BP Holdings Tax Management – Balley Price Holdings : Call For Uk Taxman To Hire More It Experts

Revenue & Customs needs better in-house skills to cope when its current £7.9bn IT contract expires in 2017, the spending watchdog has said.

The National Audit Office said the tax authorities needed more expertise to challenge suppliers over their performance and value for money.

It said the Aspire contract had brought benefits but contractors had made much larger profits than envisaged.

Revenue & Customs said it had become “less dependent” on outside knowledge.

Aspire is the government’s largest IT project, with expenditure of £7.9bn between July 2004 and March 2014.

Under a contract agreed by the last Labour government, French IT firm Capgemini and its subcontractors maintain and operate Revenue & Customs (HMRC) tax systems as well as providing other ICT services such as computers, telephony, printing and networking.

‘Too accommodating’

In its first review of the contract for eight years, the NAO said it had helped improve the agency’s operational capability, enabling more tax and VAT returns to be submitted online and reducing fraud and error.

While the contract had helped bring in higher tax yields and deliver significant cost savings, it said, the tax authorities had been “overly dependent” on the technical capability of its suppliers, limiting their ability to manage the contract and secure commercial benefits.

It suggested there was evidence that HMRC’s relationship with Capgemini and other firms had become “too accommodating” and had “ceased to offer performance challenge or to create price tension”.

It said Capgemini and its major subcontractors, including Fujitsu, had made £1.2bn in total profits from the contract so far, double the level that had been modelled in 2004.

The suppliers’ profit margins, while not out of line with the industry average, were higher than anticipated as the contract had been extended and more work awarded, it said.

New model

While acknowledging that steps had been taken to build up HMRC’s internal IT resources, such as the hiring of a new digital director, it said there were still “significant gaps” in its expertise.

Since coming to power in 2010, the coalition government has insisted that Whitehall departments work with a wide range of contractors to drive competition and innovation and that contracts were not automatically extended.

The NAO said the Aspire contract was “no longer consistent” with this model, but while HMRC and Capgemini had agreed to make changes to the contract in 2012, it warned that there had been “limited success” so far.

It said HMRC faced a “considerable challenge” in reforming the contract while also developing a successor programme from 2017 that would “modernise and digitise” tax-collection systems while also ensuring value for money and guaranteeing levels of service to the public.

“HMRC faced complex, long-term technology challenges, and Aspire provided an appropriate means of working through them and limiting risk,” said Amyas Morse, the head of the NAO.

“However, there has been a lack of rigour in HMRC’s commercial management of the contract. It is essential in any contract that the client retains the independent expertise to challenge the supplier.”

‘Depressing’

Labour MP Margaret Hodge, who chairs the cross-party Commons Public Accounts Committee, said the handling of the IT contract had been “unacceptably poor”.

“It is deeply depressing that once again a government contract has proved better value for the private companies involved than for the taxpayer,” she said.

HMRC said Aspire was one of the largest outsourced contracts in the world and had helped to generate tax yields of more than £500bn to the Exchequer last year while providing a range of other services.

“The NAO recognises the progress that HMRC has made over the last two years in developing in-house technical skills, so that we are less dependent on external suppliers,” a spokesman said.

“For instance, we recently opened a new digital delivery centre in Newcastle as part of our digital transformation programme.

“We will continue to improve the performance of the contract over the next three years.”

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BP Holdings Tax Management- Balley Price Holdings : Treasury To Lower 55% Tax On Death Benefits

The government has confirmed that it will review the tax charge on pension funds held in a drawdown product at death or uncrystallised after age 75, stating the current rate of 55 per cent may be too high when the new freedoms come into force in April 2015.

The Treasury will continue to consider the options for altering the rate and will confirm its intention as part of the Autumn Statement.

Its final rules on pension freedoms, published yesterday (21 July), state: “Discussions with a wide range of stakeholders on this issue have confirmed the view that the 55 per cent charge is too high, and needs to be changed.

“However, this is a complex area and any changes have the potential for unforeseen and unintended consequences.”

Dave Roberts, senior consultant at Towers Watson said: “The government is continuing to mull over whether, or more likely how far, to cut the 55 per cent tax that applies to income drawdown pension pots when the pension saver dies.

“Without this, terminally ill pensioners who have already accessed tax-free cash may feel they need to rush to withdraw the remaining balance from their pension so that it is only taxed at their marginal rate and not more punitively.”

Andrew Tully, pensions technical director at MGM Advantage, said: “Care needs to be taken as this won’t change until April 2015, so a tax charge of 55 per cent remains for any deaths before then where benefits have been taken.”

“Taking benefits in phases remains a tax efficient approach so speaking to a professional financial adviser will help people understand the most suitable approach for their circumstances.”

Standard Life previously called for the flat rate tax on so-called ‘death benefits’ to be moved in line with inheritance tax to make them fairer. The 55 per cent tax charge applies in two situations where a lump sum is paid out, most commonly with a self invested personal pension, according to Standard Life.

