Monthly Archives: May 2013

FRC says accountants must quiz banks more

“Accountants still fail to question banks properly over how they make provisions for poorly performing loans on their books, Britain’s auditing policeman said on Wednesday. The criticism goes to the heart of regulatory efforts since the 2007-09 financial crisis to … Continue reading

Posted in Tax and Accounting News | Tagged , , , , , , | Leave a comment

Accounting schemes to simplify your VAT

For business owners or accountants struggling with tax, HMRC have provided this helpful advice: details of accounting schemes to simplify VAT. http://www.hmrc.gov.uk/vat/start/schemes/ Eamon McNicholas Tax Barrister, Accountant EamonMcNicholas.com

Posted in Tax and Accounting News | Tagged , , , , , | Leave a comment

ICAEW posts loss as disciplinary funding bites

“A £3m SWING in funding the profession’s disciplinary watchdog has seen the ICAEW post a loss. The institute faced a net charge of £1.8m in its contribution to the Accounting and Actuarial Discipline Board, an arm of the Financial Reporting … Continue reading

Posted in Tax and Accounting News | Tagged , , , , | Leave a comment

Tax liability set by law, not fairness

“The feeling that we are paying taxes which others are unfairly avoiding is highly corrosive. It fosters resentment and suspicion, and weakens the notion of collective solidarity on which the tax system rests.” Tax fans will love this piece from … Continue reading

Posted in Tax and Accounting News | Tagged , , , , , | Leave a comment

Google: The moral case on tax avoidance is overwhelming…..

“From 2007 onwards, [Google] made £11.9bn worth of revenues in Britain, but gave the taxman only around £10m in corporation tax.” Stunning! http://www.independent.co.uk/voices/comment/the-moral-case-on-tax-avoidance-is-overwhelming–and-we-all-know-google-wants-to-do-the-right-thing-8622565.html Eamon McNicholas Tax Barrister, Accountant EamonMcNicholas.com

Posted in Tax and Accounting News | Tagged , , , , , | Leave a comment

VAT treatment of yacht chartering or leasing activities

VAT on yachts and boats is minefield and a favourite area of work for me, as VAT fans know. If you are doing things with yachts or boats and money be sure to familiarise yourself with HMRC regulations in this … Continue reading

Posted in Tax and Accounting News | Tagged , , , , , , , | Leave a comment

Understanding VAT

As a tax barrister I often am invloved in resolving problems where HMRC’s view of VAT has not been understood. If you run a business or are setting up a new business I advise you make time to read through … Continue reading

Posted in Tax and Accounting News | Tagged , , , , | Leave a comment

Suspected Somali pirates’ accountant arrested in Germany

“Every child knows that a pirate needs a cutlass and an eyepatch, but it turns out there’s one more accessory no self-respecting buccaneer would take to the high seas without – an accountant.” I feel a song coming on….. its … Continue reading

Posted in Tax and Accounting News | Tagged , , , , , , , | Leave a comment

Crooked magistrate jailed for VAT fraud which led to £1m of taxpayers’ cash paid to his property firm

“Speaking after today’s hearing, Simon De Kayne, assistant director criminal investigation at HMRC, said: ‘This pair made incredibly crude attempts to falsify invoices and financial guarantees in a circle of fraudulent transactions. ‘It was a complete cut-and-paste regime that unravelled … Continue reading

Posted in Tax and Accounting News | Tagged , , , , , | Leave a comment

Dundee businessman jailed for 18 months over £166,000 VAT scam

“Dundee Sheriff Court heard Brinner Sabando told HMRC that his firm, Dundee-based Fresca Ltd, had made a loss after spending almost £1.4m on stock and equipment. But tax officials found he had only paid out £250,000. Sheriff Elizabeth Munro jailed … Continue reading

Posted in Tax and Accounting News | Tagged , , , , , | Leave a comment