MPs have warned the Treasury that its proposed crackdown on income-shifting
between family business members will make it impossible for the taxpayers to
assess their liability with any certainty, and should be reconsidered before the
West Aberdeenshire and Kincardine Liberal Democrat MP Sir Robert Smith
attacked the plans for family businesses through an Early Day Motion, signed by
another seven Lib Dems and Conservatives.
He was particularly concerned that contractors working in the oil and gas
industry would be adversely affected because the authorities appeared not to
know how the offshore industry worked.
He said: ‘One of the challenges in the North Sea is the rising cost of
production. If this tax crackdown is forced through, it will drive up these
costs and make it more difficult for new small companies to operate offshore.’
Crowe Clark Whitehill , the top 20 accountancy firm, has announced the promotion of Chris Mould to partner
The latest opinions from Accountancy Age on Making Tax Digital, and outline plans to evolve the UK's corporate governance regime
Five million taxpayers are ow using digital personal tax accounts (PTA) as part of the making tax digital strategy, HMRC said
UK-based non-doms have paid ten times more tax than the average taxpayer, raising concerns over the Brexit impact on non-dom contributions and therefore, the economy