24/10/2014

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Waiting for tax simplification

Jolyon Maugham’s blog is well worth following if you want to get behind some of the rhetoric and understand better why tax has become such a hot topic. Jolyon has done much to raise the level of the debate and his guest blogs are a welcome contribution. This post by PwC’s head of tax, Kevin Nicholson, discusses […]

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24/10/2014

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Scottish tax devolution: A very ambitious timetable

MPs on the House of Commons Treasury Committee will question tax experts on Tuesday, 28 October in the first evidence session in an inquiry, announced yesterday, into proposals for further fiscal and economic devolution in Scotland. Read more at AccountingWEB. Professional bodies have called on politicians to consider carefully the implications of further devolution of […]

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24/10/2014

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IBAs decision could support loss relief claims

A tribunal decision that a laundry was a commercial building in an enterprise zone for the purpose of a claim to industrial buildings allowances may improve the chances of a successful loss relief claim in cases where the taxpayer’s aim is to cover costs, tax experts have suggested. In this month’s edition of TAXtv, Tim […]

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24/10/2014

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Incorporation survey flags non-tax incentives

The protection of limited liability is the most commonly cited reason for incorporating a business, according to research conducted by Ipsos MORI for HMRC that may be seen to add weight to calls for reform of the controversial IR35 legislation. Possible reasons for the “marked increase” in incorporations over the last two governments could include […]

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24/10/2014

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Gauke: Class 2 NIC measure is a step forward

The National Insurance Contributions Bill as amended in Public Bill Committee has been published on the Parliament website. Government amendments to schedule 1 (reflecting increases in NIC rates) and schedule 2 (in relation to the defence of reasonable care) were agreed when the committee met on Monday. The Bill will now proceed to the House […]

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24/10/2014

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High net worth unit increases tax take

The work of HMRC’s High Net Worth Unit (HNWU) has brought in more than £1bn in additional revenue since it was formed in 2009, according to the department’s latest issue briefing. Additional revenue collected in 2013/14 amounted to £268m, a 20% increase on 2012/13. Read more at AccountingWEB.

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24/10/2014

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Accelerated payment notices reach £250m

HMRC has issued more than 600 accelerated payment notices, demanding a total of more than £250m in disputed tax, under the regime introduced in Finance Act 2014. “Despite recipients having 90 days to pay the tax demanded in the notices, avoidance scheme users have already begun to contact HMRC and to arrange to make payments,” […]

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24/10/2014

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Scotland: ICAS urges caution on tax devolution

Politicians need to give “considerable and careful” thought to the implications of further devolution of tax powers to Scotland, a leading professional body has warned as a commission seeks agreement within weeks on proposals to be set out in draft legislation. Tax competition and the need to prevent avoidance are key concerns, the Institute of […]

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24/10/2014

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SSE wins ‘breakthrough’ fair tax award

Tax campaigners claimed a “major breakthrough” as energy giant SSE plc became the first FTSE 100 company to receive the Fair Tax Mark. The accreditation scheme, re-launched in February, assesses “the quality of a business’s publicly available information on key tax and transparency issues”. Its criteria are based on a company’s tax rate and stated […]

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17/10/2014

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Tax gap figures increase pressure on HMRC

The UK’s tax gap in 2012/13 was 6.8% of tax liabilities or £34bn, according to HMRC’s latest estimate. The estimate for 2011/12 was reduced from £35bn to £33bn, or 6.6%, reflecting “continued improvements in reporting and updated data”. “The long-term trend is downward, with the tax gap falling from 8.5% in 2005/06, HMRC said. Read […]

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