Annual-Account-Preparation
Tax Saving Accountants

EY Finds Global Tax Risk may Accelerate

A survey by Ernst and Young (EY) has found that more than 80% of companies expect to see accelerating tax risks over the next two years. The survey took in the opinions of 830 executives in tax- and finance-related professions. A particularly notable concern was the risk of double taxation. Nearly a third of companies, […]

inland-revenue
Tax Saving Accountants

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 […]

pile_of_coins
Tax Saving Accountants

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 […]

close up of tax return
Tax Saving Accountants

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-VAT-Returns-accountant
Tax Saving Accountants

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 […]

warehouse
Tax Saving Accountants

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 […]

landlords cash flow affected by new high interest rates
Tax Saving Accountants

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 […]

market-harborough
Tax Saving Accountants

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 […]

Big Ben and Houses of parliament London
Tax Saving Accountants

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 […]

desk
Tax Saving Accountants

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 […]

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