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- 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
- 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 […]
- 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
- 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
- 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 […]