Multinationals could be forced to declare country-by-country revenues and taxes thanks to an amendment tabled in parliament by a Labour MP September 6, 2016 New UK legislation could force multinational corporations to reveal the taxes they have paid in every country in which they operate, after MPs voted in favour of landmark new tax proposals this evening. The new rules would introduce a country-by-country reporting system, allowing tax information published by HM Revenue and Customs (HMRC) to include details on where a company's revenues [...]
HM Revenue & Customs (HMRC) rakes in £3bn by getting people to cough up early in investigations September 5, 2016 The taxman has bagged itself billions under recently introduced rules which allow it to force those currently under investigation to hand over the disputed tax in advance, it has been revealed today. Since the Accelerated Payment Notices (APN) rules were introduced in 2014, HM Revenue & Customs (HMRC) has issued 60,000 such notices to bring in £3bn earlier than [...]
Taxman sets up last chance saloon for those with hidden wealth offshore September 5, 2016 HM Revenue & Customs (HMRC) has today launched an online disclosure facility, aimed at those with outstanding tax liabilities from offshore wealth. The Worldwide Disclosure Facility (WDF), which was announced in the 2015 Budget, will offer no special deals to those who come forward but will be the last chance for people to come clean before a [...]
The chancellor’s fiscal reset is a golden opportunity to slash living costs through tax cuts and planning reform September 5, 2016 Philip Hammond recently said that he may use the Autumn Statement to “reset” fiscal policy. That is a welcome sentiment because it suggests the chancellor sees before him a golden opportunity to transform the tax system. With Parliament returning, we are likely to see the government start to formulate and publicise more detailed economic policy [...]
Want to cut the wait time when you call the tax man? These are the best times to call August 30, 2016 A new study of call waiting times at HM Revenue and Customs (HMRC) has revealed the best times to call the tax man if you want to get through quickly. A July parliamentary report revealed that the average call waiting time in October was close to 35 minutes, as the deadline for paper submissions of [...]
HM Revenue & Customs (HMRC) proposes new ways to crack down on offshore tax evasion August 24, 2016 The taxman today laid down the law, announcing plans for tougher new sanctions for offshore tax evasion. Under the proposals announced by HM Revenue & Customs (HMRC), those who do not volunteer to pay outstanding taxes from offshore investments and accounts could be slapped with penalties up to three times the tax they were trying to evade. The [...]
Property transactions edged down in July, defying expectations of a Brexit vote-related crash August 23, 2016 The number of property transactions edged downwards in July, putting to bed concerns that the Brexit vote would result in a dramatic fall in sales. According to figures from HM Revenue and Customs (HMRC), the number of residential property transactions fell by 0.9 per cent between June and July. Read more: This is where all the [...]
Experts fight back against government’s tax avoidance proposals August 17, 2016 Accountants and lawyers have today pushed back against new tax avoidance proposals from the Treasury, arguing they risk punishing people for merely trying to do right by their clients. Earlier today, the Treasury laid out plans which would penalise advisers for offering information on how to sidestep tax, while a consultation run by HM Revenue [...]
Will government plans to fine firms who give advice on aggressive tax avoidance backfire? August 17, 2016 Mark Davies, managing director of Mark Davies & Associates, says Yes. HMRC’s proposals will fail because they don’t address the fundamental issues. First, consider motive. Nobody likes to pay tax and it is lawful to arrange our affairs to pay the least amount of tax. Second, there is an opportunity to avoid tax because our tax [...]
Sports Direct agrees to pay back workers £1m August 15, 2016 Workers who were paid less than the national minimum wage at Sports Direct's Shirebrook warehouse will receive a pay back from the company worth an estimated £1m. The retailer was under investigation by HM Revenue and Customs (HMRC) for failing to pay warehouse workers the national minimum wage. Workers were not paid for waiting at security checks before being [...]