Nearly Christmas so why not think about charity. Eh? Get that soft cozy glow, perhaps, says Simon Sweetman.
Simon Sweetman's Blog
Simon Sweetman was an inspector of taxes for 18 years. He left the Inland Revenue in 1989 to join Chartered Accountants Scrutton Goodchild & Sanderson, later part of Scrutton Bland, where he was successively a senior manager and later a partner. He has been an independent consultant since 2001. He is a former member of the tax policy unit of the Federation of Small Businesses and the small business working group of the Chartered Institute of Taxation.
Boris Johnson has said that he is refusing to pay a US Capital Gains Tax assessment on the sale of his home in London, says Simon Sweetman.
Well we all know the story, don’t we? Migrants from Eastern Europe coming over here because of our over-generous benefit system and taking the bread from our mouths… not to mention living off our taxes. Or should we calm down and look at the facts?
The Office of Tax Simplification (whom God preserve) has produced its report on the tax competitiveness of UK tax administration. Sensibly, it starts by saying “there is no magic bullet, there is no philosopher’s stone”.
The OECD is worried about tax tourism. The USA is worried about tax tourism.
It has always seemed that the exemption from CGT for the main residence was one of those things so ineluctably British that nobody could ever meddle with it, even if it is a factor in the ludicrous inflation of property prices, says Simon Sweetman.
HMRC has commissioned a report into Business Record Checks (BRCs) and attitudes towards record keeping. That seems to make sense.
The High Income Tax Benefit Charge (HITBC) has led to problems, with many people who appear to be liable to it now being challenged by HMRC, says Simon Sweetman.
One recent response to a piece on AccountingWEB said The Office of Tax Simplification has a very poor record in relation to everything it touches and quite simply is not fit for purpose.
Oliver Letwin the other day returned to the theme of a flat tax. Why not, he cried, have a single rate of income tax to match the single rate of corporation tax? Calculations say a flat rate of 31% should do the trick.