Tag Archives: UK Business Taxes
Tax Related Red Tape Costs British Business £20 Billion a Year
This is the shocking verdict which the authors of a new report, published by the Institute of Economic Affairs, have come to following an in depth study into tax related compliance and administration costs which fall on UK businesses.
The report also reveals that the average Finance Act in the 2000s has been three times as [...]
How to Maximise Your Capital Allowances
Any business can claim tax allowances, called capital allowances, on certain purchases or investments. This results in a reduction in the business tax bill – which can’t be bad.
In general capital allowances are available on plant and machinery, buildings – including converting space above commercial premises to flats for renting – and research and development. [...]
Pouring Cash Down the Toilet – £18 Billion Shortfall in British VAT During 2006
It has long been suspected that there is widespread under collection of VAT throughout the European Union. But until now no one realised just how big the figures were. Talk about pouring cash down the toilet!
There are a number of reasons for the shortfall some relating to systematic fraud (such as “carousel fraud” on mobile [...]
Accountants Denied Privilege
When I trained as a tax accountant many years ago there was a clear understanding that my duty was to my client and whilst I should not collude in illegal tax evasion or financial irregularity I owed no duty to “rat” on clients to the authorities.
Indeed it was always accepted that anything told to me [...]
What Is Transfer Pricing?
“Transfer pricing” is an increasingly important and contentious area of international tax law. This is because so much of modern world trade involves the transfer of goods, intangibles or services within multinational enterprises (MNEs) – groups of companies or related businesses based in 2 or more countries.
Such international trade offers scope for an MNE to [...]
Taxman Faces Writs for VAT Errors
HM Revenue & Customs are facing a flood of legal claims that will blow another massive hole in the public finances.
In the past few weeks thousands of High Court claims have been lodges by companies and local councils relating to millions of pounds of interest wrongly charged by HMRC.
When HMRC makes a repayment to a [...]
Last Desperate Attempt by a Bankrupt Government
In what may be seen as a final act of desperation by a morally, legally and financially bankrupt UK government, the Treasury, having failed to “crack down” on what it sees as tax avoidance by banks (the UK courts don’t agree with HMRC) has now come out with a “Voluntary Code”.
Not only is this daft – [...]
