Swiss Bank Accounts

Swiss bank account holders beware. UK residents with Swiss bank accounts should be aware that new taxation arrangements are scheduled to come into force on 1 January 2013. The new tax agreement between the UK and Switzerland means that account holders must either...

Rag trade and alcohol industry targeted

HMRC has launched taskforces to tackle tax cheats in the rag trade, the alcohol industry, and property rental sector on 19 November by HMRC. The specialist taskforce teams will target those who do not pay the right amount of tax in: • the rag trade in the Midlands,...

Business records checks

HMRC relaunched its Business Record Check (BRC) initiative on 1 November 2012. HMRC has the power to impose penalties where records are deficient. When the program was first unveiled in January 2011, HMRC intended to visit 50,000 small businesses across the UK. A year...

Tax and the Christmas Party

It is possible to write off the costs of the annual Christmas bash against tax, however, it is important to keep the expenditure within certain limits. Here’s what you need to do: The cost of a staff party or other annual entertainment is allowed as a deduction for...