- Managers of Wealth - Europe - Wealth, private banking and asset management news and opinion

UK’s big accountancy firms told to split off audit arms by 2024

FRC tells KPMG, PwC, Deloitte and EY to act after big collapses such as Carillion and BHS

International community continues making progress against offshore tax evasion

The Common Reporting Standard requires countries and jurisdictions to exchange financial account information from non-residents obtained from their financial institutions automatically on an annual basis

Weekly Tax Brief

HMRC invites businesses who remain unable to meet VAT return payments due after 30 June 2020 to get in touch as soon as possible to negotiate a time to pay agreement.

Did the EU’s attempt to name and shame tax havens into behaving better work?

But counting the number of boxes that the EU ticked to remove jurisdictions from its list doesn’t give us the full picture of the listing process’s impact.

Overview of recent EU tax policy and other tax developments (June 2020)

Action plan to fight tax evasion and to make taxation “simple and easy”

Weekly Tax Brief - 23 June 2020

We also encourage the Government to scrap or postpone other planned measures, such as deferring a planned cap on repayable PAYE credits whilst bringing forward the inclusion of cloud-related costs.

Wealth tax by Svenja Keller, Head of Wealth Planning at Killik & Co

“If a wealth tax were introduced it’s hard to say what percentage of wealth would be taxed, but it would likely only have to be a small percentage to have a big tax take, given the overall wealth UK residents hold.”

What will Switzerland’s coronavirus debt mean for your tax bill?

Boosting businesses to funding freelancers: Here is how Switzerland is tackling its coronavirus-affected economy

Weekly Tax Brief

During the early stages of the coronavirus emergency, many businesses undergoing VAT compliance reviews were contacted by HMRC and told that the process had been put on hold, due to diversion of HMRC resources to coronavirus work.

Tax-efficient ways to give

The coronavirus is hurting the pockets of many charities, but the British tax system is remarkably generous to those who want to help.

Will UK assets invite a bigger tax bill after Brexit?

Even without Brexit, once you are living abroad it is a good idea to review whether holding on to UK assets is still in your best interests.

Secret HMRC Unit Targets Wealthy Families

HMRC argues releasing more details about the unit would allow family offices to divert assets and resources to avoid tax.

HMRC’s smart and stealthy approach to closing the tax gap

Global crises such as the financial crisis of 2007/08 and the current coronavirus pandemic impose enormous financial strains on countries’ economies and tax systems.

Charities seek social investment tax relief extension

Social enterprises and charities gearing up to help combat the impact of Covid-19 and support economic recovery are calling on the government to extend social investment tax relief (SITR) for two years, in order to help them fundraise

Weekly Tax Brief

Despite the imminent reopening of certain EU borders, Britons will lose the ability to travel freely across the EU from the end of the year.

Funding the coronavirus response in the UK

The Conservative Party manifesto pledged not to increase income tax, national insurance or VAT.

UK taxman account freeze orders up 177% in a year

And it could use ‘powerful weapons’ on those suspected of abusing coronavirus furlough scheme

Management of tax reliefs

The UK tax system has over 300 of this kind of tax reliefs, which cost the Government an estimated £155 billion of foregone tax revenues in 2018-19

A clampdown on corporate tax avoidance is coming. Companies should embrace it

In the U.K., for instance, the forecasts already predict the national deficit could rise from 55 billion pounds to 337 billion pounds (around $67 billion to $410 billion) by the end of this year.

HMRC Sharply Increased Use of Account Freeze Orders in Latest Tax Year: FT

The total compares to HMRC’s use of 60 account freezing orders, covering £8 million, during the previous tax year.