landlords cash flow affected by new high interest rates
Tax Saving Accountants

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 […]

Best Pay Frequency For Your Business
Tax Saving Accountants

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

Further Changes to Partnership Tax

HM Revenue and Customs is continuing to look into ways of tightening the taxation of Limited Liability Partnerships. This is following an extensive consultation on the topic, which began with an announcement in December 2012 that HMRC would try to prevent “abusive use” of partnership status. The key intention of the latest changes is to […]

VAT application form and calculator
Tax Saving Accountants

No New Tax for Online Sales

The treasury have revealed that a potential online sales tax will not go ahead. This tax was designed as a way to lessen the advantage online businesses have over brick-and-mortar ones. Online businesses tend to have fewer overheads than traditional ones, which can lead to lower prices and more new companies starting up. The value […]

Tax Saving Accountants

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 […]

calendar showing tax deadlines
Tax Saving Accountants

OTS Calls for Employee Benefits Tax Overhaul

The employee benefits tax and administration system is “ripe for a complete overhaul” according to the Office of Tax Simplification. In a recent report, the OTS identified four areas of major concern, and recommended a full overhaul of the entire system. The report was produced as part of a review the OTS is currently conducting […]

Tax Saving Accountants

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 […]

hmrc negligence
Tax Saving Accountants

HMRC and EDF Energy Awarded Top Honours for Equality and Inclusion

HMRC and EDF Energy were awarded for their policies on inclusion and equality on the 17th July. These two organizations were given top honours for working in the public and private sector and maintaining high levels of equality and inclusion. The housing association Amicus Horizon was also named the small employer of the year at […]

Best Pay Frequency For Your Business
Tax Saving Accountants

Quarry Firms Requested to Pay HMRC Pending Appeals

A number of Scottish quarry firms who have been withholding disputed tax, which accounts to around £10 million, have been asked to pay up or face their assets being seized. This comes as a result of a ruling in a Court of Session. The firms in question have banded together and formed the British Aggregates […]

Importance of Good Credit Control for Small Businesses
Tax Saving Accountants

Treasury Announces Net £1 billion in 2013 Dodging

Whilst the Tax Office held its conference on tax avoidance, the Treasury announces how much has been lost in tax avoidance this year alone. The Tax Office has safeguarded revenue of more than £1 billion this year thanks to the tackling of corporate tax avoidance. David Gauke, the Exchequer Secretary to the Treasury, announced the […]

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