HMRC Penalties ‘nothing short of oppressive’

15th May 2015

HMRC have been attacked for their self-assessment penalty regime, with the Low Incomes Tax Reform Group (LITRG) claiming that it is ‘nothing short of oppressive’. Despite the increased advertising and awareness strategies put in place by HMRC, for the year ending 5 April 2014 over 890,000 taxpayers failed to submit their returns on time (between 6 April 2014 and 31 January more

Non-Domicile Regime to be scrapped under Miliband

8th April 2015

As the election campaign heats up, Ed Miliband has announced that if he is elected to Number 10, the current non-domicile rules, which allow some UK residents to limit their tax liability, would be abolished. Normally, UK residents pay UK tax on all their earnings, regardless of where they originated from. The current rules for ‘non-domiciled’ UK residents allow them more

Disbursements – Buying goods on behalf of your clients

26th March 2015

If you are spending money on behalf of your clients- be aware. Disbursements are not included in the VAT turnover calculation, so you must ensure they meet the conditions. To be more specific, let’s look at the case of Mr Bilsby. He was a heating engineer and plumber and he was very careful in calculating his turnover in order to not exceed the VAT more

2015 Budget: How will the man on the street be affected?

20th March 2015

As the more eagle eyed of you will no doubt have noticed, Chancellor George Osborne presented his 2015 Budget to Parliament this week. The 2015 Budget will affect both this coming tax year and the following – and if you live in the UK it is likely to have a profound impact on your life. You’ve probably heard plenty about more

HMRC making examples of tax dodgers

12th March 2015

A 56 year old woman who lied to HMRC to avoid paying £500,000 in inheritance tax has been found guilty of tax evasion and sentenced to 2 years in jail. Theresa Bunn claimed to have only inherited £285,000 whereas the sum was in fact £1.5m. She failed to disclose “substantial cash gifts from her aunt while she was alive”. If more

Registering an organisation as a Company Limited by Guarantee

10th March 2015

Before registering an organisation as a Company Limited by Guarantee it's important to understand its main advantages. According to s.5 Companies Act 2006 a Company Limited by Guarantee cannot be formed with share capital. Current rules state that all companies that retain the profit or use it for some special purposes rather than distribute it to the members of the company are more

Ed Miliband and the semantics of tax language

24th February 2015

Accusations that Ed Miliband has ‘avoided tax’ have been bandied around after the Daily Mail released details that the Miliband family had used a deed of variation to alter the terms of his late father’s will with the intention of reducing the inheritance tax payable. In our opinion, this is a routine method of tax planning, using the rules as more

Guide to maternity leave: Key info for employers and employees

13th February 2015

Expecting a child? Maternity leave is a complex issue that can make a huge difference to the lives of employers and employees alike.Hopefully this guide to maternity leave will help flag up some of the key issues.

  1. Useful Information for both Employer and Employee
Any pregnant employee needs to provide written notice of when she wants to take maternity leave no more

UK has competitive taxes on entrepreneurs

6th February 2015

It is no secret that the UK is a relatively great place to be an entrepreneur. In 2013, the UK was ranked in the top 5 G20 countries to start, grow, and run a business on EY’s Entrepreneurship Barometer, and recent news indicates that this trend will continue. This autumn, the Treasury committed £400m to extend Enterprise Capital Funds (ECF), more