Where a person dies, aged over 75, the 55 per cent tax charge applies to the whole fund, regardless of whether the customer had taken any withdrawals from their pension yet or not.

Where a person dies before the age of 75 and had started to take withdrawals, it applies to the part of the pension which has been touched, known as ‘the crystallised fund’.

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Beware of tax refund scam

An email scam that claims you are getting a refund from Revenue Canada had callers swamping an RCMP anti-fraud hotline Thursday.

“The Canadian Anti-Fraud Centre is presently inundated with the Revenue Canada email scam,” said a recorded message Thursday.

The message warned to “please stay vigilant and delete this email ASAP.”

An email received by a Windsor Star reporter Thursday suggested she was eligible to receive a refund of $651.44. It had a logo with a red maple leaf that said Agence du Revenu du Canada. It gave a link to update personal information within three days.

The Canada Revenue Agency has warned that it does not request personal information of any kind from a taxpayer by email, won’t leave any personal information on an answering machine and would not give taxpayer information to another person without formal authorization from the taxpayer. It also warns that it only sends payments by direct deposit or a cheque and never by an email money transfer.

“Taxpayers may receive, either by telephone, mail or email, a communication that claims to be from the Canada Revenue Agency but it is NOT,” says a notice warning people to beware of fraudulent communications.

The scams or phishing attempts want personal information such as social insurance numbers, credit card or bank account information and passport numbers so people can supposedly receive a refund or benefit payment and the scam may link to a website that resembles Revenue Canada’s website, the agency said. Taxpayers should not respond to these “fraudulent communications.”

In a bulletin on tax scams, the anti-fraud centre said the scams either suggest you have a pending refund or you or your company owe back taxes and need to pay up through a money service businesses or prepaid debit/credit cards to avoid a fine.

The anti-fraud centre said do not take immediate action. You could call Revenue Canada to see if you have a refund or owe back taxes. Some tips to spot such scams include asking yourself why you are being asked to include information that would not be on your tax return or why the Canada Revenue Agency would ask for personal information that it would already have on file.

If you gave personal information through the link in the email, call 1-888-495-8501 or visit http://www.antifraudcentre.ca. The anti-fraud centre also suggests contacting local police for fraud related matters.

The Canada Revenue Agency has examples of fraudulent letters and emails on its website at http://www.cra-arc.gc.ca and you can read more information about tax management at BP Holdings Tax Management.

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Balley Price Holdings:Tips for NRIs for filing tax returns│BP Holdings Tax Management

The income earned by non-resident Indians abroad is not subject to tax in India. However, if their income in the country crosses the basic exemption limit of Rs 2 lakh, they are required to file their returns. This income could be in the form of interest on deposits, rental income on property in India, etc.

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Also, if NRIs carry out transactions in securities like shares and mutual funds, the capital gains are liable to tax and, hence, the return must be filed. The due date for filing returns by NRIs is 31 July.

When to file

The returns have to be filed if the income exceeds the taxable limit, or to claim refund if the tax deducted at source is more than the tax payable, or to claim the amount set off against capital losses.

Documents

The documents to be submitted include the passport to show the number of days spent outside India to qualify as an NRI. Besides this, the NRIs need to provide the statements for the demat accounts, for the transactions and bank accounts held in India, as well as the TDS certificates received from other parties.

Exemptions

The NRIs can also claim exemptions available to individuals under the Income Tax Act (unless specifically not applicable to NRIs), such as Section 80C, with respect to certain investments, payment of principal on housing loan, etc. The taxable income can be reduced by availing of these exemptions.

Filing alternatives

The NRIs can file their tax returns online on the Income Tax Department e-filing portal. Alternatively, they can use other private, paid e-filing portals to do so, or even take the help of tax advisers.

Points to note

It is not necessary for an NRI to file tax returns if the total income during the relevant financial year consists only of investment income or long-term capital gains, or both, and the tax has been deducted at source from such income.

Did you know?

4 things you need to do to protect your returns

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BP Holding Tax Management: Hong Kong receive 243.5 bln HK dollars in tax revenue in 2013-14

HONG KONG, May 2 (Xinhua) — Hong Kong received 243.5 billion HK dollars in tax revenue in 2013-14, setting another record high after the 2012-13 collection year, according to Inland Revenue Department of the city government.

Announcing the figure at a press conference on Friday, Commissioner of Inland Revenue Wong Kuen fai said the duty collected represents an increase of 1.4 billion HK dollars, or 1 percent, on 2012-13.

Revenue from salaries tax grew 10 percent to 55.6 billion HK dollars.

Balley Price Holdings

Revenue from profits tax fell 4 percent to 120.9 billion HK dollars, while that from stamp duty dropped 3 percent to 41.5 billion HK dollars.

