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- Tax Saving Accountants
- 5 Aug 14
HMRC plans to tighten offshore tax evasion
A new criminal offence is being considered by HMRC, which would see offshore tax evaders face tougher sanctions when they try to conceal their wealth. However, most of these cases would be dealt with via civil means. The taxman has launched a new consultation which targets those who move assets between countries on a regular […]
- Tax Saving Accountants
- 28 Jul 14
By 2033, one in three of us will pay 40p tax rate
In its latest forecast, the OBR said that more than 9 million people could be landed with the 40 per cent tax rate, with a further 1.7 million losing 45% of their earnings. This is on the assumption that their respective thresholds continue to rise along with inflation. In an interview with The Telegraph, the […]
- Tax Saving Accountants
- 21 Jul 14
HMRC boss defends her £20,000 bonus
Bonuses at HM Revenue & Customs have fallen under scrutiny – after its chief executive pocketed an extra £20,000 despite a massive error which saw the taxman drastically overestimate the extra revenue it had collected. Lin Homer has insisted that she deserves the bonus, even though she already earns a salary estimated at £185,000. Many […]
- Tax Saving Accountants
- 14 Jul 14
Public Favour Merger of Income Tax and NI
Research by PwC suggests that a merger of income tax and national insurance would get widespread public support. The research was carried out with the help of a representative group of 22 members of the public. Following the research, PwC have set a number of recommendations for reform of the UK’s tax system before government. […]
- Tax Saving Accountants
- 7 Jul 14
PAYE Mistakes hit 5.5 Million People
HMRC estimates that 5.5 million people have paid the wrong amount of tax through PAYE in the 2013/2014 tax year. This figure is higher than the 5.2 million who paid the wrong amount of tax due to PAYE miscalculations last year. Of these people, it is estimated that 2 million have overpaid and will be […]
- 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
- 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
- 1 May 13
Americans Feeling Tax Hike Hits
According to a payroll tax poll, many Americans are now feeling the hit of recent tax hikes under the Obama administration. Smaller Paychecks Due To The Tax Hike A majority of working Americans, according to a You Gov and Huffington Post poll, claim that they are noticing smaller paychecks after the payroll tax cut expired […]
- Tax Saving Accountants
- 28 Feb 13
New technology identifies susceptible sectors
The self-assessment deadline may have been and gone, but the taxman has announced that they have new technology which can indicate which sectors are most likely to have filled in their self-assessment incorrectly. This is done by looking at patterns throughout the economy, and then determining susceptibilities. For example, one area that could be under […]
- Tax Saving Accountants
- 21 Feb 13
HMRC has food for thought
HMRC are beginning to launch specific tax crackdowns in certain regions and in particular industries. One example reported recently was that East Anglia fast food companies may be subject to more rigorous checks. In this particular instance, up to 5 million could be added to the Treasury’s funds, contributing to the 7 billion in annual […]