Vodaphone settlement

In a previously unreported settlement with the UK Government, Vodaphone appears to have made a large payment to HMRC. The additional taxes related to the tax returns of an Irish subsidiary. Although the overall amount settled was not disclosed Vodaphone were required to reclaim approximately £57m from the Irish Government Read more…

Good news, exports on the increase

The period April – June 2013 has seen positive economic growth for the second quarter. The economy expanded by 0.7%. Hopes of rebalancing the economy towards trade and investment were given a boost by an impressive 3.6% increase in exports in the same period. However, the good news may too Read more…

Partnerships and LLPs

HMRC closed their consultation on the proposed changes to the taxation of partnerships and LLPs on 9th August. Any subsequent changes will be introduced in the Finance Bill 2014, and be effective from 6 April 2014. Two possible changes are worth highlighting. 1. Disguised employment HMRC aim to create a new Read more…

Off-shore, online gambling to pay UK tax

Online betting companies that have based their operations in offshore tax jurisdictions, to avoid Britain's gambling taxes, will be hit with a new levy to be introduced from December 2014. It is estimated that the new tax may raise £300m for the UK taxpayer. The Government is to impose a Read more…

New report from OTS

The Office for Tax Simplification has published a new list of tax issues for review. They include: • Increasing the present £8,500 limit, below which employees (not directors) do not suffer benefit in kind charges. This limit was introduced in 1979 and was apparently based on the amount at which a Read more…

Ten new tax dodgers

Ten new tax defaulters have been added to HMRC’s rogues’ gallery. This follows the publication of twenty tax offenders’ details last year. So far only one of the original twenty has been caught. HMRC has statutory authority to “name and shame” taxpayers who they consider to be deliberate tax defaulters. Read more…

When is sports sponsorship tax deductible?

In a recent case heard by the Upper Tribunal, Interfish Ltd were denied tax relief for sponsorship payments made to a local rugby club, Plymouth Albion. The sponsorship payments were significant; over £1.2m over a number of years. The payments were used to fund the purchase of players as well Read more…

Bonuses increase Treasurys tax take

In March 2012 George Osborne and his Treasury advisors took a risk. They announced that on 6 April 2013 they would be reducing the additional rate of income tax from 50% to 45%. The Treasury was criticised at the time because the expected tax take from higher income earners was Read more…