A Christmas competition with a difference – and the chance to win a bottle of champagne December 22, 2015 For the prolonged holiday break, a quiz is appropriate. But one with a difference: not just questions, but comments to go with them. A prize of a bottle of champagne to the best answers – just email them to me. The last couple of years have seen the rise of populist left-wing movements. Syriza [...]
HMRC national task force considering clampdown on eBay and Amazon over VAT fraud by overseas retailers December 22, 2015 The government is considering forcing online retailers such as Amazon and eBay to pay for millions of pounds of unpaid VAT owed by small overseas traders that sell through their sites. Lord Ashton of Hyde, a Treasury spokesperson, told the House of Lords on Monday evening that HM Revenue & Customs had established a national [...]
How much tax do you have to pay on a partridge in a pear tree this Christmas? December 22, 2015 It's the question you all wanted to know the answer to. If you were going to give your true love a partridge in a pear tree, and the rest, what are the tax liabilities? How much would the taxman make, and are the gold rings deductible? Well, with the help of the Institute of Chartered [...]
Accountant sentenced to eight years in jail for devising and promoting tax fraud schemes based on film industry loopholes December 20, 2015 A former Ernst & Young partner was sentenced to eight years in jail at the end of last week for his role in a tax fraud scheme. Terence Potter, working alongside independent financial advisor Neil Williams-Denton, devised and promoted fraudulent schemes, which were based on tax avoidance schemes that take advantage of legal loopholes relating to [...]
HMRC is failing to answer its phones and is not doing enough to tackle tax fraud December 17, 2015 No matter how bad your commute has been, your morning is still probably better than that of HM Revenue & Customs (HMRC) – after two separate reports highlighting the UK tax authority's shortcomings were released today. The National Audit Office (NAO) concluded that, while taxmen and women had come a long way in their compliance efforts, there [...]
HMRC officially launches digital Personal Tax Accounts online, with more than a million users to have access by mid-December 2015 December 14, 2015 The taxman is coming to a computer screen near you, after HM Revenue & Customs (HMRC) officially launched its online Personal Tax Accounts (PTA) today. The digital PTAs aim to provide people with a clearer and more real-time picture of their tax situation. More than a million self-assessment taxpayers will have access to their account by [...]
Why the war on buy-to-let will make the UK housing crisis worse December 10, 2015 Landlords sighed with relief at the Conservative victory in the General Election in May. Faced with the threat of rent controls from the Labour Party, they had looked forward to a government that accepted the importance of the rental market, and supported its development while properly targeting the crooks renting out sub-standard accommodation. But [...]
Bolton receive winding up petition from HMRC over unpaid tax bills December 10, 2015 Bolton Wanderers have received a winding-up petition from HMRC over unpaid PAYE and VAT tax bills. The Championship club is believed to be losing £1m per month and has outstanding bills owed to HMRC worth around £600,000. Its playing squad, currently positioned bottom of the Championship, went unpaid in November as owner Eddie Davies and [...]
Global law firm Pinsent Masons warns that proposed tax avoidance rules for large businesses could make HMRC “judge, jury and executioner” December 10, 2015 A global law firm has today criticised HM Revenue & Customs’s (HMRC) recently announced plans for cracking down on tax avoidance by businesses, saying that parts of the proposals would make HMRC the “judge, jury and executioner.” Further details on legislation that would allow the UK tax authority to place large businesses under special measures if [...]
HMRC publishes draft legislation designed to extend tax evasion offences to companies who failed to prevent it happening December 9, 2015 HM Revenue & Customs (HMRC) today published the results of its consultation, alongside draft legislation, for a proposed criminal offence for companies which fail to prevent the facilitation of tax evasion. The draft legislation lays down provisions for a criminal offence where somebody who is performing services on behalf of a company commits tax evasion. [...]