The Queen’s Speech in May saw the government announce its intention to bring the proposed Criminal Finance Bill before Parliament that will hold UK companies responsible for failing to prevent their staff facilitating tax evasion anywhere in the world by creating a new criminal offence for corporations that do not take action. The announcement follows… Read more…
Since the start of the new financial year on 6 April 2016, employment intermediaries have had to consider whether a person is subject to supervision, direction or control (SDC) in their work when deciding whether travel from home to work and subsistence expenses can be paid to workers. Many Managed Service Company (MSC) providers have… Read more…
This is a question that is often asked of accountants, but how can you spot a fake email purporting to be from HM Revenue & Customs (HMRC)? To help businesses, HMRC has issued new guidance that lays bare some of the techniques used by fraudsters and gives a comprehensive guide on how to tell a… Read more…
The rate of tax on Directors’ Loans increased at the start of the financial year, on 6 April 2016, from 25 per cent to 32.5 per cent of any amount loaned to a shareholder during the previous accounting year, which had not been repaid within nine months of the end of that year. This brought… Read more…
HMRC stumped in ECB VAT surcharge battle Following a decision by a first-tier tribunal, it has been agreed that HMRC has been stumped in its £100,000 VAT match against the England and Wales Cricket Board (ECB), ruling that a surcharge liability notice (SLN) was not received by the board. In October 2015, HMRC upheld a VAT… Read more…
FRC issues alternative performance measures guidance THE FRC has published a guidance document for listed businesses and their advisers concerned by the European Securities and Markets Authority’s (ESMA) guidelines on alternative performance measures. It includes FAQ’S tackling what APMs are, compliance monitoring and the definition of responsibility between the FRC and FCA. Commencing 3rd July 2016,… Read more…
CloT Criticises Criminal Finance Bill The Chartered Institute of Taxation’s (CIoT) tax policy director John Cullinane has criticised the Criminal Finances Bill, which was confirmed to be going ahead in the Queen’s Speech. Plans were set to make it an offence for companies that don’t prevent their staff evading tax evasion, however this has… Read more…
Gift Aid fraud serves an accountant six year sentence Abu Talib Ghadiri, an accountant from Harrow, has been jailed for six years due to a £400,000 Gift Aid and VAT fraud following an HMRC investigation. His accomplice and brother Mohsin Raza was sentenced to a four years. Less than a month ago they were… Read more…
HMRC’s ‘Verify authentication’ service As part of the Making Tax Digital roll out, tax payers will now need to prove their identity before they can use online tax services. The Government state the system is ‘nearly there’ in terms of it going live from the beta system. Stay updated with Salhan accountants. Contact us… Read more…
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