Category: HMRC

HMRC issues warning over contractor loan tax avoidance schemes

As part of what it describes as a ‘relentless’ effort to crack down on tax avoidance, HMRC has put out two publications highlighting problems with contractor loan schemes and misleading claims from scheme promoters, in a bid to deter taxpayers from any involvement In its Spotlight 29 document, HMRC says… – Continue reading

10 biggest multinational offenders evading taxes in the UK

The brands are known worldwide, and even though global companies like Google, Amazon, and Starbucks make billions — they pay little or no taxes at all in the UK and other markets where the firms make a majority of revenue and profits. Companies like Microsoft, Twitter, and Apple don’t set… – Continue reading

Google overtakes Apple as world’s most valuable listed company

Revenue spike sees tech firm’s parent company, Alphabet, valued at $568bn – surpassing Apple’s valuation of $535bn Google has become the world’s most valuable listed company after announcing that its global revenues rose 13% to $75bn (£52bn) last year, and the group’s tax rate fell to just 17%. The group… – Continue reading

Higher SDLT rates for second homes

During last year’s Autumn Statement the Chancellor announced that SDLT rates would increase in relation to the purchase of additional residential properties. As with the 2014 Autumn Statement changes to SDLT rates for residential property, it was something of a surprise move. Transactions falling within the new ‘additional dwelling’ regime… – Continue reading

Tax Injustice Is Systemic

COMMUNIST trade union leader Ken Gill famously referred to taxation as “the price we pay for civilisation.” If so last week gave further evidence of just how uncivilised a country Britain has become after decades of neoliberalism. Google’s deal with HMRC has rightly prompted outrage and consternation at the sheer… – Continue reading

New EU rules to curb tax avoidance among giant multinational firms, following Google’s £130m “sweetheart” tax deal with HMRC

The European Commission proposed a set of new rules to curb tax avoidance by large companies. This follows Google’s £130m “sweetheart” tax deal with UK’s HM Revenue and Customs to allegedly avoid paying its fair share of corporate tax that spreads across ten years. Euronews reported that one of the… – Continue reading

Government ‘lobbying to protect Google’s £30bn tax haven in Bermuda’

European officials have been urged by the British government to remove Bermuda – a tax haven used by Google – from an official blacklist, according to reports. The behind-the-scenes lobbying by UK Treasury ministers involved a memo circulated among Tory MEPs in Brussels describing the sanctions against tax havens as… – Continue reading

Barney Jones: Meet the whistleblower who helped expose Google’s tax avoidance

The whistleblower who helped to reveal how Google was avoiding paying tax in the UK said that Britain needed to create better incentives to encourage more people to come forward and reveal how multinationals are avoiding paying tax to the exchequer. Like millions of others this weekend, Barney Jones is… – Continue reading

Internet shaming and tax law enforcement

Finance Minister Bambang Brodjonegoro officially announced the aggregate tax revenue for 2015, amounting to Rp 1 quadrillion (US$72.46 billion). This record breaking number, however, was far below the target, by more than Rp 230 trillion. Still, the minister claimed the results were a decent achievement. This is true, especially because… – Continue reading

Is it the duty of companies to minimise their tax bills? No, of course not

Here’s a transaction that did the rounds some years ago. If I wanted some foreign exchange in the future I could enter into a contract with a bank by which it would sell me some. Assume that, in order to get a bank to promise to give me $2bn in… – Continue reading

How to take your UK pension pot overseas-and not be hit by a big tax bill

Once the thrill of deciding to retire overseas has subsided, you normally start to think of all the things you need to do before you go. Picking the right removal firm, a lawyer to help you buy a new home are a couple, but the tax & financial implications of… – Continue reading

MPs question HMRC’s response to tax evasion, the hidden economy and criminal attacks

With the issue of tax evasion a political priority and firmly in the media spotlight, the Public Accounts Committee kick-started 2016 with an evidence session with top HMRC officials as part of its inquiry into: Tackling tax fraud: how HMRC responds to tax evasion, the hidden economy and criminal attacks…. – Continue reading

Time running out to respond to HMRC’s latest proposals on company distribution anti-avoidance rules

Two weeks remain to influence draft legislation which reduces the ability for individuals to convert income distributions from a company into capital gains by way of winding-up that company, an expert has warned.19 Jan 2016. Proposals amending the Transactions in Securities (TIS) rules were published by HMRC on 9 December… – Continue reading

HMRC to rebate tax to thousands of contractors using offshore schemes

HMRC is set to repay tax to around 2,000 banking and IT contractors who used an offshore scheme because of a flawed process around issuing payment notices. The tax office issued so-called accelerated payment notices to individuals who used Isle of Man-based schemes to limit their income tax during the… – Continue reading

Tax experts: HMRC clampdown could be unfair to elderly expats

Tough new measures targeting those who have not played by the tax rules have been criticised by a leading professional body concerned with taxation Anyone owing UK tax on their overseas income is set to face punitive penalties of at least 30pc of tax due, and potentially criminal prosecution, under… – Continue reading