Tax Saving Accountants

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

HMRC to Level New Powers at Offshore Tax Evasion

As the government continues to target those holding undeclared, taxable funds in overseas accounts, HMRC are set to get new powers for pursuing offshore tax evaders. While HMRC must currently prove that the offender intended to evade tax before bringing any prosecution against them, it will now be possible to charge them with a criminal […]

Tax Saving Accountants

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

UK Computer Game Tax Reliefs get EU Approval

Tax reliefs for computer game developers that were first proposed in last year’s budget have received approval from the European Commission. The chancellor said of the video games industry in the UK: “This is a key industry of the future and I want Britain to be one of its biggest centres.” The reliefs, which will […]

Tax Saving Accountants

VAT Coming for Digital Goods

From next January, VAT will be applied to digital purchases such as downloaded music, ebooks and apps. Currently, the lack of VAT on UK sales of these products is allowing vendors to pay little tax by setting up their offices in jurisdictions such as Luxembourg. Amazon, Apple and many other companies sell such digital goods […]

Tax Saving Accountants

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

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

Government Dismisses PAC Recommendations

According to minutes from a recent meeting, the government has dismissed a number of recommendations from the Public Accounts Committee (PAC). The recommendations relate to issues such as the tax gap and the way HMRC accounts are reported. Specifically, the PAC suggested that the government should be more transparent about the alleged limitations of the […]

Tax Saving Accountants

UK Steps Up Efforts Against Offshore Account Holders

The UK is to expand its efforts to target holders of offshore accounts who are avoiding UK tax. A new campaign aimed at offshore tax evaders has been launched following the agreement of a new global information-sharing deal. So far 42 different tax jurisdictions have signed up to the new information-sharing initiative, which was agreed […]

Tax Saving Accountants

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 […]

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