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 […]

hmrc negligence
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. […]

services
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 […]

Impact-Of-The-UK-Being-A-Single-Market
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 […]

hmrc negligence
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 […]

Financial services professional
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 […]

businessman-building-financial-graph-with-wooden-blocks
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 […]

Tax Saving Accountants

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 […]

HM Revenue & Customs
Tax Saving Accountants

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 […]

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