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- Tax Saving Accountants
- 9 Jun 14
Record £24 Billion From Tax Avoidance Crackdown
Following a recent crackdown on tax avoidance by HM Revenue and Customs, a record £23.9 billion has been added to public coffers thanks to investigations relating to the crackdown. The figure is the highest HMRC haul since records began, and exceeds the target set in December’s Autumn Statement by £1 billion. Following the huge haul, […]
- Tax Saving Accountants
- 5 May 14
HMRC Could Share Taxpayer Information
Proposals under consideration could see HMRC selling taxpayer data to third parties such as private companies. HMRC insists that this would only happen if “there is a clear public benefit” and that the data would be “anonymised.” HMRC has also insisted that there would be “robust safeguards” and that before making any data available they […]
- 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
- 31 Mar 14
More Assets Being Seized to Settle VAT Bills
New data has been released that shows that the number of companies whose assets were seized to settle VAT bills saw a significant increase during the recession. The data has been revealed by Syscap, a notable finance provider. The data shows that in the period during the recession between 2008 and 2013, the number of […]
- Tax Saving Accountants
- 17 Feb 14
Record Number of Self-Assessments Filed
A record number of self-assessments was filed at the end of January. This comes in part because HMRC stood firm on the 31st January deadline, despite many calling for it to be pushed back until the 3rd of February. With a rise in self-employment in the past tax year and a record number of new […]
- Tax Saving Accountants
- 13 Jan 14
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
- 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
- 9 Dec 13
Paperless Self-Assessment Coming
Following an HMRC consultation, it has been announced that paperless self-assessment may soon be introduced. Under this system, all communications from HMRC to taxpayers will take place through electronic methods rather than through the post. At present, only a quarter of communications that HMRC send to ten million self-assessment taxpayers in the UK can be […]
- Tax Saving Accountants
- 4 Nov 13
HMRC Are Closing Unused PAYE Schemes
HMRC have announced that they will close unused PAYE schemes. Letters will be sent out to the relevant employers warning them that their schemes are due for closure. This will apply to unused schemes opened after 5th April this year. Specifically, it affects schemes where no PAYE returns have been completed or payments made within […]
- 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 […]