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- Tax Saving Accountants
- 11 Nov 13
More Tax Independence for Wales
The Welsh Assembly is to receive greater independent powers when it comes to taxation. The new powers will, subject to the outcome of a referendum, cover a number of levies including income tax and stamp duty. These measures follow the recommendations made by a report which was issued last year. At present, the Welsh assembly […]
- Tax Saving Accountants
- 4 Nov 13
HMRC Are Closing Unused PAYE Schemes
HMRC have announced that they will close unused PAYE schemes. Letters will be sent out to the relevant employers warning them that their schemes are due for closure. This will apply to unused schemes opened after 5th April this year. Specifically, it affects schemes where no PAYE returns have been completed or payments made within […]
- Tax Saving Accountants
- 28 Oct 13
New VAT Taskforce Launched
HMRC has launched a new taskforce to tackle fraudulent claims for VAT repayment in Northern Ireland and Scotland. The activities of this new taskforce are expected to generate around £7 million. HMRC has said that Scotland and Northern Ireland have recently experienced rising risk levels when it comes to fraudulent VAT repayment claims. This especially […]
- 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
- 30 Sep 13
Lawyers Deem Financial Transaction Tax Illegal
A Financial Transaction Tax (FTT), which is currently set to be implemented in 11 EU countries, has now been claimed to be illegal by lawyers. The UK is not one of the countries set to implement the FTT, remaining strongly opposed. This is one contributing factor to the 14 page legal opinion that the team […]
- 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
- 9 Sep 13
Bankers Delay Bonuses for Tax Benefit
It has been revealed that some banking professionals had their bonuses for the 2012/2013 tax year delayed until after April. They were therefore paid in the new tax year, which saw the top rate of income tax reduced to 45%. The top rate affects income above £150,000.These bonuses fell into that category, and so the […]