According to HM Revenue & Customs’ (HMRC) Employer Bulletin published this week, the real-time information (RTI) pilot for PAYE is off to a good start but some employers are still unaware of the changes they will have to make next year. Continue reading
Official figures produced by the Office for National Statistics (ONS) have shown that the UK economy shrank by 0.4 percent in the period from April to June, lower than the revised forecast of 0.5 percent, which most analysts had thought to be correct. Continue reading
HM Revenue & Customs (HMRC) have announced that it will be offering an amnesty to people who sell door-to-door to either householders or businesses. Continue reading
New research from peer-to-peer lending website Funding Circle reveals that up to 500,000 new jobs could be created by small businesses if they could obtain finance for growth. Continue reading
HM Revenue & Customs’ (HMRC) ‘affluence Unit’ is to target homeowners with properties worth over £1m in a new crackdown on people with an affluent lifestyle. Continue reading
Innovative small companies are to be freed from the red tape that hampers their growth, in the latest Government move to cut unnecessary bureaucracy that is potentially outdated for challenger businesses that don’t follow the usual businesses models. Continue reading
Traders on eBay and Amazon have been warned by HM Revenue & Customs (HMRC) that they will face heavy fines if they do not declare their taxable earnings now that the voluntary disclosure amnesty, which began in June, has come to an end. Continue reading
According to a report from prestigious think tank the Institute for Public Policy Research (IPPR), small and medium-sized enterprises (SMEs) have been struggling to raise funds from banks for more than five years, pre-dating the recession, despite bankers saying that they aren’t being asked for credit. Continue reading
The latest sectors to come under the microscope of HM Revenue & Customs (HMRC) are the legal profession in London, grocery and retail businesses in Wales, the north-west and south-west, hair and beauty businesses in the north-east, the motor trade in Scotland and restaurants in the south-east and Solent areas. Continue reading
Submissions to a consultation by HM Revenue & Customs (HMRC) by business leaders and professionals on the new general anti-abuse rule (GAAR) and draft legislation have suggested that the proposed rule could be too broad and could actually harm economic growth.
The consultation, which ran for three months and ended on Friday, sought the views of businesses, individuals, tax advisers, professional bodies and other interested parties on the proposals to introduce GAAR.
Graham Aaronson QC, who led an independent review last year, recommended the introduction of a targeted GAAR. His report concluded that the rule would deter artificial tax avoidance schemes and contribute to a more level playing field for business.
However, submissions to the consultation have generally expressed concern that the proposed GAAR is too nebulous and could leave taxpayers and professional advisers unclear about specific schemes in an already complex tax environment.
Some business leaders argue that such a broad anti-avoidance rule could compromise the stability that is vital to give businesses the confidence they need to make and maintain investments in the UK, which currently boasts the most competitive corporate tax system in the G20.
While others say that it would be very easy to damage the reputation of the UK as an attractive place to do business through introducing tax uncertainty around normal commercial business planning decisions.
Other concerns are that the new GAAR would give too much power to HMRC, while other gripes are that the emphasis is too much on large companies rather than on the small and medium-sized enterprises (SMEs), which make up the backbone of the country. And some go so far as to say that the rule is not required at all.