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  • UK Liechtenstein Disclosure opportunity

    6th July 2012

    UK Liechtenstein Disclosure opportunity This Liechtenstein Disclosure Facility (LDF) provides a framework to assist UK taxpayers with investments in Liechtenstein which have not been taxed to make a full disclosure to HMRC. The agreement allows penalties on unpaid tax to be capped at 10% of tax evaded over the last ten years. The LDF commenced on 1 September 2009 and was set to run until 31 March 2015. HMRC recently confirmed that the framework will now run for a further year, until 5 April 2016. Both HMRC and the Liechtenstein authorities expect that by the end of the LDF all UK taxpayers with Liechtenstein investments will be fully tax compliant. Taxpayers who do not make full disclosures by the end of the programme will find their accounts in Liechtenstein closed down as well as facing penalties of up to 100% on unpaid taxes. HMRC have recently confirmed that more than 2,400 people have now registered to disclose unpaid tax under the LDF and that £363 million has been paid...

  • HMRC launch new tax calculator app

    6th July 2012

    HMRC launch new tax calculator app A new tax calculator phone application (app) has been launched by HMRC which can be used to estimate how much Income Tax and National Insurance Contributions taxpayers can expect to pay on their income and in turn how the Government spends the funds. The...

  • March 2012 Budget Summary

    22nd March 2012

    George Osborne continued his fiscal campaigning by attempting to juggle tax take, Government borrowing and economic growth. Only time will tell how many balls he will continue to keep in the air and for how long. There are no dramatic tax changes announced in his Budget Statement. Many of the...

  • Government announces new measures to assist employers with apprenticeships

    1st December 2011

    Government announces new measures to assist employers with apprenticeships As part of the Government’s plan for growth, it has announced that it is taking action to make it easier for businesses to take on apprentices and to ensure that the quality of apprenticeships is continually improved.  ...

  • Chancellors Autumn Statement

    1st December 2011

    Chancellors Autumn Statement Autumn Statement 29 November 2011 George Osborne disclosed his plans to re-invigorate the UK economy yesterday and at the same time, stay focussed on debt reduction. The pundits were forecasting a range of measures including: increasing the bank levy, perhaps...

  • Channel Islands tax advantage to be removed

    1st December 2011

    Channel Islands tax advantage to be removed HM Treasury has announced changes to the low value consignment relief (LVCR) rules that allow retailers based outside the EU to send goods to the UK VAT free. In order to tackle the growing trend of retailers sending large volumes of low value...

  • Pensions Bill receives Royal Assent

    1st December 2011

    Pensions Bill receives Royal Assent The Pensions Bill has now received Royal Assent and become the Pensions Act 2011. Starting from October 2012 employers will begin to automatically enrol eligible workers into a qualifying workplace pension scheme and contribute to that pension. Workers who are...

  • Government announces major package of employment law reforms

    1st December 2011

    Government announces major package of employment law reforms The most radical reform to the employment law system for decades has now been outlined by Business Secretary Vince Cable as part of the Government’s plan for growth, cutting unnecessary demands on business while safeguarding workers’...

  • Junior ISAs launched

    1st December 2011

    Junior ISAs launched The new Junior ISAs designed to encourage children to save money were officially launched on 1 November 2011. The Junior ISAs will be welcomed by many parents following the phasing out of the Child Trust Funds (CTF) which ceased to be available to children born after 3 January...

  • Exceptions to October deadline

    3rd November 2011

    Exceptions to October deadline There are two minor exceptions to the paper filing deadline for the 2011 self-assessment tax returns of 31 October 2011. These are: 1. When taxpayers received a tax return or a letter (called a 'Notice to File') telling them to file online after the 31 July....

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