Share Name Share Symbol Market Type Share ISIN Share Description
Tax Systems LSE:TAX London Ordinary Share GB00BDHLGB97 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 100.50p 98.00p 103.00p 100.50p 100.00p 100.50p 8,252 14:00:27
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Retailers 15.1 -1.9 -0.6 - 76.38

Tax Systems Share Discussion Threads

Showing 1526 to 1539 of 1550 messages
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DateSubjectAuthorDiscuss
04/9/2018
09:36
Wetherspoon backing Tax Equality Day by Darren | Tuesday, July 31, 2018 | PUBS AND BARS | J D Wetherspoon says it will be supporting Tax Equality Day on September 13 by discounting food and drink by 7.5% for 24 hours. J D WetherspoonThe day is aimed at highlighting the benefit of a VAT reduction in the hospitality industry and is being backed by UK Hospitality and the British Beer and Pub Association, who are urging other venue owners to join in. Food in pubs, for instance, has VAT at 20%, while much is zero rated in supermarkets. Wetherspoon chairman, Tim Martin, said: “Pubs suffer a huge disadvantage, paying about 16p in business rates per pint versus about 2p for supermarkets. In addition, there is a huge VAT inequality and unfairness. “A reduction in the level of VAT on a long-term basis will create a level playing field and generate growth and jobs in an important and vital industry — especially in beleaguered high streets.”
ariane
03/9/2018
10:49
Tax Systems plc, now 25.6% owned by AIM-listed MXC Capital, is continuing to make good progress as it helps businesses with their Corporation Tax compliance. Organic revenue growth of 9% for the six months to June almost kept pace with 2017’s 10% advance. Overall revenue growth was 14% (to £8m), with Adjusted EBITDA growing at 9%, to £3.7m. EBITDA margins were a healthy 46%. Order intake showed a 22% increase over the level of 2017 H1 with annuity licence orders growing by 11%. Pre-tax losses came in at £0.8m, roughly half the level at the previous interims. Over the past couple of years, Tax Systems management has worked hard to improve the company’s processes; upgrading infrastructure, introducing several support systems and setting clear targets. The company is working towards the development of a single integrated platform to deliver its solutions and the integration of the OSMO capabilities to improve data collection and management has provided a major step forward. Growth by acquisition has played a significant part in the Group’s growth strategy with the purchase of TCSL in 2016 and of Little British Battler OSMO in 2017. Management is also active in seeking new targets to address adjacent markets in tax and regulatory compliance, with a key focus being VAT compliance. HMRC and other tax authorities are consistently setting businesses ever higher requirements for reporting and data management, with major initiatives such as HMRC’s “Making Tax Digital”. As a result, the demand for Tax Systems’ solutions should continue to grow strongly. Tax Systems under CEO Gavin Lyons has momentum and appears to have a clear strategy to grow and drive excellent returns in both existing and new markets. Worth watching.
chimers
28/8/2018
15:53
Appropriate tax systems – taxation in the ‘Fourth Industrial Revolution’ Appropriate tax systems – taxation in the ‘Fourth Industrial Revolution’ With proposals for an Amazon tax on the table, how can the UK tax system catch up with the implication of the Fourth Industrial Revolution? Author Jane Mackay Crowe Date published August 28, 2018 Categories Corporate Tax AddThis Sharing Buttons Share to TwitterShare to LinkedInShare to EmailShare to Print Proposals for tax changes are now routinely given the names of companies that have been global disruptors. This naming practice recognises that the debate around an appropriate tax system revolves around how tax systems can catch up with the implications of the “Fourth Industrial Revolution”. Retail The retail sector is one of the sectors most affected to date by technological change. The statistics clearly indicate that the move from “bricks and mortar” to online shopping has been significant and Philip Hammond’s statement about an “Amazon tax” is just one more acknowledgement that the tax system has not kept up with changes to consumer habits. The idea of an “Amazon tax” is around making sure that the tax take reflects the location of the customer in the territory in which large values of sales are generated. Our current tax system has developed over the last few decades and is designed for simpler transactions and a more local world than the one in which we operate today. While the increase in online retail has generally been blamed for the number of recent failures of big name high street retailers, many argue that our tax system has played a critical role in putting “bricks and mortar” retailers at a disadvantage compared with their online rivals. There are a number of taxes that disproportionately affect UK “bricks and mortar” retailers. These include property taxes (business rates in particular but also Stamp Duty Land Tax) and corporation tax on profits. Changes to property taxes are matters for the UK to decide and, after much lobbying by the retail sector, further business rate reductions should go some way to helping UK retailers.
