IN THE MINDS OF MOST, corporate tax avoidance is the preserve of big multinational businesses, blurring the lines and borders between where they make their sales and where they book them.
But no longer, after several independent enterprises including a salmon smokery, local coffee shop, book shop, optician and bakery in the Welsh town of Crickhowell have all moved offshore as they exploit loopholes in the tax code.
Advised by tax professionals and followed by a BBC crew as part of a programme slated for broadcast in the new year, family-run shops in the Powys town submitted their own DIY tax plan to HMRC, copying the offshore arrangements used by global brands including Google, Amazon and Starbucks which paid little or no corporation tax.
Not only that, Crickhowell’s residents want to share the structuring plans with other towns in order to illustrate the problem to the government in the starkest manner possible.
You can catch The Town that Went Offshore on BBC Two as part of its Britain’s Black Economy season early next year.
Lord Howard Leigh of Hurley discusses the government’s initiatives to mitigate tax avoidance and evasion
Top 50+50: Demand for tax advisory services remains high, but fee pressure is expected in relation to compliance services
The demand for tax advisory services remains high and this looks to continue; but fee pressure is expected in relation to compliance services as the “Making Tax Digital” initiative is rolled out,
While some resistance to change is to be expected, the degree of controversy surrounding HMRC's Making Tax Digital proposals has surprised the government
Kevin Reed discusses the worrying findings from HMRC on micro-businesses' problems handling Real-Time Information, and the latest thoughts on how accountants can provide value-added services