Innocent taxpayers threatened by HMRC debt collectors
Accountants claim that HMRC is adopting threatening behaviour towards innocent tax payers and umbrella company contractors in a bid to gather in more income.
Accountants claim that HMRC is adopting threatening behaviour towards innocent tax payers and umbrella company contractors in a bid to gather in more income.
Umbrella companies that have been using Employee Benefit Trusts have been offered an amnesty by HMRC. This comes just months after the Revenue said it would be closing EBT schemes down.
Umbrella company contractors may be interested to learn that HMRC’s Real Time Information system is to go ahead, starting with a pilot scheme next year.
Although the new tax changes have been widely publicised, it appears that a lot of people, including umbrella company contractors, are still unaware of the effect they will have on their personal finances.
Cutting HMRC’s budget is not rational, according to the president of the Association of Revenue and Customs.
The OTS has now identified 47 out of 1,042 tax reliefs that could be abolished and a further 17 that could be simplified. It’s long awaited report was published last Thursday.
The Institute for Fiscal Studies has some worrying news for people who are looking forward to a simpler UK tax system.
Contractors might be interested to learn that HMRC is going to impose penalties of up to 200% on individuals found guilty of tax and capital gains evasion.
The National Audit Office is to investigate the way tax inspectors from HMRC reach settlements with multinational companies after Vodafone’s £1.2 billion settlement caused uproar.
Tax experts have said that tax relief reforms should be implemented in conjunction with a reform of the actual rates of taxation.
A new survey by Just Retirement has found that workers who have retired or are nearing retirement would like to receive more guidance on taxation and other issues. This can include those working through umbrella companies.
Financial recruiter Goodman Masson’s director Richard Hoar recently stated that the so-called banking “supertax” has not precipitated the mass exodus of financial services staff that industry experts had been fearing.
We all know that HMRC has been instructed to collect as much overdue tax as possible but it might surprise you to know that it also has a significant amount of overpaid tax claims to work through.
George Osborne is due to give his emergency budget on June 22nd and it seems everybody wants to give him advice! Any measure introduced could affect umbrella companies.
The Federation of Small Businesses believes that the complex tax laws in the UK are hampering SMEs’ ability to grow.