Multi-national companies continue to draw the attention of the UK press over allegations that they contrive to export profits made in the UK to lower tax jurisdictions. In this way economic activity in the UK escapes UK tax. This in contrast to numerous small and medium sized businesses who are reported to be paying their […]
HMRC name and shame list grows
In accordance with legislation HMRC may publish information about a deliberate tax defaulter where: HMRC have carried out an investigation and the person has been charged one or more penalties for deliberate defaults, and those penalties involve tax of more than £25,000. However, their information will not be published if the person earns the maximum […]
Boris calls for London tax raising powers
In a radical rethink of the way in which London is funded the 17 members of the London Commission are due to report this week and are likely to recommend that certain tax raising powers are devolved. It is estimated that Revenue streams of up to £12bn could be placed under local control with a […]
HMRC scours data for off-shore tax dodgers and advisors
HMRC is currently investigating a large number of tax advisors and their clients who are suspected of concealing untaxed income and assets in off-shore tax havens. Due to their recent success in reaching tax accords with off-shore jurisdictions HMRC are now working their way through 400 gigabytes of data. The data has revealed the use […]
Getting the best deal from banks
Banks are tarred with being the cause of the recession that has plagued the global and UK economy for the past four years. Whatever truth there is in this point of view one thing is certain: almost without exception they are now risk-averse. Unless you can prove that your need for financial support is well […]
UK Pensions received by ex-pats
If you retire and live abroad make sure that you understand the tax position of your pension before you leave the UK. The UK has a number of so-called “Double Tax” agreements with other countries that set out how income generated and paid from the UK, such as pensions, is taxable. For example the […]
Self Assessment 2013
We are already two months into the 2013-14 tax year and those readers who need to file a tax return for the year ending 5 April 2013 have until 31 January 2014 to do so if filing online. In this article we will explain why it is advisable to gather your various P60s and other […]
Re-opening the stable door
Usually, it is necessary to perform an action within a tax year in order to impact your tax liability for that specific year. One notable exception is the ability to carry back charitable donations to the previous tax year in certain circumstances. The following notes are copied from HMRC’s website and explain what is involved: […]
General Anti-Abuse Rule (GAAR)
Readers may have noted that from the date the Finance Bill 2013 receives a Royal Assent, HMRC will be using new powers to stop abusive tax schemes from reducing a tax payer’s liability. The legislation is set out in the GAAR, the General Anti-Abuse Rule. It is worth noting that HMRC can use the GAAR […]