The Chartered Institute of Tax issued the following press release today:
The Chartered Institute of Taxation (CIOT) welcomes the second Early Day Motion (EDM) on income shifting that has been tabled in the House of Commons. When the first EDM was tabled the CIOT said that it had long been of the view that fundamental reform […]
I have triggered a lot of debate it seems on SME tax reform.
I just posted the follwoing comment on AccountingWEB and thought I would repeat it here. It does in part answer questions posed here:
Can I summarise what I have actually recommended since I think this might help?:
a) That Limited companies have a minimum capital […]
AccountingWEB’s Business Zone has covered David Drew’s EDM on income shifting. What’s really interesting though is the reaction of Grant Thornton’s George Bull, who has said:
At the heart of this EDM are the same problems for HMRC, [which is] how do you value the contribution of different people in a small business? You end up […]
The following Early Day Motion was tabled in the House of Commons yesterday:
EDM 1195INCOME SHIFTING AND THE FUTURE OF SMALL BUSINESS TAXATION
17.03.2008
Drew, David
That this House welcomes the decision announced in the Budget to defer legislation on what has been described as income shifting within small limited companies and partnerships; and calls on HM Treasury and […]
The Chancellor has listened to me: the rules on income shifting will be postponed for a year.
Let’s hope he really consults.
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I have been reading the reaction on AccountingWEB to the HM Revenue & Customs’ paper on income shifting.
As far as I can tell I am the only accountant who thinks income shifting is a problem. That of course probably means I have the support of the vast majority of the population, since accountants are usually […]
The Treasury has published its proposals for tackling income shifting following HM Revenue & Customs’ loss in the House of Lords in the Arctic Systems case.
This is one of those situations where I wrote my submission to this consultation in advance, and informed sources tell me this has been well read in the Treasury. But […]
Slipped into yesterday’s PBR releases were two reports from HMRC - one called Measuring Indirect Tax Losses and the other called Methodologies for Measuring Direct Tax Losses.
Now the titles may not be gripping, but these are important. Lets take the first. The highlights are this:
- 14.2% of VAT is not collected. Current cost (my estimate […]
