Monday, 21 November 2016 05:37

Tax Evasion Headline is Wrong

Once again the newspapers are full of headlines championing the fact that “stars face ruin over tax bills”.
The Autumn Statement is on Wednesday 23 November 2016.  Some clues as to what the Chancellor is thinking can be gleaned from recent Social Media pronouncements. 
Thursday, 10 November 2016 05:29

HMRC putting itself first says ICAEW

One of the country’s leading tax faculties has highlighted what it sees as major problems with the government’s Making Tax Digital (MTD) project amid fears small businesses could be hit with hefty bills as a result of the plans. 
The Chancellor presents his first Autumn Statement on Wednesday 23 November. But do business owners really care? The answer is a resounding “no” but they should care.
Tuesday, 04 October 2016 04:52

Two Months Until Autumn Statement

With less than two months to go until the Autumn Statement, the mca team are debating what the hot topics are going to be.  Here is some insight compiled by tax specialist Dr Andrew Jupp, head of the mca R&D Tax Claim team.   
People often think that it is only men in white coats doing research and development that qualify for R&D tax credits. You will be surprised. Here are snapshots of some of the claims we’ve made recently: Horse saddle makers – this company produces innovative saddles and bridles for top-quality horses, used by some of the world’s leading world and Olympic equestrian riders. A traditional blacksmith who created a new process for twisting steel on the top of gates and a new paint formulation that prevents unsightly dripping/running. A firm of actuarial pension consultants which developed a new series of algorithms for calculating annuity rates. The creation of a new type of tracking device for monitoring the location of delivery pallets…
Another data leak – more outrage at the way the more fortunate amongst us seek to structure their tax affairs. This time it’s regarding the use of accounts set up in Panama. Understandably, focus in the media has been on the specific individual or corporate taxpayers named on the leaked lists, but who are really responsible for such behaviour? In crude terms there are four parties to any offshore tax planning scheme: the tax payers themselves, the government that allows this to happen on their watch, the “professionals” (lawyers, bankers, and accountants) that devise the schemes, and the intermediaries that market them (sometimes these last two are one and the same – technically called “promoters”). It’s true that some individuals…
Wednesday, 16 March 2016 12:38

Commentary on Budget 2016

This is the first really full Budget of the new Parliament (Mr Osborne’s 8th Budget), although the summer 2015 Budget and the Autumn Statement were mini-Budgets in themselves. Both those painted a pretty optimistic view of the nation’s finances and economic well-being. However, since then, things have changed considerably and today’s Budget took a longer-term view of things. Mr Osborne said that “the world outlook was materially weaker”. But, the UK economy will grow faster than any other major economy in the world. The Chancellor has previously said that he is “fixing the roof whilst the sun is shining”, but it seems that there are now more storm clouds than sunshine. Today he said he is “putting stability first”. Of…
Wednesday, 25 November 2015 16:21

Autumn Statement 2015

Autumn Statement 2015 The Chancellor, George Osborne, set out government spending plans up to 2020. This was a massive Autumn Statement and Spending Review with lots of detail, much of which has only emerged since the Chancellor sat down. In summary, the Autumn Statement and Spending Review outlined £20bn of cuts to Whitehall budgets and £12bn to welfare, and made a number of changes to the tax system to partially pay for the increased spending in some departments and to tackle the overall budget deficit. Headlines included: Pledging almost £7bn to make housebuilding a priority, with more than 400,000 "affordable homes" to be built in England. Plans to mitigate the effect of tax credit cuts. The Chancellor also hopes to…
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