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 [...]
HM Revenue & Customs (HMRC) scraps quarterly updates for 1.3m small businesses, and takes next step in plans to make tax digital August 15, 2016 The taxman has this morning confirmed it is no longer planning to have the smallest businesses report back quarterly on their tax affairs. HM Revenue & Customs (HMRC) announced 1.3m unincorporated businesses and landlords with turnover less than £10,000 would be able to use the digital services it’s currently rolling out without having to either [...]
Business pushes government once again on airport decision after Gatwick records largest ever month of traffic August 11, 2016 Business groups have jumped on data showing Gatwick recorded its busiest ever month in its 80 year history to push for a decision on aviation capacity. Some 4.6m passengers travelled through the airport in July, up 6.9 per cent on the same month last year, while long-haul jumped 23 per cent. Business groups welcomed the news, but indicated it [...]
Harry Potter star fails to conjure up a win in tax case August 10, 2016 One of the stars of the Harry Potter movies has discovered magic is no match for the taxman, after losing his case at a tribunal. Rupert Grint had attempted to include two tax accounting periods in his filings for tax year 2009-10, which would have prevented a proportion of his income from being taxed at the [...]