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- 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 […]
- Tax Saving Accountants
- 2 Sep 13
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
- 27 Aug 13
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 […]
- Tax Saving Accountants
- 19 Aug 13
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
- 14 Aug 13
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 […]
- Tax Saving Accountants
- 7 Aug 13
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
- 31 Jul 13
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 […]