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HMRC’s stance on penalties

A recent hearing considered a long-standing issue – was a property sale an investment or trading activity?  It was held, in the company’s favour, to be an investment. But that, to a degree, is not important. The interesting issue that emerged is that HMRC had sought to impose a penalty (of £1,000,000!) on the company on the...

Date: 30th June, 2015   |   Author: Cathy Corns   |   Comments: 0


Mercer & Hole Cricket Match v Ruffer

A team from Mercer & Hole’s London office took part in a friendly cricket match against investment management firm Ruffer last Thursday, 25th June at Wandsworth Park in Putney. Senior Trustees Manager, Simon Coggins captained the team which included Partner, Peter Godfrey Evans and colleagues Henry Lowe, Patrick Mayor, Garry Picker, Tim...

Date: 30th June, 2015   |   Author: Natalie Taylor   |   Comments: 0


Proportionate approach to PAYE late filing penalties

HMRC has now issued the first in-year penalties for missed RTI deadlines to employers with less than 50 employees.  However, HMRC has said that it will take a proportionate approach and concentrate on the more serious defaults on a risk-assessed basis rather than issue penalties automatically. This approach is in line with the general...

Date: 29th June, 2015   |   Author: Cathy Corns   |   Comments: 0


LLP to Limited Company – advice on conversion

The conversion of a partnership into an LLP is a relatively easy concept to envisage and is one that was adopted by many partnerships after the introduction of the Limited Liability Partnership Act 2000.  In principle, the assets owned by the partners, which are reflected in the partners’ capital accounts, were transferred to the...

Date: 29th June, 2015   |   Author: Steve Smith   |   Comments: 0


Fair Tax Pledge

A new website, www.fairtaxpledge.uk, has been set up to enable people to pledge their commitment to paying their “fair share” of tax. The Pledge states:- “I believe that tax is the price we pay for a civilised society.  For this reason I pledge that I will: Declare all my income and that of any companies and trusts that...

Date: 26th June, 2015   |   Author: Cathy Corns   |   Comments: 0


Mercer & Hole volunteer at Highfield Park

Eight volunteers from Mercer & Hole helped out with gardening at Highfield Park today in the glorious June sunshine.  The team was led by the firm’s Director of Trusts, Daniel Bisby, who himself weeded the maze. He was joined by staff from Restructuring & Insolvency, HR, accounts, marketing and secretarial functions at Mercer...

Date: 26th June, 2015   |   Author: Natalie Taylor   |   Comments: 0


EU agreement on Swiss bank account information

Switzerland and the European Union have made an agreement on tax transparency for sharing data on residents’ bank accounts from 2018. Each country will now receive annually the names, addresses, tax identification numbers and dates of birth of any residents with accounts in other countries, as well as other financial and account balance...

Date: 19th June, 2015   |   Author: Cathy Corns   |   Comments: 0


New proposals on permanent establishments

The OECD Base Erosion and Profit Shifting (BEPS) action plan has now issued its final draft on the artificial avoidance of Permanent Establishment (PE) status.  The draft sets out a range of specific proposed changes to the PE definition in the OECD model treaty.  These could have far reaching consequences. One of the main areas is the...

Date: 18th June, 2015   |   Author: Cathy Corns   |   Comments: 0


Mercer & Hole to volunteer at Highfield Park

Volunteers from Mercer & Hole will be donning their gardening gloves in Highfield Park’s Mediterranean Garden next week to help out Highfield Park Trust. The team of seven from Mercer & Hole will donate 110 minutes of their usual working day, swapping their accountancy, HR, marketing, finance and secretarial roles for weeding,...

Date: 17th June, 2015   |   Author: Natalie Taylor   |   Comments: 0


US seeks to stop tax debtors from leaving the country

If new legislation passed by the Senate is signed into law the US Authorities would have the power to revoke or deny the passport of any US taxpayer who has unpaid taxes in excess of $50,000, or who has not obtained or will not provide a Social Security number. This seems a tad more draconian than HMRC! ...

Date: 16th June, 2015   |   Author: Cathy Corns   |   Comments: 0


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