the grumpy old men
21/8/2018
11:22
Changes to tax rules on overseas assets 20 August 2018 SHARE TWEET SHARE SHARE Changes to tax rules on overseas assetsTaxpayers could face tough penalties if they fail to declare their income on foreign assets before new legislation comes into force. HMRC is urging UK taxpayers to declare any foreign income or profits on offshore assets before 30 September to avoid higher tax penalties. New legislation, called Requirement to Correct, requires UK taxpayers to notify HMRC about any offshore tax liabilities relating to UK income tax, capital gains tax or inheritance tax. Experts are warning that some UK taxpayers may not realise they have a requirement to declare their overseas financial interests. Under the rules, actions like renting out a property abroad, transferring income and assets from one country to another or even renting out a UK property when living abroad could mean taxpayers face a tax bill in the UK. Mel Stride, financial secretary to the Treasury, said: "This new measure will place higher penalties on those who do not contact HMRC and ensure their offshore tax liabilities are correct. I urge anyone affected to get in touch with HMRC now." From 1 October more than 100 countries, including the UK, will be able to exchange data on financial accounts under the Common Reporting Standard (CRS). CRS data will enhance HMRC's ability to detect offshore non-compliance. The most common reasons for declaring offshore tax are in relation to foreign property, investment income and moving money into the UK from abroad. Over 17,000 people have already contacted HMRC to notify the department about tax due from sources of foreign income. Customers can correct their tax liabilities by using HMRC's digital disclosure service. Once a customer has notified HMRC by 30 September of their intention to make a declaration, they will have 90 days to make the full disclosure and pay any tax owed. Paul Morris, tax partner at Bishop Fleming, said: "If you have overseas income and assets that have not previously been declared to the UK tax office, there is an opportunity to disclose these before 1 October 2018 to avoid much higher penalties than will be the case after that date. "From 1 October 2018 there will be eye-watering penalties of up to 200% (double the current amount) on any tax not declared, plus asset-geared penalties of a further 10%. There will be extra penalties where assets or funds are hidden to avoid detection. Taxpayers can also be 'named and shamed'. But with the right advice, these sanctions can be reduced."
maywillow
12/8/2018
15:17
YER abolish stamp duty for all purchases under sterling 2 million for starters
sarkasm
12/8/2018
13:58
Stamp duty killed the property market over 1 million.
montyhedge
12/8/2018
08:20
Https://www.which.co.uk/news/2018/08/buy-to-let-landlords-face-30-day-deadline-to-pay-capital-gains-tax/ Why are the changes being made? Currently, there’s a discrepancy between the date when people who file tax returns need to pay their bills for income tax and when they pay capital gains tax. Though the deadline for online tax returns is 31 January after the end of the tax year, self-assessment taxpayers need to make advance payments for income tax and national insurance, known as payments on account. By contrast, CGT won’t be due until the final deadline, potentially meaning capital gains tax can be paid up to a year later than income taxes. Other forms of tax on property, such as stamp duty, are also due within 30 days of the property sale being completed. From the government’s perspective, the change would mean that HMRC will receive CGT receipts earlier. But landlords may feel the pinch in their cash flow. The move follows a number of other tax reforms that have pushed up bills for landlords, including the scaling back of mortgage interest relief, and the introduction of a stamp duty surcharge on buy-to-let and second homes. Get a head start on your 2017-18 tax return with the Which? tax calculator When will the new rules come into effect? The new rules have not yet been confirmed, as the draft legislation is currently passing through Parliament. If there are no changes to the policy, the bill could pass into law this summer. The change was originally due to come into effect in April 2019, but the proposals have been delayed and are likely take effect for property disposals on or after 6 April 2020. At this stage, there are no plans to change the deadline for other forms of CGT – though if the change is successful, it’s possible the deadline for paying CGT on shares, funds or other investments could be brought forward, too. Read more: Https://www.which.co.uk/news/2018/08/buy-to-let-landlords-face-30-day-deadline-to-pay-capital-gains-tax/ - Which?
