Good morning. Today George Osborne unveils what he has planned in his Budget. Of course, AccountingWEB will report on everything that happens. Stay tuned to the website and social media throughout the day for all the latest updates.
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HMRC denies gift aid donations
HMRC has been accused of removing gift aid donations on fundraising websites like JustGiving after launching a stealth tax on donations.
According to an investigation by The Times, HMRC instructed JustGiving staff to remove gift aid where a personal message was from more than one person.
In a blog post, JustGiving said: “Late last year, JustGiving experienced a spike in gift aid rejections after a more stringent application of regulations by HMRC. As a result, JustGiving was asked to retrospectively remove gift aid claims on donations which referenced more than one person in the name or message boxes on JustGiving pages.”
JustGiving confirmed in the blog post that HMRC has agreed to a temporary lifting of this restriction and has given JustGiving permission to retrospectively claim complying gift aid on donations from November 2015.
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Oxfam calls for end of tax havens
Oxfam has called on the government to act unilaterally in tackling tax havens, which they say are at the heart of the inequality crisis.
In their Ending the era of tax havens report, Oxfam calls on the Big Four accounting firms to exert their influence over tax policies and the administration of tax. Oxfam suggested the Big Four refrain from any lobbying on tax issues which might be reasonably construed as being against the public interest. Only assist with tax returns which fulfil both the spirit as well as the letter of the law.
Oxfam also demanded the UK act on corporation tax, to exchange tax information, and increase transparency.
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Toshiba suffers more accounting woes
Toshiba has revealed more accounting woes after the accounting scandal last year.
According to Reuters, Toshiba overstated its past profits by 5.8bn yen on a pre-tax basis due to seven new accounting errors, on top of the 224.8bn in overstated profits it has already announced.
A Toshiba spokesperson said they will hire a permanent auditor to ensure the company complies with regulations, and “will make a united effort to improve internal control and corporate culture". Toshiba said 40 more people have been ‘punished’ in relation to the latest accounting errors.