Tax Research UK

FT.com / Columnists / John Kay - Regrets? Everyone should have a few.

Great title.

Woth reading.

John Kay on form, displaying real wisdom.

Richard Murphy Uncategorized

Michael Foot, the last in a long line of radical polemicists | Politics | The Observer .

‘I judge a man by one thing, which side would he have liked his ancestors to fight on at Marston Moor?” So said Isaac Foot, West Country bibliophile, Liberal MP, Nonconformist and father of Michael Foot.

You don’t need to ask me, do you?

Richard Murphy Uncategorized

FT.com / Comment / Analysis - Libel law: Agog at the gag .

Reasoned argument from Michael Peel.

And whilst I want fundamental reform I’m also with him - some quick fixes would help right now.

Richard Murphy Uncategorized

Entrepreneur faces £30m tax demand after residency ruling leaves thousands exposed - Times Online .

Excellent news for tax compliance - it’s going to be a lot harder to claim you’ve left the UK in future. And that’s good for the rest of us, bad fcor tax havens and the complete answer to all those looking to leave for tax purposes because that has just got a whole lot harder.

Richard Murphy Uncategorized

Budget Proposal Would Boost IRS Funding - WSJ.com.

The US is giving the IRS extra funds to close the tax gap.

We’re doing the exact reverse here in the UK.

Why are we slashing staff numbers at a time when more revenue is needed? It makes no sense at all.

This is a case where we should be following the US lead.

Richard Murphy Uncategorized

Fraud costs Britain £30billion a year - far more than previous estimates - Telegraph.

The government is now saying tax evasion amounts to £15 billion a year.

The only trouble is that is not true. The real level of tax evasion is something like £70 billion a year.

Why  not say it as it is?

Richard Murphy Uncategorized

FT.com / Companies / Financial Services - Accounting rules over M&A spread confusion.

The FT notes:

Accounting for mergers and acquisitions is failing investors because companies do not understand new reporting requirements and the rules themselves need improvement, according to a study from the Financial Reporting Council.

Ian Wright, director of corporate reporting at the FRC, said a reason the rules had been poorly applied by companies could be due to their lack of understanding and the complexity of valuing intangible assets. The International Accounting Standards Board introduced the new rules in 2005, but they were revised for reporting periods from July 1 2009.

So that’s one mess.

And I also note IFRS 8 - on segment reporting (which I would wish to be supplemented b y the logic al and readily understandable country-by-country reporting) is in trouble. It’s reported:

Challenges associated with the implementation of new segmentation reporting requirements have been highlighted by the Financial Reporting Review Panel.

Inconsistencies of firms in the UK when reporting about key areas of their companies have been singled out as a cause for concern by the panel.

The IFRS 8 ‘Operating Segments’ accounting rule states that managers must make information used to make internal decisions known.

However, the review panel is worried that some companies may not be following the rule and keeping certain information concealed.

This was exactly as predicated when IFRS 8 was first proposed.

It’s esoteric to the point of absurd: the accounting policies applied in IFRS 8 reports do not even need to be consistent with those used in the rest of the accounts and they need not reconcile.

Country-by-country reporting on the other hand is logical, consistent and has to agree with the rest of the accounts.

It’s obvious which makes more sense.

Richard Murphy Uncategorized

I was on the train for 9am meeting in London at just after 6 this morning, to leave plenty of margin for error.

I didn’t make it. At 8.30 I was still 40 miles out and bound to miss a meeting scheduled to end at 9.30. So I’m now on my (slow) way home. Which is proving to be almost as tortuous.

Aaaaggghhhhh

Why can’t we manage a bit of snow?

Richard Murphy Uncategorized

FT.com / UK / Politics & policy - Commons set for departure of 120 MPs.

Cut all the comment s on expenses and the like: the reality is they’re quitting becasue a) they’ve had enough and b) this is a grotty job.

If MPs had more power. If select committees had budgets to do real research. If whipping were less significaqnt then maybe this would be a job worth doing.

As it is being a backbencher is no fun at all as far as I can see. And as several have told me: I have more influence as a blogger.

Parliament needs reform, badly. But those at the to have to want it, and I don’t see that happening.

Richard Murphy Uncategorized

Swiss to consider referendums for all new tax deals | Markets | Europe | Reuters .

Swiss compliance is far from a done deal.

Those sanctions may still be needed.

Richard Murphy Uncategorized