Our pre-Budget and year end tax planning issue of our Tax Update outlines several steps you can take to organise your affairs and legitimately minimise your tax burden ahead of the Budget and tax year end.
Published on 15 February 2017
Latest News & Events
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HMRC spend on private sector debt collectors soars by 62% in just a year
HMRC have increased their spend on private sector debt collectors by 62% in the last year to £39m in 2017, up from £24m in 2016.
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‘Beverley Hills of Britain’ strengthens its lead as UK’s #1 tax hotspot – amount paid per person up 10% in a year
There has been a 20% increase in the amount of income tax collected from the top five towns with the highest average payments over the last five years.
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Just 330 businesses tell HMRC they are using Corporation Tax schemes – down 42% in a year
The statistics show that a series of Government crackdowns over recent years have virtually eradicated aggressive Corporation Tax planning.
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Do you have a Requirement to Correct?
Requirement to Correct (RTC) legislation was introduced during the Finance Act 2017, to tackle offshore non-compliance. In simple terms it requires UK taxpayers to ensure that all foreign income and assets, where there may be UK tax to pay, have been correctly declared to HMRC by 30 September 2018.
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Overseas, under scrutiny
‘Offshore’ and ‘Overseas’ have become dirty words in tax over the last few years. Partly because of genuine tax evasion coming to light through whistle blowers and data leaks but also because of a kind of trial by media where any foreign financial connection is viewed with deep cynicism.
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Making Tax Digital for VAT – what you need to know
It’s strange to think that until the 1980s there were no penalties for innocent VAT errors. Now the error can be punished by up to 100% of the VAT in issue.