Skip to main content

Posts

Showing posts from December, 2016

Hamish McTax's chilling tax rhyme

Sarah Saunders is clearly a fan of Macbeth. She is credited by Taxation magazine with finding (or imagining) a new parchment used by Shakespeare as a source for his play, Macbeth.

It's a witty piece that could be said to examine the play through the lens of modern day taxation. The document itself appears to have been written by Hamish McTax, Royal Counsellor, Tax Adviser to Royalty.

Apparently "scribbled on the back of the document was this chilling rhyme:"

Double, double, VAT is trouble, ATED burn and FATCA bubble. Number of a DOTAS scheme, Echo of a non-dom's scream. partner's notice, APN, Payment with a stroke of pen. Film investment, foreign trust, years of planning, turned to dust. For a charm of taxing trouble, Like a hell-broth, boil and bubble.
Nice one,  Sarah

The 12 tax days of Christmas

Just spotted a wonderful topical piece on AccountingWeb.co.uk. The article contains a series of inventive and fiscally accurate explanations offered by Emily Coltman of FreeAgent as she analyses the tax consequences of every one of the gifts mentioned in the classic song “The Twelve Days of Christmas”.

Emily imagines that the minstrel, whose "true love" gave all these gifts, needs help completing a tax return. What, imagines Emily, would be the income tax and VAT rules applicable to the gifts that make up the famous festive menagerie?

What follows is just a sample from some of the explanations. In each case Emily provides rather more detail than is appropriate for this fun blog ;-) 

A partridge in a pear tree This is what HMRC call a “mixed supply” for VAT, because it’s goods with different VAT rates supplied together. The pear treeis zero-rated for VAT, while the partridge, as an ornamental bird, would be standard-rated.   Three French hens When goods of any kind are brought in…