HMRC got tax sums wrong July 3, 2014 THE TAXMAN last year accidentally overstated the performance of its drive to raise more funds, the National Audit Office reported yesterday. The accounting watchdog found HM Revenue and Customs had hit its targets on compliance – but £1.9bn in 2011-12 and £2bn in 2012-13. The mistake occurred as HMRC had inadvertently understated previous years’ tax revenue, meaning [...]
HMRC denies new pay up front powers will cause bankruptcies July 2, 2014 HMRC yesterday dismissed claims that its proposed new powers to force firms and individuals to pay up front any disputed tax associated with a “tax avoidance” scheme will spark a rash of insolvencies. Accountancy firms have claimed that as many as 10,000 businesses could be affected by the accelerated payment notices, which are part of [...]
We urgently need simpler taxes: National Insurance is a good place to start July 1, 2014 JUST days after the House of Commons Public Accounts Committee published a damning report, describing tax authorities as “unable to cope” with the number and complexity of UK tax reliefs, it has emerged that the chancellor is considering abolishing employee’s National Insurance and merging it into income tax. This is genuinely great news. With a [...]
Letters to the Editor – 20/06 – The estuary option, Flatter the better, Best of Twitter June 19, 2014 The estuary option This week, Sir Howard Davies, chairman of the Airports Commission, was questioned by the London Assembly. Some of his answers were worrying. He seemed to refuse to acknowledge the benefits a new four-runway hub airport would bring to Britain. When hubs are being built all over the world, with upwards of four [...]
Bitcoin Britain: Could London become the capital of cryptocurrencies? June 4, 2014 Prospects for Bitcoin in the UK have been boosted over the past week after the Financial Conduct Authority (FCA) launched a new fast-track initiative – Project Innovate. Speaking at the project's launch, FCA chief executive Martin Wheatley said, "positive developments" in financial innovation that improve the lives of consumers should be supported by the country's [...]
Tax crackdown boosts revenue to record level May 27, 2014 HER MAJESTY’S Revenue and Customs (HMRC) netted £23.9bn in additional revenues last year, with the tax authorities saying that the boost to their coffers comes from more stringent investigations. Revenue from this source is now at its highest level on record. The department says its income from investigations has risen by £3.2bn from the previous [...]
Black market cigarettes on the rise after 150pc tax increase since 2010 May 19, 2014 The consumption of non UK duty paid tobacco (NUKDP) is showing its first increase in recent years as cigarettes have faced a 150 per cent tax rise since the start of 2010. The amount NUKPD of roll your own (RYO) tobacco has risen to a staggering 48 per cent, while the figure for stick cigarettes [...]
City Moves for 15 May 2014 | Who’s switching jobs May 14, 2014 Deloitte Real Estate Deloitte Real Estate has appointed two senior consultants to its real estate sustainability team. Jack Wang (right) specialises in building energy data analytics and modelling, strategy and management. He joins from the National Energy Foundation. Nick Hogg has over seven years’ property sustainability experience, and previously worked in the upstream sustainability services [...]
Focus on: Pharma bosses face MPs over merger May 13, 2014 Day one of the select committee hearing on Pfizer’s planned takeover of Astrazeneca threw up questions on everything from job guarantees to the Takeover Code and Ian Read’s bizarre gold decision coin. Here’s what you need to know. IAN READPfizer chairman and chief executive I have not seen Astrazeneca’s books. Some things are sight-unseen. But the [...]
Job cuts in the City: A case study in political double standards May 8, 2014 IT’S amazing how fashions change. Just a few years ago, prior to the financial crisis, Big Pharma was demonised. It could do nothing right, and was blamed for many of the world’s ills. At the very same time, banks were lionised and lauded as the new saviours of the economy, with Alex Salmond, the leader [...]