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UK businesses across the South call for clarity over tax avoidance vs. tax planning

• 61% of businesses unclear as to what is classed as legitimate tax planning and what constitutes tax avoidance • A third of businesses feel HMRC treat them as guilty until proven innocentNearly two thirds of businesses feel that the current tax framework is so complex that they are not clear as to what constitutes legitimate tax planning or whether they will be accused of tax avoidance. This is exacerbated by HMRC appearing, on occasions, to take an aggressive stance towards some commercially driven business transactions, with many feeling as though they are being treated as guilty until

Five year fraud figure tops £7bn

Are whistleblowers running scared?Reported fraud in the UK exploded over the last five years and broke the £7bn barrier according to figures recently released from BDO LLP’s annual FraudTrack report. BDO’s team of specialist fraud investigators predicts that the £7bn mark is just a precursor of worse things to come and warns that annual reported corporate fraud will continue to rise significantly over coming years. Areas fuelling this warning include fraud expected across commercial lending and mortgage markets. Although reported fraud dropped in 2010 to £1.4bn from £2bn the previous year,

Canny consumers command UK high street

Businesses disregard new consumer psychology at their perilA report published today by accountants and business advisors BDO LLP unveils a new breed of consumer which is threatening the UK high street, rendering retailers vulnerable should they fail to evolve with the post-credit crunch consumer mindset. As the UK emerges from the depths of the economic downturn, the report - Transitions to the New Consumer - comes amid predictions that more than 26,500 retailers will fail by 2015, which include around 6,300 bars and restaurants and 1,500 homeware retailers. It urges retailers not to join

As scientists rally against the planned cuts to research budgets, South Coast businesses still feel the UK is a good place for innovation

Over 60 business leaders from across the region enjoyed an inspiring seminar at The Rose Bowl, organised by BDO LLP’s Southampton office, Paris Smith LLP and Barker Brettell LLP to discuss the future of innovation and Intellectual Property (IP) in the UK.Rupert Merson from London Business School set the scene and posed some interesting questions to the audience, one being: “Are you optimistic about the UK being a good place for entrepreneurs?” The audience response was very encouraging with 77% agreeing that the UK is a great place for entrepreneurs to do business, although the same number

Southern Businesses to lead UK recovery

Despite Mervyn King predicting a “choppy recovery” following the latest Quarterly Inflation Report, there are signs that the region’s businesses are in a good position to lead a strong recovery and avoid the feared double-dip recession.Export business through the Southampton docks and the strength of manufacturing in the region are promising signs, as are the most recent Office of National Statistics figures which showed that Southampton had the biggest drop in youth unemployment in the UK. King warns that it will take several years for the economy to return “back to anything we can

Fraud breaks £1bn barrier in 6 months

Recession exposes fraud while regulators are poised to pounceThe growth of fraud in the UK continues unabated according to BDO LLP’s six monthly update on reported fraud entitled “FraudTrack”. For the first six months of this year fraud losses rocketed to £1.06bn and eclipsed previous half year figures and were almost the same as for the whole of 2008. This is the first time fraud levels have soared above the £billion barrier during the interim period in the seven years BDO has been conducting its market leading survey. The average value of a single fraud has also increased to almost £6m,

The region’s business leaders are split on whether the Budget will benefit the local economy

In a breakfast seminar hosted by business advisors and accountants BDO LLP in Southampton, around 200 business leaders from across the region gathered to hear how the Emergency Budget could impact on their organisations, with just under half believing it would benefit local business, but overall 98 per cent thought it struck the right balance.During the seminar, the tax team at BDO LLP in Southampton posed a number of questions to the audience to gauge how they felt George Osborne’s announcements would affect the local economy. 73 per cent thought that changes made to Capital Gains Tax (CGT)

Freefalling business confidence paves way for downwards growth revision

Talk of cuts provokes record fall in optimismNew findings from the latest BDO Business Trends report add to the pressure on the new Office of Budget Responsibility to dramatically lower government growth forecasts. BDO, believes that 2011’s growth forecasts now need to be revised down to between 1.5 and 2.5 per cent from the 3.0 to 3.5 per cent proposed by the last government. With the new body poised to announce its first forecasts later today (14 June), the report from accountants and business advisors BDO LLP shows a sharp drop in business confidence. The BDO Optimism Index has plummeted

