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- 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
- 26 May 14
EY Finds Global Tax Risk may Accelerate
A survey by Ernst and Young (EY) has found that more than 80% of companies expect to see accelerating tax risks over the next two years. The survey took in the opinions of 830 executives in tax- and finance-related professions. A particularly notable concern was the risk of double taxation. Nearly a third of companies, […]
- 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
- 5 May 14
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
- 28 Apr 14
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
- 21 Apr 14
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
- 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 […]