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 […]
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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 […]
HMRC have created yet another taskforce to seek out businesses owners who are believed to be paying less tax than they should. The new team will be concentrating on holiday businesses in certain areas of the UK. Initially, the tax investigation teams will be active in: Blackpool; the Lake District; North Wales; Devon and Cornwall. […]
Mark Carney in his first week as Governor of the Bank of England has made a number of reported decisions that have pleased the markets and other groups. Firstly, it was reported that he used the Underground to journey to work. This endeared him to thousands of other commuters who battle through the maze […]
The following statement was published on the UK Parliaments website 2 July 2013. Please note that the tax gap referred to in Margaret Hodge’s remarks is the difference between tax due and tax collected. A statement from The Rt Hon Margaret Hodge MP, Chair of the Committee of Public Accounts: These accounts give us a […]
The appointment of Mark Carney as the new governor of the Bank of England has received guarded approval from the financial press this week who hope that he will take a more active role in stimulating the UK economy. The Bank of England interest rate setting committee is meeting Thursday this week and is expected […]
British cosmologist and astrophysicist Martin Rees has been charged with identifying a modern day Longitude Prize – this was set by the British Government in 1714 and promised £20,000 to the person who mastered the challenge of calculating longitude at sea. At the recent G8 conference Cameron is quoted as saying: “What the world needs […]
Readers may be interested to take a look at the conclusions reached by the recent G8 meeting at Lough Erne, Northern Ireland. Their full declaration is set out below: the aim is to improve tax transparency and to bring the international tax system into the modern age. The G8 Lough Erne Declaration – issued 18 […]
There are a number of circumstances where care needs to be taken in the way in which claims are made for the business use of a vehicle, usually a car, which has duality of use – business and personal. We have listed below a few issues that businesses and private car owners should be aware […]
The Budget 2013 included a stated intention that HMRC would be enabled to take a fresh look at the possible manipulation of profit and loss allocations from partnerships to secure a tax advantage. HMRC has since published a formal consultation on anti-avoidance legislation for LLPs. The effective date for proposed legislative changes is April 2014. […]