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- Tax Saving Accountants
- 25 Nov 13
The UK’s Tax Agreement With The Cayman Islands
The Cayman Islands have signed an agreement to automatically exchange taxation information with the UK. This has made them the first British overseas territory to sign up to such an arrangement, though similar agreements have previously been made closer to home with Jersey and Guernsey. The signing of this agreement ends the use of the […]
- Tax Saving Accountants
- 18 Nov 13
HMRC Loses Most Staff in Four Years
It has emerged that 2012-2013 saw HMRC lose the largest number of staff in four years. 1697 staff left the tax body in the course of the financial year, which represents a small increase compared to 1629 the year before. These figures were unearthed by research from UHY Hacker Young, a top 20 firm. With […]
- Tax Saving Accountants
- 21 Oct 13
Miliband Hopes to Reverse Corporation Tax Cut
Ed Miliband has revealed that, if Labour succeed at the next general election, he plans to reverse Conservative plans to cut corporation tax. The plans in question are set to reduce the headline rate from 21% to 20% Miliband said that for too long, Britain has “supported some businesses and not others.” He intends to […]
- Tax Saving Accountants
- 14 Oct 13
HMRC Pay Over £354k due to “Careless” Errors
HMRC is facing criticism after it has emerged that the number of tax complaints in 2012-2013 was more than double the previous year’s figure. 60% of all complaints were at least partially upheld, leading to a total of £354,321 paid in redress. Complaints relating to PAYE were particularly prominent. Many of the mistakes made by […]
- Tax Saving Accountants
- 7 Oct 13
Outstanding Tax Cases Near 27,000
Outstanding first-tier tax tribunal cases have been on the rise for some time. In 2012/2013, it has now been revealed, the number nearly reached a record of nearly 27,000. In 2009/2010, this number was only 13,456, meaning that the volume of outstanding cases has almost exactly doubled over the past four years. However, HMRC has […]
- Tax Saving Accountants
- 23 Sep 13
Partnership Tax Reforms Prove Unpopular
HMRC have recently announced several reforms to the way Limited Liability Partnerships are taxed. The latest plans, however, have proved unpopular with advisors in the professional service industry. The plans in question are aimed at tackling two issues. Chiefly, they target businesses who disguise junior employees as partners for tax benefit. They also aim at […]
- Tax Saving Accountants
- 16 Sep 13
HMRC to Roll Out New Dispute Resolution Process
Following a successful trial over a two year period, HMRC is planning to roll out a new process for dispute resolutions on a national scale. Alternative Dispute Resolution (ADR) process will be open to individuals and small businesses. ADR will involve mediation from “Independent HMRC Facilitators.” These mediators will aim to help resolve disputes at […]
- Tax Saving Accountants
- 2 Sep 13
Vodaphone and HMRC Reach Deal on Irish Tax Case
It has recently emerged that HMRC and Vodaphone have reached a high-value agreement on a previously undisclosed tax dispute. The mobile phone company was using an Irish subsidiary to collect royalty payments. This was formed the key step in a process by which millions of pounds of profit were redirected to Luxembourg, a jurisdiction with […]
- Tax Saving Accountants
- 14 Aug 13
HMRC to Introduce Single Compliance Process for SMEs
HM Revenue and Customs has announced plans to make things easier for SMEs by introducing a new Single Compliance System. It is hoped that this will produce a faster, more consistently high-quality enquiry process. It is also intended to ensure that individual enquiries are more appropriate to the cases they address. A trial of the […]
- Tax Saving Accountants
- 31 Jul 13
HMRC Wins £88 Million in Avoidance Case
A recent tax tribunal case has awarded the HMRC after a scheme that aimed to avoid tax on loan note profits was brought down. A judgement claimed that the Treasury could near nearly £88 million. The scheme in question involved a company known as Vocalspruce, which was promoted by PricewaterhouseCoopers, and involved the using of […]