- 14 Apr 14
UK Computer Game Tax Reliefs get EU Approval
Tax reliefs for computer game developers that were first proposed in last year’s budget have received approval from the European Commission. The chancellor said of the video games industry in the UK: “This is a key industry of the future and I want Britain to be one of its biggest centres.” The reliefs, which will […]
- 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 […]