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- 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
- 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
- 6 Jan 14
“Overcomplicated Tax Rules” says OTS
The Office of Tax Simplification has said that the rules surrounding employee expenses are a complex “minefield,” and said that they need to be updated. The rules in question have remained unchanged since the 1990s. For example, the OTS has highlighted the example of a restaurant bill. They have suggested it should simply be an […]
- Tax Saving Accountants
- 30 Dec 13
HMRC “Lose its Nerve” Over Big Businesses
A number of big companies such as Starbucks and Amazon have recently attracted criticism for hugely underpaying UK tax. Now, it has been claimed by the Public Accounts Committee that HMRC tends to lose its nerve when pursuing such big businesses. In their report on HMRC’s annual accounts, the committee said that: “HMRC holds back […]
- Tax Saving Accountants
- 23 Dec 13
Extended PAYE Compliance Deadline for Micro-Businesses
Micro-businesses have benefited from an extension to the deadline for compliance with real-time PAYE reporting (RTI) requirements. The deadline has now been pushed back to April 2016. Small businesses with more than 10 and up to 49 employees, meanwhile, have until April 2014 to begin sending information in real time. This deadline is also an […]
- Tax Saving Accountants
- 18 Nov 13
HMRC Loses Most Staff in Four Years
It has emerged that 2012-2013 saw HMRC lose the largest number of staff in four years. 1697 staff left the tax body in the course of the financial year, which represents a small increase compared to 1629 the year before. These figures were unearthed by research from UHY Hacker Young, a top 20 firm. With […]
- 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
- 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 […]