Taxman - Spring/Summer 2008

March 2008

Our Taxman magazine aims to bring intermediaries up-to-date on what’s be happening in the world of tax investigations.  This issue includes:

• Ten to consider – reducing the tax risk in family business: The PwC Family Business Survey highlights the growing administrative burden of tax that is a major concern for many British family businesses.
• Why pay the penalty? The new penalty regime represents a fundamental shift to a focus on behaviours.
• The offshore disclosure facility - £400 million received in phase 1, but is there more to come? The first large scale facility allowing tax evaders to self assess their tax bill for undisclosed income and gains. How did it go and what does the future hold for this initiative?
• Aiming for flexibility: tax appeal reform: The Tribunal Services has recently published a consultation paper setting out its proposals for implementing part 1 of the Tribunals, Courts and Enforcement Act 2007.
• Net v gross: pay as you earn implications for the construction industry: HMRC has introduced a new compliance review process to check construction companies that have been granted gross status still meet the criteria.
• New VAT rules will mean important changed and potential penalties for non-compliance: The EU’s Economic and Financial Affairs Council recently agreed to formally adopt certain elements of the ‘VAT package’. How will this affect businesses?
• Risky business – risk assessment of large business: The spotlight of HMRC’s new risk assessment processes falls on its local compliance function to develop the strategy for the UK’s other large businesses.
• The name’s Bond, Eurobond: HMRC is set to get tough with companies who raise finance through Eurobonds but take insufficient care to ensure the bonds are actually listed on a recognised stock exchange.
• Interactive workshops