la forge
29/7/2018
18:04
Tax Systems was tipped as a 'buy' by Midas in the Mail on Sunday. The company provides software to help large firms navigate increasingly complex demands, with a customer list that includes more than 100 firms in the FTSE 250 index and 19 out of the UK's top 20 accountants. Chief executive Gavin Lyons is determined to expand the firm after buying its from retiring owners in 2016 and listing it on AIM. In April, the new 'Making Tax Digital' policy comes into force, forcing firms to first file VAT returns online. Tax Systems helps customers collect data, helps them comply with regulations and manage the process so they pay the right amount of tax at the right time. A recent trading update revealed that revenues are expected to be up 14% in the first half of the year, with Lyons confident about full year earnings targets. For the full year, profits are estimated to grow at least 18% to £5.8m.
adrian j boris
29/7/2018
13:40
Http://www.taxresearch.org.uk/Blog/2018/07/29/the-wealthiest-in-the-uk-are-given-27bn-a-year-to-subsidise-their-savings-when-total-welfare-payments-are-just-125bn-a-year/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+org%2FlWWh+%28Tax+Research+UK+2%29
la forge
29/7/2018
08:13
monyinternational.com What Is The Common Reporting Standard For Expats? By Ryan Holder - July 29, 2018 0 23 The Common Reporting Standard is expected to swing into action in a few weeks – but how does this impact expats and the tax they pay? To find out, here’s a list of frequently asked questions about the standard: What is the Common Reporting Standard? The Common Reporting Standard or CRS is a network of international tax authorities working together to swap personal and financial data about each other’s citizens with bank accounts of investments in their countries. What is the CRS aiming to accomplish? The CRS establishes the tax residence of bank customers and investors who have offshore holdings. Financial institutions, which include banks, building societies, investment funds and trusts, must tell their local tax authority about any foreign customers and their holdings. The information is passed to the customer’s home tax authority to check against filings to make sure the right of tax has been paid on any interest, dividends or gains. When does CRS reporting start? It already has. Early adopters such as the UK and Spain started swapping tax data in September 2017, although the entire network is due to trigger from September 1, 2018. What is reported under CRS? Personal details requested by the financial institution expats deal with plus details about accounts and financial products, including the balance of an account or value of investment and the total of any interest or payments credited to them each year. How many countries are part of the CRS network? CRS has around 108 member countries with the notable exception of the USA. The UK, most European countries and the rest of the world’s leading financial centres are all involved. The list includes a host of notable places once considered as tax havens. Why isn’t the USA involved? The CRS is based on the US Foreign Account Tax Compliance Act (FATCA). FATCA already swaps data between the US Internal Revenue Service and foreign tax authorities and will continue to do so outside the CRS. How does this affect expat tax? It doesn’t unless an expat has undeclared offshore assets. If they are in a CRS member country, they will be fully disclosed to the expat’s home tax authority for comparison with tax filings. What do expats have to do under CRS? Expats do not have to take any action other than fully declaring their offshore assets. However, any financial institutions expats deal with offshore will ask for personal information, including tax identification numbers.