A ‘Loch Ness Monster-shaped’ recovery is predicted

Business chiefs and leading futurologist meet to examine region’s economic prospects and to mark the release of the Central South Report 2010 – the third annual analysis of the region’s top 150 companiesOver 100 of the region’s top business leaders met at a dinner last week to take a dramatic ‘trip to the future’ and discuss the region’s economic prospects. The dinner, to celebrate the third Central South Report from business advisors and accountants BDO LLP in Southampton, was held at New Place, a Grade 1 listed manor house near the market town of Wickham. The evening’s keynote speaker was

Manufacturing Sector “Cautiously Optimistic” in the South East

A dinner at the Spinnaker Tower in Portsmouth, organised by Top Five Accountants BDO and leading regional law firm Thomas Eggar brought together some of the leading figures in manufacturing to discuss the current challenges within the industry and opportunities for the future.Speaking at the event were Stephen Radley, Director of Policy and External Affairs for the EEF, the UK’s leading industry body for the sector, and Managing Director at Bang & Olufsen UK, Lars Flyvholm. Both conceded that although the market remained uncertain, the future was starting to look brighter for the industry.

BDO LLP warns of fraud risk.

Latest Central South Report from BDO suggests local businesses are at greater risk of corporate fraud in the current economic climateThe Central South Report recently published by BDO LLP in Southampton estimates that 80 per cent of the top 150 businesses featured were exposed to fraud, and highlighted a lack of internal controls to prevent and detect fraud at an early stage. The report warns businesses to increase their vigilance against fraud in the current economic climate, borne out by recent news stories of prosecutions for large scale fraud. For example, an Alliance and Leicester

BDO Calls for Tax Transparency in General Election Campaign

No-one should be anticipating tax cuts but tax reforms remain imperativeDisappointingly, in the run up to the General Election, now called for Thursday 6th May 2010, all the major – and, indeed, the minor – political parties have not been as forthcoming about their tax proposals as they could have been and, in particular, how they intend to raise taxes as a component of the reduction of the UK’s £178 billion fiscal deficit. Stuart Lisle, Tax Partner at BDO LLP in Southampton comments: “We should look both to history and to the public pronouncements of the political parties to obtain an

UK REIT Rules Relaxed to Allow Stock Dividends

The Government yestersday (24 March 2010) announced a measure to allow UK Real Estate Investment Trusts (“REITs”) to issue stock dividends in lieu of cash dividends when meeting the 90 per cent distribution requirement. A group which has elected to join the UK-REIT regime is exempt from corporation tax on profits and gains arising to its ‘property rental business’. In order to be within the regime, the UK-REIT needs to meet a number of complex conditions including distributing 90 per cent of its property rental income to shareholders. UK-REIT shareholders are taxed on the distributions as

BUDGET MARCH 2010: Tax Avoidance – Complexity is not the answer

The Chancellor announced a raft of measures with the stated aim of protecting the tax system. In addition to further measures targeting failures to declare offshore income, there is a package of new rules to close loopholes and tackle arguably aggressive tax planning which HMRC perceive to be abusive. Stuart Lisle, Tax Partner at BDO LLP in Southampton commented: "All Budgets, whatever the political colour of the Chancellor, contain a swathe of so-called anti-avoidance provisions recommended by HMRC and this year proved no exception. Despite the stress Alistair Darling placed upon these

Looking Forward to the Post Election Summer Budget

Stuart Lisle, Tax Partner at BDO LLP in Southampton comments: "The principal theme of this, and almost all pre-election budgets, was the Chancellor's understandable wish to avoid own goals. Nevertheless, the absence of some measures amounts to additional stealth taxation and other measures have probably merely been delayed to the inevitable post-Election Summer Budget. “So far as stealth taxes are concerned, the Chancellor has failed to index the personal allowances for income tax, capital gains tax and inheritance tax. The effect of this will be to increase the tax burden for taxpayers in

Stamp Duty boost for first time buyers as £1m home purchases are clobbered

From midnight tonight first time buyers will no longer be required to pay the 1 per cent stamp duty land tax charge on residential property purchases of less than £250,000. This will be an immediate tax saving of £1,250 on a property bought for £249,999 as the previous threshold was £125,000. This measure is partly funded by a new 5 per cent rate for residential properties above £1,000,000. However, Treasury figures show that this will only recoup £70 million compared to the £290 million annual cost of the relief for first time buyers. Stuart Lisle, Tax Partner at BDO LLP in Southampton

