HMRC shuts down offshore tax avoidance plan

HMRC is set to collect around £400m in income tax and national insurance contributions, following a ruling that shut down a scheme whereby around 350 contractors and freelancers were collecting their income as forex loans.

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Increase in taxpayers seeking judicial review of HMRC rulings

The number of individuals and businesses trying to overturn perceived unfair HMRC decisions on tax and benefit rose by nearly a third in 2012, from 39 to 51 challenges.

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Tax agreement with Switzerland fails to deliver expected results

Back in January 2013, the government launched a new taxation agreement between the UK and Switzerland, aimed at UK citizens evading tax by ‘hiding’ money in Swiss bank accounts. However, in the first year of implementation the agreement has yielded only a quarter of the target money.

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Changes to UK insolvency regime welcomed by professionals

The UK is already ranked in the top ten for efficiency of insolvency proceedings by the World Bank, but new proposals aim to cut red tape and further simplify the process.

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EU cross-border VAT dispute resolution pilot extended

A pilot scheme started six months ago to simplify complex cross-border VAT transactions has been extended for another year, and is also open to additional EU member states.

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