Brexit represents opportunity to devolve tax

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According to Tim Sarson a tax partner at KPMG, Brexit represents an opportunity to devolve tax for corporations to the UK regions. This would spread investment across the country. Mr Sarson’s comments came after the government had published its industrial strategy green paper and the Brexit announcements. Mr. Sarson said: “Addressing regional imbalances is vital to improving the UK’s prospects… Read more »

HMRC fines 8,000 more people

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The number of people fined by HMRC for deliberate errors on their tax returns is up by 40% more than last year.  The figure was revealed by a Freedom of Information request.  All the individuals were fined for deliberately understating their income on their tax return. In 2015-16 HMRC issued 28,663 fines for errors on tax returns, while in 2014-15… Read more »

Self-employed have unfair advantage

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The Institute for Fiscal Studies (IFS) has released a report which suggests that self-employed individuals have an unfair tax advantage over employees. The report says that the tax system treats the self-employed, employees and owner-managers differently and these differences are inefficient, costly and unfair. The report says that company owners can take income from their companies as dividends rather than… Read more »

Shortages at highest level since 2008

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After the Brexit vote industry expectations about future workloads dipped but they have now regained the ground they lost.  This comes from the latest construction market survey from the Royal Institution of Chartered Surveyors (RICS). The report revealed that workload and employment expectations had returned to their pre-referendum levels. However, while expectations about work and the number of construction jobs… Read more »

What will 2017 bring for contractors?

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A new year is just starting, but what will 2017 bring for contractors? According to KPMG Head of Infrastructure, Building and Construction Richard Threlfall, it will depend on which sector a contractor works in. Contractors in different sections of the construction industry will have very different experiences. “2017 will divide the construction sector into winners and losers. Contractors in infrastructure… Read more »

HMRC fails to issue penalties correctly

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HMRC has had to withdraw over 4,000 of its according Advance Payment Notices (APNs) to an accountancy firm. Moore Stephens says that of the 60,000 APNs that HMRC has issued, one in 14 should not have been issued. This raises concerns over whether the Counter Avoidance Directorate has sufficient resources to do its job. The Counter Avoidance Directorate is the… Read more »

Penalties for tax avoidance scheme providers

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A consultation document published by HMRC entitled Strengthening Tax Avoidance Sanctions and Deterrents has elicited strong support for it’s proposals to force the promoters of tax avoidance schemes to assume some of the risk. The consultation closed in October of last year, and the subsequent paper contained several proposals, including a new penalty for any individual who constructs, markets, sells… Read more »

UK labour market gets new enforcer

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The government has appointed a new pay and pricing guru, with Sir David Metcalf set to take up the new position of Director of Labour Market Enforcement. Sir Metcalf has in the past advised on matters such as the minimum wage, salaries of judges and betting prices. In his new role, he will oversee the coming together of three enforcement… Read more »

Clampdown on public sector contractors

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The Autumn Statement brought disappointment for trade bodies and industry as the government ignored pleas to rethink their clampdown on public sector contractors operating through Personal Service Companies (PSCs). The government has adjusted IR35 in order to tackle “false self-employment” in the public sector. At present, it is the worker, in their role as PSC Director, who must determine whether… Read more »

Contractor body calls for self-employment definition

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The Association of Independent Professionals and the Self-Employed (IPSE), has said that if a uniformly accepted definition of what being self-employed means was to be provided, it would introduce certainty to a lot of government reviews, including a new one that was recently announced. IPSE thinks that such a definition would lead to joined-up thinking about the self-employed. The Office… Read more »