Did you have an Equitable Life Policy?

MPs have been criticising the Treasury regarding their handling of the compensation scheme for Equitable Life policy holders. On its own admission the Treasury estimates that between 17% and 20% of eligible policy holders may not receive the compensation they are due as they cannot be traced. The current Equitable Read more…

Tax Diary August/September 2013

 1 August 2013 – Due date for corporation tax due for the year ended 31 October 2012.  19 August 2013 – PAYE and NIC deductions due for month ended 5 August 2013. (If you pay your tax electronically the due date is 22 August 2013)  19 August 2013 – Filing Read more…

HMRC sets up a further task force

Holiday businesses in Devon, Cornwall, North Wales, the Lake District and Blackpool area beware: the taxman has set up a further task force to seek out and bring to account business owners who are not declaring the correct information on their tax returns.  The taskforces are trained to focus on Read more…

What is Connect?

HMRC’s Connect software system provides data to underpin efforts to tackle tax fraud. It cost a mighty £45m to install in 2009 and by 2011 it had contributed to the assessment of £1.4bn in additional tax revenues. Connect is purported to have more data at its disposal than the British Read more…

Online sales tax proposal criticised

In recent months the High Street retail industry has been lobbying for a more equitable tax system. In particular they want to see online traders charged a sales tax. High Street retailers argue that online sellers can afford to drop their prices as they have much lower costs; for example Read more…

HMRC targets holiday businesses

HMRC have created yet another taskforce to seek out businesses owners who are believed to be paying less tax than they should. The new team will be concentrating on holiday businesses in certain areas of the UK. Initially, the tax investigation teams will be active in: Blackpool; the Lake District; Read more…

International tax and transparency

Readers may be interested to take a look at the conclusions reached by the recent G8 meeting at Lough Erne, Northern Ireland. Their full declaration is set out below: the aim is to improve tax transparency and to bring the international tax system into the modern age. The G8 Lough Read more…