sarkasm
28/7/2018
23:06
MIDAS SHARE TIPS: Tax is no burden for software firm Tax Systems that helps large firms submit data to the Revenue By JOANNE HART FOR THE MAIL ON SUNDAY The UK budget deficit – the difference between how much the Government spends and how much it receives in taxes – is expected to be more than £30billion for this financial year. The figure has been falling, but it is still too high for the Government's liking. Of course, Chancellor Philip Hammond does not want to increase taxes, but he is keen to collect more of them. One popular way of doing this is by making sure big companies pay the tax they owe. Tax Systems provides software to help large firms navigate the Government's increasingly complex demands. The shares are at 85½p and should rise as chief executive Gavin Lyons is driven, able and determined to expand the firm. Lyons ran cyber-security group Accumuli, which was recommended by Midas in 2013 at 12½p and taken over two years later at 33p. In 2016, he turned his attention to Tax Systems, then owned by a couple in their 70s, who had put the business up for sale. Backed by supportive investors, Lyons bought the firm and listed it on Aim. The company was already highly attractive, with about a thousand customers, including more than 100 firms in the FTSE 250 index and all but one of the UK's top 20 accountancy groups. But turnover had been static for three years and Lyons was keen to grow. The environment is conducive. In recent years legislation has been introduced to force companies to produce tax filings that are more detailed than ever before. And in April, the Government's 'Making Tax Digital' policy comes on-stream, requiring firms to file VAT returns online in the first instance. Tax Systems helps customers collect the relevant data, ensure they comply with regulations and manage the taxation process so they pay the right amounts at the right time in the right way. Lyons has also introduced new incentives for Tax Systems' sales people and strengthened top management, with the appointment of several directors who have worked successfully with him in the past. Early results of Lyons' strategy are encouraging. The company said in a trading statement last week, that it expected sales for the first half of 2018 to be 14 per cent ahead of the same period last year and directors were confident about earnings for the full year. Analysts expect 2018 profits of at least £5.8million, an 18 per cent rise on the year before. There is no dividend, as the firm took on about £30million of debt to pay the former owners for the business. But that has come down to £17.5million and should continue to fall over two to three years, at which point the company may start to pay dividends. Midas verdict: As anyone paying tax on account this week will testify, the Revenue is increasingly demanding. Tax Systems alleviates the burden and works with some of the UK's biggest firms and accountants, many of whom have been customers for years. Lyons is a seasoned operator with a history of delivering results. At 85½p, the shares are a buy.
chimers
28/7/2018
17:32
Http://www.taxresearch.org.uk/Blog/2018/07/28/uk-to-adopt-new-stricter-anti-money-laundering-laws/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+org%2FlWWh+%28Tax+Research+UK+2%29
the grumpy old men
28/7/2018
17:26
Http://www.taxresearch.org.uk/Blog/2018/07/28/the-eus-taking-the-uk-to-court-on-failing-to-operate-vat-correctly-its-hardly-surprising-they-wont-trust-us-to-collect-their-tax-in-that-case/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+org%2FlWWh+%28Tax+Research+UK+2%29
the grumpy old men
09/7/2018
06:58
Monday 9 July 2018 6:00am Pensioners in the UK shelling out over £24bn in income tax Share Josh Mines Josh Mines is a reporter for City A.M. covering telecommunications and marketing [..] Show more Bank Of England Proposes Switch To Polymer Banknotes Royal London said the amount of pensioners paying income tax had more than doubled since 1995-96 (Source: Getty) The amount pensioners in the UK pay in income tax has ballooned to over £24bn, figures out today have shown. ​ Insurer Royal London obtained the information through freedom of information (FOI) requests to find out how much people over the state pension age were paying to the tax man in different parts of the UK. In the latest year which HMRC had detailed figures for, 2015-16, Royal London said pensioners paid £24bn worth of income tax, with £21bn of it being footed by taxpayers in England. Surrey pensioners shelled out the most, with a total tax bill of £961m, meaning they are paying more income tax than the entire retired population of Wales. Kensington & Chelsea topped the list for the amount pensioners were paying in tax by local authority, as residents paid an average of £32,250 in 2015-16. That's around 27 times more than the area paying the least tax, Stoke on Trent UA, where pensioners paid just £1,192 on average. The study also showed that the number of taxpayers over the age of 65 has doubled from 3.32m in 1995-96 to 6.49m in 2015-16 - although it's believed the number has reduced slightly to stand at 6.37m in 2018-19. Read more: Pensioner households paying out nearly £9bn in income tax per year Royal London added that more than a quarter of taxpaying pensioners were still in paid work, with 1.5m having an employment income and 500,000 getting an income from self-employment. Steve Webb, director of policy at Royal London said: Many people might assume that once you retire you cease to be of interest to the taxman. But these figures show that this is very far from being the truth. The number of taxpaying pensioners has nearly doubled in the last two decades. With talk of also requiring pensioners to pay National Insurance on any earnings or even pensions, the older population may start thinking of themselves as 'Generation still taxed'. When planning for retirement it is vital to remember that the tax office will still want a slice of your income, which reinforces the need to put aside enough to secure a decent standard of living, even after the tax man has had his slice”.
adrian j boris
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