Tax Saving Accountants

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

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

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

Lord Saatchi Calls for SME Corporation Tax to be Dropped

Well-known advertising professional Lord Saatchi has called for corporation tax, along with capital gains tax, to no longer apply to SMEs. This, he claims, would significantly drive growth. Lord Saatchi produced a report for the Centre for Policy Studies in which he pointed out that a huge 90% of businesses in the UK employ fewer […]

Tax Saving Accountants

Dawn Raids by HMRC Down 6%

Over the past twelve months, the number of dawn raids carried out by HMRC following investigations into tax evasion has fallen noticeably. Compared to a year ago, the number of raids is now down by 6%. Law Firm Irwin Mitchell discovered the drop after obtaining figures directly from HMRC under the Freedom of Information Act. […]

Tax Saving Accountants

Conservatives Offer Scotland Power Over Income Tax

Should Scottish voters reject independence when the referendum is held this September, the Conservatives have offered to give Scotland greater power over the matter of income tax. Edinburgh, they say, would be given full control over all issues relating to income tax. The government have conducted a review, led by Lord Strathclyde, about the devolution […]

Tax Saving Accountants

Record £24 Billion From Tax Avoidance Crackdown

Following a recent crackdown on tax avoidance by HM Revenue and Customs, a record £23.9 billion has been added to public coffers thanks to investigations relating to the crackdown. The figure is the highest HMRC haul since records began, and exceeds the target set in December’s Autumn Statement by £1 billion. Following the huge haul, […]

Tax Saving Accountants

Nearly Half of VAT Fines Incorrect

UHY Hacker Young has found that almost half of VAT fines levied by HMRC against businesses are incorrect. The top 50 firm found that of the 17,200 automatic penalties for late filing that HMRC issued in 2013, roughly 49% were ultimately overturned. If a business files its VAT return after the deadline, a fine is […]

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, […]

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 […]

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