Tax hub

Tax update

Tax update, issue 42

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. 

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Taxflash: Partnership crackdown

If your partnership or LLP has a range of capital and profit sharing arrangements, you will need to review the robustness of your position.

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Latest news

Long term decline in FTSE 100 tax rate comes to a sudden halt

The average effective tax rate of FTSE 100 companies has increased by more than a tenth over the last year.

HMRC takes £2billion more than targeted from tax investigations to hit new record of £20.7billion

HMRC has beaten its target for tax investigation work by £2billion in the last year, bringing the total revenue it raised through compliance work to a new all-time high, according to our research.

UK amongst the top ranked countries leading the race in harnessing globalisation

The UK is one of the world’s best placed countries in the race to capitalise on globalisation and could be set for positive future economic growth as a result, according to our new research. Our taxation and business advisory professionals in 27 countries rated their economies on several factors including taxation and trade policy, that indicate how internationalised an economy already is and how well positioned it is to take advantage of future globalisation of trade.

HMRC making increasing use of Google Street View to catch tax evaders

Revenue inspectors are using Google Street View to try to prove people have undeclared income.  The website provides a kerbside view of homes and businesses, giving inspectors a quick way to assess a person’s lifestyle and see whether it matches their declared income.

HMRC loses highest number of staff in four years

Staff are quitting HMRC in their highest numbers for four years, with almost 1,700 employees leaving in the last 12 months.

As many as 1 in 3 tax payers at risk of paying the wrong amount of tax due to PAYE errors

As many as 1 in 3 taxpayers could be in danger of paying the wrong amount of tax due to HMRC issuing incorrect PAYE codes, according to our research.

HMRC's take from investigations into personal tax returns jumps 38% in one year

The amount of additional tax HMRC has collected as a result of investigations into personal tax returns has jumped 38% in the last year.

Yield from tax investigations into small businesses jumps 30% in the last year

The additional tax yield received from compliance investigations into small and medium sized businesses by HMRC has jumped 31% in the last year. Compliance investigations into SMEs raked in £565m for HMRC in 2012-13, up from £434m in 2011-12 (year ending March 31).

R&D spending hits record high as UK economy continues recovery

Business spending on R&D increased by 8% in 2012 to a record high of £11.9billion, up from £11billion in 2011, in a further sign that the UK economy is recovering. R&D spending was 19% higher than the low of £9billion it fell to in 2009, because of the recession (based on claims for tax relief to HMRC).