Wong forecast a total revenue of about 242.7 billion HK dollars in the year ahead.

He said the department is sending out 2.37 million tax returns for this year, and reminded taxpayers to return them by June 3.

 

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BP Holdings fortalte “købs eller salgsforretninger ligger’ i dybhavs horisont cover-up

Deepwater Horizon

BP fortalte “direkte løgne” som det forsøgte at skjule den mængde olie, der var at løbe ind i den Mexicanske Golf efter dybvandsrejer horisont boreplatform katastrofe, retten har hørt om mandagen, i en ny fase af den retssag, der i sidste ende kan afgøre, hvor meget virksomheden betaler bøder. I åbne udsagn i den seneste fase af forsøget i de dødelige 2010 katastrofe, sagsøgernes advokat Brian Barr sagde BP mislykkedes for at forberede sig på en punktering og forværrede de problemet med en løgn om, hvor meget olie der løber ud af brønden. Han sagde BP var sørgeligt uforberedte på katastrofe. “BP’s plan var noget mere end en plan til plan,” sagde Barr.

BP advokat Niels Brock sagde møjen virksomhedens bestræbelser for at cap brønden er “Mandag morgen quarterbacking værst”.  Han sagde, at BP’s spill svar var “ekstraordinært” og, at virksomheden “har ikke misfortolker flowhastighed på en sådan måde, at en forsinkelse på stop i det godt”. OS distrikt dommer Carl Barbier i New Orleans, der præsiderer over den retssag, er allerede vejning om BP’s aktiviteter frem til katastrofen og under den efterfølgende spill nåede “grov uagtsomhed”.  Den anden fase af forsøget, som forventes at sidste 14 dage, vil omfatte størrelsen af udslippet og BP’s bestræbelser for at indeholde det.

Det amerikanske justitsministerium siger, at fordringer 4,2 millioner tønder hældes fra dybhavs horisont efter en alvorlig brand og eksplosion, som krævede 11 dødsofre. BP anslår, at tallet var nærmere til 2,4 millioner tønder. Det tal vil bestemme den endelige størrelse af BP’s fine, som kunne være så høj som $18 milliarder. I court filings BP har fremført af os bruger “udokumenterede metoder, der kræver betydelig antagelser og ekstrapoleringer” og vil udfordre de tal i retten.

Virksomheden og dens partnere ansigt bøder på op til $1.100 for hver tønde olie slippes ud i Golfen hvis de findes efterladende i deres aktioner, mens boring og for at begrænse virkningerne af uheldet. I rent vand, disse bøder kunne stige til 4.300 $ pr tønde, hvis de ansvarlige parter har handlet med grov uagtsomhed eller “tredjepartsservicer”.

Source:  BP Holdings

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Entreprise défis maintenir sur le traitement de ses réclamations BP

Une nouvelle orléans cabinet d’avocats a demandé à un juge fédéral le jeudi pour soulever une attente sur le traitement BP déversement de pétrole les revendications pour des centaines de ses clients alors que l’ancien directeur du FBI, Louis Freeh fait enquête sur les allégations de mauvaise conduite de la partd’un avocat qui a visé un client de l’entreprise. Un dépôt de documents auprès du tribunal par Andry Lerner LLC a dit qu’il n’y a aucune preuve que Lionel Sutton III a été versé de l’argent pour influencer l’entreprise prétend alors qu’il a travaillé comme procureur du personnel pour les réclamations administrateur Patrick Juneau de bureau.

District des ÉTATS-UNIS , le juge Carl Barbier nommé Freeh et sa firme de consultation pour enquêter sur les allégations selon lesquelles la société Sutton a reçu une partie des recettes provenant du règlement des réclamations il visé à Andry Lerner avant de rejoindre Juneau du personnel. En juin, Barbier a imposé une mise en attente temporaire sur plus de 700 demandes de près de 500 d’Andry Lerner de clients. Lors d’une audience en juillet, un avocat représentant Andry Lerner a demandé au juge de lever l’attente. Barbier a diminué, mais a dit qu’il avait donné instruction Freeh à “accélérer” son enquête de comment les réclamations par Andry Lerner clients étaient traitées.

L’entreprise a renouvelé sa demande de jeudi. Son procureur, James Cobb, a dit qu’il apparaît Freeh la sonde est limitée aux réclamations du client que Sutton visés à l’entreprise. Entre-temps, Cobb ajouté, des centaines d’autres dont les demandes sont en attente ont payé un raide prix financier même si elles n’ont rien fait de mal.

“Cette dévastation financière doit être interrompu immédiatement,” Cobb a écrit. “Plus que suffisamment de temps s’est écoulé pour valider Andry Lerner a toujours soutenu qu’il n’y a aucune preuve de corruption quiproquo par laquelle Sutton a été versé de l’argent pour influencer le cabinet d’avocats des clients du réclamations.”

Source: BP Holdings article

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