While Scotland’s finance secretary says that anyone purchasing a property in the country that costs less than £325,000 will benefit from a new tax scheme, the new so-called ‘mansion tax’ has been criticised by financial experts for raising the price on the most expensive properties in Scotland, it was recently reported.
Review Period: May 2013
HMRC has increased the amount of tax revenue it collects considerably over the last five years, but it could have brought in even more if it hadn’t reduced the number of people working in its compliance and enforcement teams.
HMRC has now published a technical note detailing the way it will deal with Income Tax in Scotland after the Scotland Bill received Royal Assent earlier this year.
It will probably come as no surprise to learn that taxation rates are edging up in EU member states. Official data from the EU shows that VAT rates are increasing as are corporate and high earner’s personal income tax rates.
Small businesses are still turning their backs on the government’s National Insurance Holiday scheme, according to a recent report in the Daily Telegraph.
A new study from the CIMA and the American Institute of CPAs suggests that finance professionals are being pressurized to act unethically.
Accountants have said that the government’s proposed changes to child benefit regulations are seriously flawed and could turn out to be an operational disaster.
Chief Finance Officers in the UK are decidedly downbeat about the UK’s economic prospects for the remainder of this year, according to the latest global research.
Accountants and other drivers could soon find their motoring activities taxed in a different way if the government listens to proposals from the RAC.
Accountants have been voicing their displeasure after receiving letters from HMRC reminding them to file P35s for their clients even though this has already been done through the online system.