Tax Saving Accountants

By 2033, one in three of us will pay 40p tax rate

The income tax paid by one in three Britons – including public-sector workers such as teachers and nurses – could end up in the higher rate in the next 20 years, according to the Office for Budget Responsibility. In its latest forecast, the OBR said that more than 9 million people could be landed with […]

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

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

Record Numbers of Christmas Tax Returns

The number of tax returns submitted over the three core days of the Christmas period has reached a record. The number has been rising for several years, and continued to do so in 2013. The busiest of the three days was Christmas Eve. Roughly 17,000 people chose the day before Christmas to submit an online […]

Tax Saving Accountants

“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

The UK’s Tax Agreement With The Cayman Islands

The Cayman Islands have signed an agreement to automatically exchange taxation information with the UK. This has made them the first British overseas territory to sign up to such an arrangement, though similar agreements have previously been made closer to home with Jersey and Guernsey. The signing of this agreement ends the use of the […]

Tax Saving Accountants

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

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

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 […]

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