BUDGET MARCH 2010: Increase in Annual Investment Allowance is not as generous as it first seems

To encourage capital investment by entrepreneurial businesses, the Chancellor announced a doubling of the Annual Investment Allowance (AIA) for expenditure on plant and machinery from £50,000 to £100,000 per annum from 1 April 2010. Above this threshold, capital expenditure will be eligible for the standard capital allowances rate at 20 per cent. What Alistair Darling did not mention, however, is that the special 40 per cent first year allowance (FYA) rate, introduced last year, will end on 31 March 2010. So, if a company is about to spend more than £250,000, the immediate effect of the

Chancellor In CGT Rate Quandary

In the context of a Budget that is ‘giving away’ approximately £1.4 billion in 2010-11, the Chancellor’s announcement today (24 March 2010) that he is doubling the amount of lifetime gains qualifying for the 10 per cent rate of capital gains tax to £2 million was an inexpensive giveaway, as it is forecast to cost the Government only £5 million in 2010-11. Stuart Lisle, Tax Partner at BDO LLP in Southampton commented: “I welcome the Entrepreneurs' relief change because it recognises that creating successful new businesses is the lifeblood of the economy. However, the gulf between the 50 per

Chancellor Missed an Opportunity on Corporate Tax Rates but Provides Modest Relief to SMEs.

In Today’s (24 March 2010) Budget, the Chancellor announced some welcome, but limited, measures for small businesses but failed to reduce the headline rates of corporation tax. In a separate measure, the Annual Exemption Allowance which allows smaller businesses 100 per cent tax relief for capital expenditure on plant and machinery has been doubled to £100,000. Stuart Lisle, Tax Partner at BDO LLP in Southampton commented: "It is very disappointing that the Chancellor has missed an opportunity to announce a phased reduction in the level of corporation tax from its current level of 28 per

Darling Introduces 200 per cent Penalties for Offshore Tax Evasion

And Tax Information Exchange agreements with Belize, Grenada and DominicaThe consultation document on 'Tackling Offshore Tax Evasion' was published at the PBR in December 2009. Today’s (24 March) Budget as expected, implemented some of these measures. Stuart Lisle, Tax Partner at BDO LLP in Southampton said: “The data received from five retail banks in the UK showed HMRC that only 25 per cent of individuals declared income from offshore accounts on their tax returns. This information is cited as one of the main reasons for pushing through further tough laws to stop tax evaders. That, and

Robin Hood Budget – Taking from the Rich to Give to the Poor

BUDGET MARCH 2010: Overview from BDO LLP in SouthamptonIn today’s (24 March 2010) Budget, the Chancellor announced a number of "Robin Hood" measures, effectively taking from the rich to give to the poor. These measures included abolishing (from midnight tonight) Stamp Duty Land Tax (SDLT) for first time buyers on homes priced £250,000 or less, and then increasing SDLT from 4 per cent to 5 per cent on properties over £1 million. In a one off move, the Chancellor also told us that the £2 billion raised from the bank bonus tax will go towards a £2.5 billion growth package for small businesses.

Hope on the horizon

Latest Central South Report from BDO suggests Hampshire businesses are pioneering in areas of growth for the UK economyAccording to the third annual Central South Report produced by leading accountants and business advisers BDO LLP in Southampton, there is plenty of room for optimism in Hampshire’s commercial landscape, despite the effects of the recession showing in the latest figures. The report out today consolidates accounts of the region’s top 150 companies to provide a barometer of the economic climate for the region. Referred to as the Group, these companies employ over 315,000

Threat of twin peak inflation poses the real risk to recovery

Politicians urged to provide clarity on fiscal plansAmid mounting concerns of a double dip recession, the economy is also under threat from ‘twin peaks’ in inflation, warns the latest Business Trends report by accountants and business advisers BDO LLP in Southampton. The BDO Inflation Index rose from 99.2 to 100.2, reaching its highest level since December 2008, indicating that prices will remain high in the medium term. Inflation is expected to drop back down to 2009 levels. However, if policy makers continue to delay setting out a clear path for both monetary and fiscal policy, there is a

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