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- 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 […]
- Tax Saving Accountants
- 27 Jan 14
Government Grants Tax Cut of £200 per Employee
The government is set to introduce an employment allowance in April. This will result in a tax saving of £200 for each employee. Thanks to this allowance, employers are set to save nearly £5.5 billion by the end of the current parliament, according to figures from the treasury. The allowance will also reduce employers’ total […]
- Tax Saving Accountants
- 20 Jan 14
690 Convictions for Tax Fraud in 2013
HM Revenue and Customs have confirmed the number of tax fraud convictions made in 2013. It has been revealed that almost 700 perpetrators of fraud where discovered and convicted. Tax Fraud Convictions Have Risen Since 2012 2012 saw only 477 successful convictions as a result of HMRC’s efforts to combat tax fraud. In 2013, this […]
- Tax Saving Accountants
- 13 Jan 14
Record Numbers of Christmas Tax Returns
The number of tax returns submitted over the three core days of the Christmas period has reached a record. The number has been rising for several years, and continued to do so in 2013. The busiest of the three days was Christmas Eve. Roughly 17,000 people chose the day before Christmas to submit an online […]
- Tax Saving Accountants
- 6 Jan 14
“Overcomplicated Tax Rules” says OTS
The Office of Tax Simplification has said that the rules surrounding employee expenses are a complex “minefield,” and said that they need to be updated. The rules in question have remained unchanged since the 1990s. For example, the OTS has highlighted the example of a restaurant bill. They have suggested it should simply be an […]