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Tag Archive for United Kingdom

SEC Obtains $58 Million Judgment Against Perpetrator of International Pump-and-Dump Scheme Involving Marley Coffee

William Byrnes, Tax Advisor

The Securities and Exchange Commission obtained a $58 million judgment against a UK and Canadian resident charged with perpetrating a multi million-dollar, international pump-and-dump scheme involving the stock of Jammin’ Java Corp., a company that used trademarks of the late reggae artist Bob Marley to sell coffee products.

The final judgment against Wayne Weaver, entered on October 2, 2017, permanently enjoins Weaver from violating Section 5 of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and Section 13(d) of the Exchange Act and Rules 13d-1 and 13d-2 thereunder; permanently bars Weaver from participating in penny stock offerings; and orders Weaver to pay disgorgement of $26,371,585, prejudgment interest of $5,221,809, and a civil penalty of $26,371,585, for a total of $57,964,979. On September 15, 2017, Weaver filed a notice of appeal.

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Automatic Exchange of Information Reporting Is Imminent!

HMRC has reminded financial institutions that the deadline for reporting their clients’ accounts under the Automatic Exchange of Information rules falls in less than a week’s time. Returns must be submitted by May 31, 2017, including reportable accounts for the U.S. Foreign Account Tax Compliance Act (FATCA), Crown Dependencies and Overseas Territories agreement, and the first year for the OECD’s Common Reporting Standards.

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5 Key Considerations For U.S. Expats Living In The U.K.

Ephraim Moss

According to a report published by the United Nations, Department of Economic and Social Affairs, the number of Americans living in the United Kingdom was estimated at 212,150 in 2015. This represents a sizable group of Americans living in just one foreign country.

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HMRC Mileage Log Requirements For Business Drives

MileIQ

If you drive a personal vehicle for business purposes, the business mileage deduction is a great way to save money on your tax bill. But the HMRC won’t just take your word for it, it needs proof. Here’s what the HMRC will want in your mileage log.

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MileIQ Launches Business Miles Tracker App In The United Kingdom – TaxConnections Tax Professionals Get It Free!

MileIQ

Our mission is to make dreaded tasks like mileage tracking easier, even delightful, so you can focus on what matters. That’s why we’re happy to say we’ve launched MileIQ for the United Kingdom. U.K. residents can now rely on MileIQ to automatically track, log and calculate the value of drives for tax or business purposes.

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Hewlett-Packard Defrauded in the Acquisition of Autonomy for $11 Billion

A federal grand jury indicted former CEO of Autonomy Sushovan Hussain, 52, a citizen and resident of the United Kingdom, with conspiracy to commit wire fraud and multiple counts of wire fraud. According to the indictment filed last Nov. 10, Hussain allegedly engaged in a scheme to defraud purchasers and sellers of securities of Autonomy Corporation plc (Autonomy) and Hewlett-Packard Company about the true performance of Autonomy’s business, its financial condition and its prospects for growth.

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United Kingdom Announces New Tax

United Kingdom Announces New Tax On Equity Compensation To Global Employees

The United Kingdom published a draft legislation recently that the tax treatment of all employment related securities be the same for all globally mobile employees. Accordingly a portion of any equity award paid to such employees should be apportioned to United Kingdom income based on the number of United Kingdom days in such financial year.

This legislation can create additional costs to the internationally mobile employee and should be reviewed carefully.

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HMRC Focusing On Rental Income In 2013

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Approaching Your Year-End? Time To Invest In The Business?

As you approach your year-end, whether this is aligned with the UK tax year, it could be time to invest in the business – tax relief on purchases can make a welcome addition:

[youtube http://www.youtube.com/watch?v=03RV_-AXOfE?rel=0&w=560&h=315]

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UK Payroll Changes Under Real Time Information (RTI)

The new systems should have already been adopted, particularly with the advertising campaign that HMRC ran.

In this video I discuss the changes:

[youtube http://www.youtube.com/watch?v=E7jWH6TjlXk?rel=0&w=560&h=315]

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HMRC Call Centres

It can sometimes be difficult for people to contact HMRC, in this video I share some statistics and also discuss why using an adviser can save people time and hassle:

[youtube http://www.youtube.com/watch?v=EEZgJm40lbo?rel=0&w=560&h=315]

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HMRC Introduces Business Records Checks

In the UK, HMRC is assisting business owners in ensuring their records are sufficient:

[youtube http://www.youtube.com/watch?v=WWem7OXVJh0?rel=0&w=560&h=315]

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