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- Tax Saving Accountants
- 24 Feb 14
IFS Warns of UK Tax “Punishing” Success
The Institute for Fiscal Studies (IFS) has warned that the government should identify further sources of tax rather than relying on taxation of the country’s high-earners. According to the IFS, the current strategy is an unsustainable method of supporting the UK’s economy and a way of punishing success. Currently, just short of 30% of all […]
- 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
- 10 Feb 14
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
- 27 Jan 14
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
- 20 Jan 14
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
- 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
- 30 Dec 13
HMRC “Lose its Nerve” Over Big Businesses
A number of big companies such as Starbucks and Amazon have recently attracted criticism for hugely underpaying UK tax. Now, it has been claimed by the Public Accounts Committee that HMRC tends to lose its nerve when pursuing such big businesses. In their report on HMRC’s annual accounts, the committee said that: “HMRC holds back […]
- 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
- 2 Dec 13
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 […]