Tag Archives: UK Business Taxes
Opportunities to Mitigate the Increase in Capital Gains Tax
The new Conservative/Lib Dem coalition government has just published the text of the Coalition Agreement made between the parties. Should you wish you may view this via the link below. The agreement states that it is the intention of the new government to increase the rate of Capital Gains Tax (“CGT”) for “non business assets”. [...]
Full StoryTax 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 [...]
Full StoryThe Taxation of Non Executive Director Fees
There has long been a common misconception that the payment of fees to non-executive directors can be made without having to account for tax and National Insurance (NI) by way of the PAYE system. Unfortunately, this is not the case. Directors, non-executive or otherwise, are considered to be “officeholders” by HM Revenue and Customs (HMRC) [...]
Full StoryHow 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 [...]
Full StoryPouring 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 [...]
Full StoryAccountants 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 [...]
Full StoryWhat 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 [...]
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