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These are exciting times for Dubai and the UAE. With the entire business world’s attention soon to turn to the Emirates with the delayed Expo 2020 kicking off in October (and continuing all the way through to the end of March next year) it’s never been a better time to be a UAE business owner
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As more economies around the world open up and companies bring employees back to the office, global expansion plans that may have been put on hold last year are now taking shape. It can be challenging to know where to start, but here are some key factors to consider when expanding your operations into new countries.
UK Government Tax Facts & Figures
HM Revenue & Customs (HMRC) produce an Annual Report and Accounts every year to demonstrate their achievements in collecting taxes for the Treasury. The 2012/13 Report highlights some of its achievements during the year ended 31 March 2013, which includes:
- £20.7bnwas generated through compliance activity - £2bn above target and £2.1bn more than was collected in 2011/12. HMRC seem set to deliver the required £23.5 bn from compliance activity by 2014/15.
- £1.5bnwas amassed from fines and penalties, signifying a substantial increase on the £0.8bn raised in 2011/12.
- £342mwas received through the UK-Swiss tax cooperation agreement, which came into force in January 2013.
HMRC’s campaign activity remains pivotal in raising revenue, with more than £600m already collected as a result of campaign activity to date, involving 22,000 investigations
Targets for campaigns have included those trading online in the UK, as well as more traditional service providers, such as plumbers and electricians.
HMRC expects somewhere in the region of £173m to be raised from taskforce activity. £72m has already been gained through the initiative, which launched in 2012/13, introducing 28 geographical areas. As well as focusing on specific geographical areas, the taskforce’s targets have included specific sectors (such as the legal profession in London, restaurants in the South East of the UK, hair and beauty salons in the North East and the motor trade in Scotland). It is anticipated that a further 28 taskforces will be introduce in 2013/14.
More than 5,400HMRC staff have been moved to new or different compliance roles to help deliver extra revenue through compliance. This will include new methods for gathering information including collecting information from those who process credit and debit card transactions, with the intention of driving further compliance activity from spring 2014 onwards.
If you are unsure whether your business is fully tax compliant, or to discuss how any HMRC initiatives might impact you, contact Jamie Richardson to discuss your specific circumstances.