Tax Avoidance Clampdown starts to bite! Or does it?

Martin Hales

 

Some of the recent blog posts from myself and Michael have highlighted HMRC’s attempts to tackle tax avoidance and recover unpaid liabilities. It was with interest that we looked at this weeks’ official figures which do suggest at first glance that the crackdown is starting to pay off as last year saw a record £23.

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Ten Peaks Challenge – Failing to plan is planning to fail!

Team Larking Gowen

I can’t believe how quickly this has come around. It only seems like yesterday that we started talking about doing the Ten Peaks Challenge and it is nearly upon us already. Only two weeks to go!

We are under no illusion that it is going to be a tough day. Although only 16 miles as the crow flies, in this part of the country most people would find that sort of distance achievable.

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The Charity Commission hardens their Conflict of Interest guidance

Giles Kerkham

The Charity Commission’s website includes reports on recent casework, to act as cautionary tales for trustees and encourage better practice. These reports commonly include governance failings that they feel have led to improperly handled conflicts of interest. To encourage trustees to improve in this area, the Commission have reissued CC29: Conflicts of Interest – a guide for Charity Trustees with a tougher tone.

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Understanding Accounts

admin

In our most recent legal blog post by Martin Bugg, he discussed how the Solicitors Regulation Authority (‘SRA’) are assessing a firms’ financial stability as a risk factor. In addition to this they have also indicated, as part of their risk profiling, that they will start looking inside a firm to assess the financial competencies of the key individuals responsible for the decision making.

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Icebreaker gets stuck

Martin Hales

The press has been full of stories covering celebrities reportedly avoiding significant tax payments through a music industry investment scheme known as “Icebreaker” which a Judge ruled was primarily a tax-avoidance scheme that had allowed the wealthy to shelter substantial amounts from the tax authorities.

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The latest AISMA Doctors Newsline, Spring 2014 edition is now available

Tessa Brown

The latest AISMA Doctors Newsline, Spring 2014 edition is now available. There are a number of articles which provide food for thought and which may be relevant to you.

The lead article discusses the alarming increase in the number of GPs unable to pay their bills. Insolvency practitioner and healthcare accountant Jeanette Brown looks at some of the pressures GPs are facing in relation to their personal financial situation.

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Hire-Purchase Contracts and VAT

Daniel May

Historically, a hire-purchase (‘HP’) contract has been viewed for VAT purposes as a supply of goods. The tax point is when the goods are made available to, or sent to the customer. This has resulted in VAT being paid over to HMRC at the point the contract is entered into.

The decision in a recent VAT case heard by The Upper Tier Tribunal involving car manufacturer Mercedes-Benz’s financial services company appears to suggest this may no longer be the case.

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Review of the IoD Suffolk Annual Conference last week

Whilst there aren’t any rules for this sort of thing (as I’m aware), when opening a conference the customary thing to do is to thank the great and the good, the sponsors and exhibitors. The venue. To say something, in a rather embarrassed way, about the fire exits. To fumble about a bit with something techie related (maybe the slides aren’t working) and then to introduce the first speaker.

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HMRC to take money direct from taxpayer bank accounts?

Michael Morter

In his Budget speech, Chancellor George Osborne announced plans to give HM Revenue & Customs (HMRC) the power to collect tax owed direct from taxpayer bank accounts.

Recent guidance from HMRC has now given us an insight into how they see this working.  The guidance says this new power would only be targeted at the “truly non-compliant” who owe tax of over £1,000.

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