Edition 66

In this newsletter:

Cut in interest rates expected

Liechenstein bank accounts

New Scunthorpe office

Cut in interest rates expected

A further reduction in interest rates seems likely soon after it emerged that two members of the Bank of Englands Monetary Policy Committee voted for cheaper borrowing this month.

Minutes of the last meeting of the MPC revealed that the deputy governor of the Bank, Sir John Gieve, and external member David Blanchflower both argued the case for a quarter per cent cut in rates.

Analysts believe that the 7-2 split indicates a reduction to 5 per cent is on the cards for April.

Other members of the Committee were still concerned that inflationary pressures in the economy meant that borrowing costs should not be trimmed in back-to-back months.

But with the latest figures from the Office for National Statistics showing unemployment at a historic low and wage inflation holding at acceptable levels, the MPC may be tempted to allow interest rates to ease down next month.

Liechtenstein bank accounts

HM Revenue & Custom's (HMRC) increased focus on tax evasion involving offshore bank accounts continues with the obtaining of details of UK residents' hidden Liechtenstein bank accounts.

In recent times HMRC has identified the names of several hundred thousand UK residents with offshore accounts from the major high street banks, has recovered 500 million pounds through its Offshore Disclosure Facility and is now pursuing more than 100 additional banks for similar information.

HMRC have also been exploiting it's exchange of information agreements with various countries around the world to maximise cooperation in attacking offshore tax fraud.

HMRC has obtained details of financial holdings, transfers, names and addresses for UK resident individuals from an informant who stole this sensitive data from LGT the biggest bank in Liechtenstein. It is believed that they are using it to open enquiries into the relevant individuals through its Special Civil Investigations unit in Bootle using investigators experienced in such issues. HMRC's modus operandi appears to be to write to the account holder, often referring to offshore banking and structures, often referring specifically to Anschtalts and Stiftungs. Anyone receiving such a letter must obtain specialist advice.

If you would like to discuss these issues in more detail please contact Emma Stamp our Practise Manager on 01472 345888 or emma.stamp@aprobinson.biz

A P Robinson & Co to open new Scunthorpe office

Andrew Robinson is delighted to announce the opening of a brand new office in Scunthorpe, located on Queensway Business Park.

This new office will open on 1st April and will be run and managed by Andrew Robinson himself, who has built up the large practise in Grimsby over the past 14 years .

Andrew Robinson said: "Our own success and rapid expansion over the past decade in Grimsby has heightened our dedication to injecting the high service value and qualified, personable staff into the Scunthorpe market."

"We want our clients to recognise that A P Robinson & Co provides first- class accountancy services and business direction in all its branches. All our staff are fully qualified or are training towards their qualifications and can go one step further in offering support, strategic planning and an in-depth understanding of clients business matters."

Practice Manager, Emma Stamp said: "Andrew's decision to open the new office in Scunthorpe reflects our organisation's commitment to enhance our long-term growth, strengthen our ability to deliver the highest-value solutions to our clients and continue to provide competitive rewards to motivate and attract the best employees."