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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 […]
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 […]
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 […]
HMRC is facing criticism after it has emerged that the number of tax complaints in 2012-2013 was more than double the previous year’s figure. 60% of all complaints were at least partially upheld, leading to a total of £354,321 paid in redress. Complaints relating to PAYE were particularly prominent. Many of the mistakes made by […]
Outstanding first-tier tax tribunal cases have been on the rise for some time. In 2012/2013, it has now been revealed, the number nearly reached a record of nearly 27,000. In 2009/2010, this number was only 13,456, meaning that the volume of outstanding cases has almost exactly doubled over the past four years. However, HMRC has […]
HMRC have recently announced several reforms to the way Limited Liability Partnerships are taxed. The latest plans, however, have proved unpopular with advisors in the professional service industry. The plans in question are aimed at tackling two issues. Chiefly, they target businesses who disguise junior employees as partners for tax benefit. They also aim at […]
Following a successful trial over a two year period, HMRC is planning to roll out a new process for dispute resolutions on a national scale. Alternative Dispute Resolution (ADR) process will be open to individuals and small businesses. ADR will involve mediation from “Independent HMRC Facilitators.” These mediators will aim to help resolve disputes at […]
Former boss of Her Majesty’s Revenue and Customs has now landed a tax advice job at the accountancy firm Deloitte. Caught up in a number of scandals and claims, the move has angered some and spiked curiosity in others. Having left the HMRC, he now has a new role that will only take up one […]
On the 2nd May this year, it was announced that Andorra is to introduce a tax on personal income for the very first time. Its European neighbours have been putting pressure on the country for a significant period of time, claiming that this level of ‘tax evasion’ needed to be tackled. The head of the […]