Tag Archives: UK Personal Taxes
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 [...]
Full StoryHMRC Threaten Self-employed Builders
Her Majesty’s Revenue & Customs (HMRC) are convinced that there is widespread tax avoidance in the construction industry and have recently issued a consultation paper outlining their proposals for tackling the problem – proposals which are likely to result in a substantially higher tax burden for many genuinely self-employed workers as well as more red [...]
Full StoryNew Penalty Regime for UK Taxpayers
Her Majesty’s Revenue & Customs (HMRC) recently published details of a new one penalty system for inaccurate tax documents and returns. This new system replaces the previous wide variety of penalties. The new system relates to returns and documents for the period starting on or after 1st April 20098 which are due to be filed [...]
Full StoryThousands Hit by Tax Refund Scam
Her Majesty’s Revenue & Customs (HMRC) has issued a warning that fraudsters are sending out fake e-mails promising rebates. An estimated five million people filed their tax returns online last month and now many of them are receiving emails which purport to come from HMRC saying there has been an error in calculating their [...]
Full StoryThe Remittance Basis of UK Taxation: What it Means for Persons Entitled to Claim Non Domicile Status
There has been much publicity and comment about “non doms” – these being persons who whilst resident in the UK are not domiciled there (see here for more information on what this means). The popular belief is that these people are unfairly avoiding tax on income or capital gains made outside the UK by claiming [...]
Full StoryMissed Class 2 or Class 3 National Insurance Contributions
HMRC have published new regulations relating to the payment of Class 2 and voluntary Class 3 national insurance contributions (NICs) for past years. Class 3 contributions for the 2006-07 tax year which are paid after 5 April 2009 and voluntary Class 2 contributions for the 2006-07 tax year which are paid after 5 April 2008 [...]
Full StoryWarning: UK and Offshore Managed Service Companies Under Attack
HMRC (Her Majesty’s Revenue & Customs) have announced that they are gearing up to mount an attack on Managed Service Companies (MSCs) based in the UK and offshore. Background For many years now HMRC has battled to try and stop what it perceives to be the unacceptable use of limited companies as a way for [...]
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