Blog

IoD Suffolk Question Time: The Chairman’s View

A couple of weeks ago we entertained some of the region’s MEPs and prospective MEPs for an: EU… are we in or out Question Time-style debate. It just so happened that this coincided with the first Farage v. Clegg dust up so, we had a very topical event on our hands. I felt it went well, if a little political (duh—what was I expecting?) and overly academic or philosophical at times.

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Trusts and Foreign Account Tax Compliance Act – shock and awe

Recent years have seen a raft of agreements between the UK and other countries which involve the sharing of information. Many in the UK were affected by the UK and Switzerland agreement in 2011 which enables HMRC to receive information about bank accounts held in Switzerland by UK taxpayers.

The USA has taken a similar approach by introducing the Foreign Account Tax Compliance Act provisions (better known as FATCA).

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VAT Compound Interest Bonanza?

admin

Last week the High Court ruled decisively in favour of the Barclays twins-owned Littlewoods group in a case that could have significant, if not cataclysmic consequences for the UK VAT coffers. Fortunately the basic issue is simple – should HMRC be liable to pay simple interest or compound interest when they make a mistake and a taxpayer is refunded the tax overpaid? Not surprisingly, HMRC believe the former applies! However, if Littlewoods is ultimately successful, HMRC could have literally billions of pounds of claims on its doorstep as just the Littlewoods claim for interest is for £1.

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Pension Changes

Michael Morter

One of the big stories talked about last week has perhaps inevitably been the pension reforms. It has certainly been a hot topic of conversation between ourselves and contacts in the financial services sector. We all seem to agree that with more than 400,000 people expected to benefit from  the major changes which came into force last week, its inevitable that savers will choose to unlock more cash from their retirement funds.

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Budget 2014: Tax Team Reflections

Martin Hales

The tax team are getting back to work today after our Budget presentations at the John Innes Conference centre, Norwich and Hintlesham Hall, Ipswich yesterday. It was a great turn out for both events!

Well, the Budget was something of a surprise! Help for savers was the rabbit hidden in the Chancellor’s Budget box and politically many measures had one target – older voters with savings, many of whom may be 40% tax rate payers.

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Budget 2014: Tax Team Predictions

Michael Morter

The Chancellor is set to present his 2014 Budget tomorrow.  Our top five predictions for what he will say are:

A further increase in the personal allowance to £10,500.  It was announced last time round that the personal allowance would be £10,000 and the Autumn Statement in December 2013 confirmed this.

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