The following articles appeared in Tax Insider:
Sleeping with the Enemy – Asking HM Revenue and Customs for Advice on Tax
By James Bailey | April 2010
James Bailey points out that free advice is not always the best advice. (more…)
Archive for the ‘UK Tax’ Category
Asking HMRC for Advice; Inheritance Tax – Documenting Lifetime Transfers; Stamp Duty Land Tax
Wednesday, January 25th, 2012KPMG Survey Suggests Progress on UK Tax Competitiveness
Tuesday, November 29th, 2011According to Andrew Goodall, at the Tax Journal, the UK’s corporate tax competitiveness ‘appears to have finally turned a corner’, KMPG said as it summarised the findings of a survey of 50 large businesses operating in the UK.
In 2009 only 17% of respondents said the UK had ‘the most competitive tax system compared to key competitors’ but the corresponding figure in this year’s survey was 27%, the firm said. (more…)
HMRC Targets Overseas Property Owners
Wednesday, November 2nd, 2011As reported by Grant Thornton, HM Revenue and Customs (HMRC) has announced that wealthy individuals who own land and property abroad are being targeted for investigation. Sophisticated data mining techniques will be used to identify potential targets who do not appear to have the means to purchase the property, as well as those who don’t declare the correct income and gains from the property. These individuals are one of the first groups to be targeted by the new HMRC ‘affluent teams’, which were announced by the Chief Secretary to the Treasury, Danny Alexander on 18 September 2011. HMRC has allocated £917 million to reduce the tax gap over the next 4 years. The new teams are part of that investment. The regional teams start work this month and bring together experts from across HMRC using new and innovative risk assessment techniques. It is expected that initial letters will start to be issued in the next two months. Other groups currently planned to be targeted include commodity traders and individuals holding offshore accounts.
UK Tax Agreement with Switzerland
Monday, October 3rd, 2011ENHANCED TAX RELIEFS UNDER THE ENTERPRISE INVESTMENT SCHEME
Friday, September 9th, 2011The tax reliefs under the Enterprise Investment Scheme (EIS) for investing in small company shares have been enhanced from 6 April 2011, with 30% income tax relief now available.
With small businesses finding it increasingly difficult to raise finance through the banks, seeking external investors could be well worth considering. The EIS scheme offers some fantastic tax reliefs to investors which make investing in small (and generally high risk) companies attractive, so if you want to attract investors in your business you should considering applying to use the scheme. (more…)
UK Concludes Tax Agreement with Switzerland
Monday, August 29th, 201150% Tax Rate – Is it on the Way Out?
Monday, August 22nd, 2011There is speculation that the 50% tax rate for those earning over £150,000 could be abolished by 2013. Both the Chancellor George Osborne and the Business Secretary Vince Cable have recently confirmed that the rate is considered to be temporary as mentioned in an article in The Guardian here.
Advice for those over the £150,000 threshold to avoid paying more tax than necessary in the interim: (more…)
Home or Away – UK Statutory Residence Test
Friday, August 19th, 2011Home or Away – UK Statutory Residence Test
HM Treasury has published a Consultative Document on the possible statutory definition of residence. A further document was issued on the same day regarding proposals to reform taxation of non-UK domiciled residents. The proposed new Statutory Residence Test classifies migrant individuals as “arrivers” (those who have recently come to the UK), “leavers” (who have recently left the UK) or “full time workers abroad”. (more…)