The tax gap is the difference between the amount of tax owed to the tax man and the amount collected in real terms. In 2018/19 the UK Exchequer collected circa £628bn of tax. By the estimates of HMRC, this involved a gap of missing tax of about £31bn (or 4.7%). This...
This week, we welcome Tamara Habberley of The VAT People to author a guest tax blog on the very important topic of the VAT and duty implications of a no-deal Brexit – a subject that has rather fallen into the shadows as a result of Coronavirus. As the pandemic...
All shareholders and directors in privately-owned companies have an interest in how they extract value from their company. Most owner‐managers are broadly aware that there are alternative methods, with differing commercial and taxation consequences, but few owners...
Earlier this summer Tax Tuesday used not one, but two, editions to warn of future tax increases. We make no apologies for returning, an unprecedented third time, to this subject following last weekend’s news that Mr Sunak has three big tax targets already in his...
Fast on the heels of this week’s Tax Tuesday about the deficit and the increase in taxation which is bound to flow to tackle it, we learn that Mr Sunak has asked the Office of Tax Simplification to conduct a review into whether Capital Gains Tax is fit for...
If you have not done so already, I encourage you to read Andy Key’s guest blog of last week: “A pivotal moment: opportunity or threat”. It was interesting and thought-provoking, and has got me thinking a lot about my own practice as much as it has my clients’...
