Forget the celebrity tax allegations: Our complex system is the real issue July 9, 2014 Take That’s Gary Barlow has again been reported to have participated in complicated tax avoidance schemes. And as ever, discussion on the subject has been clouded by inaccurate reporting. Many have claimed that personal tax avoidance “costs the economy” £5bn a year. This is confused nonsense, based on an HM Revenue & Customs (HMRC) estimate [...]
UK house prices see rare fall this June: But the trend still sees values soar July 9, 2014 House prices have surprised analysts with a slight fall this June. Prices are 0.6 per cent lower, according to the latest Halifax house price index data. It's only the fourth time that Halifax has recorded a monthly house price in the last year. And while home sales are some three per cent lower in May, [...]
City MP Mark Field slams new tax grab July 8, 2014 George Osborne’s plan to grab millions of pounds of tax back from a host of high-profile City names was criticised yesterday as concerns grew over the impact of tough new tax rules. Mark Field, Conservative MP for the City of London, said: “To take a retroactive approach to schemes that have already been approved seems [...]
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 [...]