Yesterday, news of Domenico Dolce and Stefano Gabbana’s crimes rocked the fashion world: the famous duo have each been sentenced to one year and eight months in prison by the Italian Supreme court and were fined just under half a billion euros between them. The Internal Revenue Service has, independently of the courts, fined the pair €343m and their accountant has been sentenced to two years imprisonment.
This April saw the introduction of the biggest overhaul to the Pay As You Earn (PAYE) system of income tax since its introduction nearly 70 years ago. In simple terms, employers are no longer able to wait until the end of the year before telling the taxman how much they have paid their staff, but must do so whenever a payment is made.
I can't help but feel conflicted after hearing the results of the Mehjoo case last week...
On the one hand, we have HMRC heavily cracking down on tax avoidance; and on the other, a High Court judge is ruling that practitioners have a duty to advise their clients how to avoid tax...
Along with the introduction of the GAAR and in yet another attempt to tackle tax avoidance, the government is currently discussing changes to the Finance Bill and National Insurance Contributions Bill for April 2014. This latest proposal is aimed at aligning the taxation of members within partnerships, including LLPs, with other taxpaying individuals.
The John Lewis partnership is often held up as a shining example of successful Employee Share ownership – but does it always lead to greater success for the underlying business? How do the exiting owners feel about losing equity and control? What are the main challenges and difficulties that face smaller private companies looking to emulate the model?
Do you spend your whole working day fielding queries from finance, marketing and IT? Or how about dealing with suppliers and customers all at the same time, not to mention shifting the piles of paperwork that you haven’t looked at yet?
“Tell me a joke”… the phrase that causes us to momentarily forget every joke that has ever made us smirk, giggle or raucously laugh. Whilst we are all familiar to this situation, I recently became reacquainted with the feeling when I was asked to write a brief blog about ‘something tax related’.