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- Tax Saving Accountants
- 14 Jul 14
Public Favour Merger of Income Tax and NI
Research by PwC suggests that a merger of income tax and national insurance would get widespread public support. The research was carried out with the help of a representative group of 22 members of the public. Following the research, PwC have set a number of recommendations for reform of the UK’s tax system before government. […]
- Tax Saving Accountants
- 7 Jul 14
PAYE Mistakes hit 5.5 Million People
HMRC estimates that 5.5 million people have paid the wrong amount of tax through PAYE in the 2013/2014 tax year. This figure is higher than the 5.2 million who paid the wrong amount of tax due to PAYE miscalculations last year. Of these people, it is estimated that 2 million have overpaid and will be […]
- Tax Saving Accountants
- 23 Jun 14
Dawn Raids by HMRC Down 6%
Over the past twelve months, the number of dawn raids carried out by HMRC following investigations into tax evasion has fallen noticeably. Compared to a year ago, the number of raids is now down by 6%. Law Firm Irwin Mitchell discovered the drop after obtaining figures directly from HMRC under the Freedom of Information Act. […]
- 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
- 2 Jun 14
Nearly Half of VAT Fines Incorrect
UHY Hacker Young has found that almost half of VAT fines levied by HMRC against businesses are incorrect. The top 50 firm found that of the 17,200 automatic penalties for late filing that HMRC issued in 2013, roughly 49% were ultimately overturned. If a business files its VAT return after the deadline, a fine is […]
- Tax Saving Accountants
- 19 May 14
MPs Uncomfortable with HMRC’s Debt Recovery Powers
The recently-expanded set of powers afforded to HMRC for the recovery of debt has raised concerns among Treasury Select Committee MPs. The committee expressed especial concern over the possibility of mistakes being made in the process, pointing to a history of past errors by the department. The budget in March saw a “modern” set of […]
- Tax Saving Accountants
- 12 May 14
Potential HMRC Power Increase Leaves Finance Professionals Divided
Proposed increases to the powers that HMRC has at its command have divided the opinions of finance professionals almost equally. According to a poll by Accountancy Age, a news outlet for such professionals, a very slender majority are comfortable with the potential power increases, but almost half are not so sure. The poll took in […]
- Tax Saving Accountants
- 14 Apr 14
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
- 7 Apr 14
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
- 17 Mar 14
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 […]