In March 2012 George Osborne and his Treasury advisors took a risk. They announced that on 6 April 2013 they would be reducing the additional rate of income tax from 50% to 45%. The Treasury was criticised at the time because the expected tax take from higher income earners was expected to fall in line […]
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The Government have launched yet another consultation, this time they are considering changes to the way in which loans to directors and shareholders of small companies are taxed. Currently, if these loans are unpaid at the end of the company’s accounting year, an additional corporation tax charge equal to 25% of the loan outstanding will […]
MPs have been criticising the Treasury regarding their handling of the compensation scheme for Equitable Life policy holders. On its own admission the Treasury estimates that between 17% and 20% of eligible policy holders may not receive the compensation they are due as they cannot be traced. The current Equitable Life Payment Scheme is due […]
If you have been sent a tax return for any tax year up to 5 April 2012, and it has not been submitted, you may want to consider taking part in this campaign. In a nut-shell HMRC are offering to look kindly on any penalties chargeable, as a result of late filing or late payment […]
Generally speaking, debts of a person’s estate are deductible for IHT purposes – though there are some circumstances where specific debts cannot be deducted such as where the deceased had previously made a gift to the person who made the loan. Following this year’s Finance Act, which became law on 17 July, there are several […]
Holiday businesses in Devon, Cornwall, North Wales, the Lake District and Blackpool area beware: the taxman has set up a further task force to seek out and bring to account business owners who are not declaring the correct information on their tax returns. The taskforces are trained to focus on particular business sectors and may […]
We thought readers might be interested to see how well HMRC have done in the last year, collecting our taxes and tackling fraud. The following statement is reproduced from Parliament’s website and was made by The Rt Hon Margaret Hodge MP, Chair of the Committee of Public Accounts, on 2 July 2013. “These accounts give […]
1 August 2013 – Due date for corporation tax due for the year ended 31 October 2012. 19 August 2013 – PAYE and NIC deductions due for month ended 5 August 2013. (If you pay your tax electronically the due date is 22 August 2013) 19 August 2013 – Filing deadline for the CIS300 monthly […]
HMRC’s Connect software system provides data to underpin efforts to tackle tax fraud. It cost a mighty £45m to install in 2009 and by 2011 it had contributed to the assessment of £1.4bn in additional tax revenues. Connect is purported to have more data at its disposal than the British Library. It is not restricted […]
In recent months the High Street retail industry has been lobbying for a more equitable tax system. In particular they want to see online traders charged a sales tax. High Street retailers argue that online sellers can afford to drop their prices as they have much lower costs; for example they do not have to […]