2018 has seen several high-profile businesses being rescued or left to fail; others are seeking to review their portfolios, funding position or to rationalise their structures; even previously “untouchable” businesses such as John Lewis are feeling the effects of an increasingly tough trading environment.
Taxpayers have recently been dogged by uncertainty in tax legislation. The latest example relates to the overseas transfer charge (OTC) which applies where UK pensions savings are transferred to a qualifying overseas pension plan (QROPS).
We are now only six months away from Making Tax Digital becoming a reality. Businesses are at different stages in their preparation for the change but there is another side to this: how well prepared is HMRC?
'I always wanted to try and start my career at a large reputable company, so coming in as a graduate in a fast-growing area such as fraud and risk at RSM, instantly appealed to me'
The latest BEIS report shows that the government is serious about enforcing the national living wage and the national minimum wage. However, more than half of all investigations are closed with no additional tax payable. HMRC must improve its targeting processes to reduce the number of employers who are subjected to costly, burdensome and unnecessary investigations. And at around £23.7m the combined arrears (not self-corrected by employers) and penalties are less than HMRC’s costs of £25.3m. Does this represent value for money?
As the Requirement to Correct deadline quickly approaches at the end of the month, will it be tax evasion that feels the brunt of the new measures or will it be inadvertent errors that suffer most?
The Prime Minister has committed to find an extra £20bn funding for the NHS. In his autumn Budget, will Philip Hammond take the role of Robin Hood and use his Amazon tax to pay for NHS elderly care?
Two sets of tax statistics published by HMRC provide important insights into the health of corporate UK. Different groups are sure to seize on different aspects of the data to support their causes, but what lessons can be learned?¬
The tax tribunal has recently ruled that a group of football referees are not employees for tax purposes and therefore not subject to PAYE. The ruling is the latest in a raft of cases on employment status, an issue that will remain high on the agenda following news that a high-profile BBC newsreader is set to appeal an earlier decision.