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- 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
- 23 Dec 13
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
- 16 Dec 13
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
- 25 Nov 13
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 […]
- Tax Saving Accountants
- 11 Nov 13
More Tax Independence for Wales
The Welsh Assembly is to receive greater independent powers when it comes to taxation. The new powers will, subject to the outcome of a referendum, cover a number of levies including income tax and stamp duty. These measures follow the recommendations made by a report which was issued last year. At present, the Welsh assembly […]
- 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
- 28 Oct 13
New VAT Taskforce Launched
HMRC has launched a new taskforce to tackle fraudulent claims for VAT repayment in Northern Ireland and Scotland. The activities of this new taskforce are expected to generate around £7 million. HMRC has said that Scotland and Northern Ireland have recently experienced rising risk levels when it comes to fraudulent VAT repayment claims. This especially […]
- Tax Saving Accountants
- 21 Oct 13
Miliband Hopes to Reverse Corporation Tax Cut
Ed Miliband has revealed that, if Labour succeed at the next general election, he plans to reverse Conservative plans to cut corporation tax. The plans in question are set to reduce the headline rate from 21% to 20% Miliband said that for too long, Britain has “supported some businesses and not others.” He intends to […]
- 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 […]