Income splitting to be investigated by OTS
The Office of Tax Simplification is to look into the issues surrounding family businesses that split their income in a bid to avoid paying taxes.
The Office of Tax Simplification is to look into the issues surrounding family businesses that split their income in a bid to avoid paying taxes.
The FSB is calling on the coalition and the banks to give small businesses a bit of breathing space so that they can stay afloat over the festive season.
Umbrella company contractors have put in claims for around half a million pounds worth of unpaid invoices following the collapse of Albany at the beginning of 2010.
A new report from the National Audit Office says that HMRC raised £8.5bn from its investigations into cases of serious tax evasion.
Employee benefit trusts and employment finance retirement benefits schemes are the latest to be targeted in proposed Treasury regulations.
Umbrella company contractors and other freelance workers have been warned to be cautious of schemes that claim to be HMRC approved, when really they are referring to the reference number allocated to a scheme.
HMRC has launched a consultation asking for opinions on the introduction of real-time information into the PAYE taxation system.
How is the Revenue going to survive the spending cuts? Some advisers have suggested that it might roll out more amnesties in the hope of increasing cost efficiency.
HMRC have launched a new consultation that could result in major changes on the horizon for PAYE. The PAYE business processes were introduced in 1944 and have not changed in the following 66 years.
HMRC is likely to become more vigilant when it comes to scrutinising the tax affairs of umbrella company contractors, freelancers and entrepreneurs.
Employers may be relieved to pass over employee tax calculations to HMRC but experts are not convinced that a centralised tax system will work efficiently in the UK.
The BBC was recently told by HMRC whistleblowers that the Revenue has been instructed not to chase a lot of underpayment cases that are over two years old and which could be open to a legal challenge; a claim that has been strongly denied by an HMRC spokesman.
A fivefold increase in prosecutions against tax evaders could see HMRC bringing 800 people a year to court. In the year to September 30 2009, the Revenue brought 157 prosecutions against individuals.
Any contractors currently at work in the UK as either limited companies or sole traders may be interested in a new series of figures recently published by HM Revenue & Customs.
Due to recently discovered errors, HMRC has sent out its first round of approximately 45,000 letters to taxpayers, potentially including umbrella company contractors, informing them that their taxes were wrong. The total number of letters sent out should top 6 million by the end of this year.
Nearly six million UK taxpayers, including umbrella company contractors, are due for a rude awakening, thanks to an error in the PAYE system.