HMRC sets new record for asset seizures from self-employed January 20, 2014 HM Revenues and Customs set a new high of 1,488 asset seizures over the last year from self-assessed taxpayers who could not pay bills. Tax officials took a harder line than ever, said finance firm Syscap, adding that the majority facing penalties were self-employed professionals such as accountants and solicitors. HMRC increased the use of [...]
Why 2014 could be the year to invest in Venture Capital Trusts January 14, 2014 ON AVERAGE, investments through Venture Capital Trusts (VCTs) have returned 88.6 per cent over the last ten years (with dividends reinvested, assuming an annual 3.5 per cent fee), compared to around 65 per cent for the FTSE All–Share index. VCTs are not for everybody – they are designed to encourage indirect investment in a range [...]
Bitcoin tax review could make cryptocurrency transactions much cheaper January 13, 2014 Next month Bitcoin and other virtual currencies could become even more attractive to UK investors and retailers looking to accept them as payment. Bitcoin could find its tax status changed to a ‘private money’ by the end of February as part of HMRC’s review of the tax liability of electronic currencies. Transactions in Bitcoin are [...]
Imperial Tobacco makes tax payment after settling dispute December 19, 2013 IMPERIAL Tobacco paid around £170m in UK corporation tax in its 2013 financial year, more than its total UK tax bill for the previous seven years, after settling a dispute with the tax authority. Imperial Tobacco, the world’s fifth-largest tobacco company by market capitalisation, declined to give details of what it described as “a confidential [...]
HMRC not doing enough to tax big businesses December 18, 2013 THE PUBLIC accounts committee has accused HM Revenue and Customs of failing to pursue big businesses for tax payments, resulting in a £35bn tax gap between what is expected to be collected and what actually comes in to government coffers. Chair of the committee Margaret Hodge MP highlighted further flaws in the way this figure is [...]
EU job seekers will have to wait three months to claim benefits from 2014 December 18, 2013 Prime Minister David Cameron has announced that from next year EU job seekers will have to wait three months to claim out-of-work benefits. Everyone coming to Britain should contribute. So from 1st Jan 2014, EU job-seekers will have to wait 3 months to claim out-of-work benefits. — David Cameron (@David_Cameron) December 18, 2013 Yet [...]
Finance firms contribute £65bn to UK tax coffers December 16, 2013 THE UK’S financial services contributed £65bn in taxes during 2012-13, rising £2bn from last year to make up more than one tenth of all revenues. Taxes borne by and collected from financial institutions rose to 11.7 per cent of all Her Majesty’s Revenue and Customs (HMRC) in 2012-13, according to research by PwC and the [...]
Revenue clawed back from tax probes surges to a fresh high December 15, 2013 HER MAJESTY’S Revenue and Customs (HMRC) raked in £20.7bn from its investigative work on tax avoidance and evasion this year, the highest amount ever collected. During 2012-13, the tax authorities beat its own target for revenue acquired through investigations by £2bn, topping 2011-12’s £18.6bn by a similar amount, according to new research by UHY Hacker [...]
Here’s what Theresa May doesn’t want you to see December 15, 2013 A controversial government review into European migration has encountered something of an obstacle, in the form of home secretary Theresa May. The Balance of Competences review was due to be released yesterday, as part of a set of documents evaluating the UK’s relationship with the EU, but has been delayed by May, reports the Times. [...]
Here’s what Theresa May doesn’t want you to see December 10, 2013 A controversial government review into European migration has encountered something of an obstacle, in the form of home secretary Theresa May. The Balance of Competences review was due to be released yesterday, as part of a set of documents evaluating the UK's relationship with the EU, but has been delayed by May, reports the [...]