Buy-to-lose? With new restrictions on buy-to-let mortgages and the introduction of other punitive measures in 2017, is there any value left in letting for mortgaged landlords? January 11, 2017 As we enter 2017, the tide has truly turned against Britain’s buy-to-let landlords. First, George Osborne discouraged people from buying a second residential property by imposing extra stamp duty of 3 per cent. Now, the Bank of England is demanding that mortgage lenders “stress test” loans to landlords. Since 1 January, the Bank’s Prudential Regulation [...]
Here are the top 10 excuses for firms to dodge paying staff the minimum wage January 11, 2017 Employers have refused to pay the minimum wage because staff only make tea, aren't good workers or think of themselves as self-employed, the government has revealed. A bizarre list of excuses from employers has been revealed by the government ahead of a £1.7m marketing blitz on the minimum wage. The top ten list also includes one employer [...]
HMRC’s plans to shutter offices will now cost £300m more by 2025 January 10, 2017 The taxman's plans to shutter large numbers of local office will now save less than half the amount originally forecast by 2025. HM Revenue and Customs is closing all of its 170 offices in a migration to 17 sites, as well as a London headquarters. The plan had been expected to generate savings of £499 [...]
Why the taxman’s latest weapon against evasion might not hit its target January 8, 2017 The New Year has brought with it HM Revenue & Custom's (HMRC) latest weapon in the battle against tax evasion: civil penalties for the 'enablers' of offshore tax evasion. Under the new regime, accountants, bankers, lawyers and other advisers who take deliberate action to help others to engage in offshore tax evasion, will face civil [...]
Independent shareholders vote to boot Sports Direct chairman, but Mike Ashley saves his right-hand man January 5, 2017 The independent shareholders of Sports Direct have voted to boot the retailer's chairman Keith Hellawell, but the company's boss Mike Ashley has saved his right-hand man. Fifty-four per cent of independent shareholders voted to get rid of Hellawell, who has presided over several profit warnings at the company. Read more: Shareholder advice group calls for [...]
Tax evasion enablers to be hit with new fines January 1, 2017 Bankers, lawyers, accountants and advisers who assist with tax evasion will be hit with new fines, as the government seeks to crack down on the behaviour. The changes were announced as part of the then Chancellor George Osborne's 2015 Budget, and come into force today. Those at fault will face fines of up to 100 per [...]
Happy New Year: We’re about to spend 9.5m hours filling in self-assessment tax returns December 30, 2016 Mark your calendars: it's just over one month until the deadline to submit your self-assessment tax return on the 31 January, and new research suggests nearly 2m taxpayers will spend the better part of a working day completing their annual submission. It took 45 per cent of sole traders five hours or more to file their tax return, [...]
Tax clampdown leads to spike in VAT registrations December 21, 2016 The number of online retailers registering for UK VAT has increased tenfold after the taxman introduced new powers to crackdown on a £1bn loophole used by overseas traders. In rules announced in March and coming into force in September, HM Revenue & Customs (HMRC) can force overseas retailers using UK online marketplaces to either appoint a UK-based [...]
“My dog ate my tax return… and all of the reminders”: The worst HMRC late return excuses of last year December 21, 2016 It’s that time of year again. HMRC, aka The Taxman, has published its annual list of the dodgy excuses for people filing their tax returns late. As well as some more elaborate stories, involving burning yachts, wasp attacks and naughty children, one person reverted to an old classic in 2014/15: “My dog ate my tax return…and [...]
With changes to buy-to-let and a falling Lifetime allowance, 2016 was the year when venture capital trusts and other alternative investments went mainstream December 21, 2016 When life gives you lemons, make lemonade, so the saying goes. This blend of optimism and pragmatism has been vital during 2016. And those qualities continue to serve the financial services industry well, given the rule changes that are keeping product providers, financial advisers – and investors – on their toes. Take the recent adjustments [...]