In its haste to gain Royal Assent before June’s general election, the Finance Bill saw over half its contents removed. But the intent to crack down on tax avoidance still permeates its pages. So it doesn’t hurt to understand what that entails – and what the difference between tax avoidance and tax evasion is.
The chancellor claimed to be “listening to the voice of business” in his speech, so here is a Spring Budget summary for SMEs and entrepreneurs in 500 words.
The amount of businesses that had assets seized by HMRC to settle overdue debts spiked at an alarming rate over the last year at an increase of 145 per cent, found company finance service Funding Options.
So, David Cameron has been investing in offshore funds and avoiding his taxes whilst at the same time telling us we are all "in it together". With this revelation and the recent coverage of the revelations regarding Panamanian law firm Mossack Fonseca, you may be forgiven if you now have the impression that there is one rule for the rich and powerful and another for the rest of us.
The Panama Papers – a leak of 11m files from law firm Mossack Fonseca that lists nearly 15,600 shell companies set up for clients – has recently emphasised how some of the world’s most prominent leaders have used tax havens to hide their wealth. And it may be the final push needed to crack down on tax evasion.
Chancellor George Osborne’s eighth Budget address since coming into power delivered a treasure trove of announcements for the leaders of small and medium-sized businesses – so here are all the important developments in one place.
While chancellor George Osborne has continuously unveiled plans to find extra billions through crackdowns on tax avoidance, he is now ending several loopholes, including restrictions on offsetting losses against tax from 2019 onwards.
Pick up a paper and open it to the property section. There’s probably an article there saying that buy-to-let landlords are the newest victims of the government’s housing policy – but you don't quite need to fear George Osborne yet.
During the 2015 Autumn Statement, it was announced by George Osborne that the government is introducing a penalty fee of 60 per cent of tax due for General Anti-Abuse Rule (GAAR) as part of the Spending Review.
HM Revenue and Customs (HMRC) is cracking down on tax dodgers by increasing the amount of investigations launched into UK businesses. Here is how you can reduce the risk of a tax investigation of your business.
What we've learned from previous Budget's is that Twitter is undoubtedly the place to go when you want information to be condensed, and are looking for the not-so-neutral version of public reaction. We rounded up the days announcements and comments – social media style.
Chancellor George Osborne spoke of “aggressive tax planning” during the Summer Budget and slammed businesses and individuals engaged in tax avoidance, adding that they have “nowhere to hide” as the government seeks to find £5bn a year.