Tax Saving Accountants

50% Tax Rate “Not Anti-Business” Says Balls

Ed Balls has defended Labour”s pledge to bring back the 50% top rate of tax. In particular, he has insisted it does not mean that his party has an “anti-business agenda.” Ed Balls Wants To See Tax Rates Falling Balls also said that even though those earning over £150,000 would pay more in tax, he […]

Tax Saving Accountants

Bitcoin Taxation Under Review

Bitcoin Is Being Used For Tax Evasion & Money Laundering The taxation rate of the popular virtual currency Bitcoin has come under review by HMRC. The review comes amid concerns that the currency could currently be used for tax evasion purposes or even for money laundering. Concerns Raised Against The Attached Bitcoin VAT Rate Concerns […]

Tax Saving Accountants

Government Grants Tax Cut of £200 per Employee

The government is set to introduce an employment allowance in April. This will result in a tax saving of £200 for each employee. Thanks to this allowance, employers are set to save nearly £5.5 billion by the end of the current parliament, according to figures from the treasury. The allowance will also reduce employers’ total […]

Tax Saving Accountants

690 Convictions for Tax Fraud in 2013

HM Revenue and Customs have confirmed the number of tax fraud convictions made in 2013. It has been revealed that almost 700 perpetrators of fraud where discovered and convicted. Tax Fraud Convictions Have Risen Since 2012 2012 saw only 477 successful convictions as a result of HMRC’s efforts to combat tax fraud. In 2013, this […]

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

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

UK Tax Attractive to Businesses

According to KPMG, the UK’s current tax climate is highly attractive to businesses and is in a good position for attracting large international corporations. However, the way tax issues are covered in the media are reducing the positive effect. These findings are based on data from KPMG’s annual tax competitiveness report. Respondents, when asked to […]

Tax Saving Accountants

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

Clegg’s Tax Warning for Foreign Property Investors

According to Nick Clegg, foreign investors who buy luxury London properties could face new taxes. The warning came with the approach of the Autumn Statement. According to Clegg, plans are currently under consideration by the government to introduce new taxes that would affect these investors. Specifically, the government are considering the introduction of new council […]

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