Tax

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Tax | Bank lending squeeze pressures partnerships, says LDF

Banks are cutting small business overdrafts much more sharply than traditional bank loans, creating a ‘hidden credit crunch’ for SMEs and potential cashflow problems for accountancy firms, according to research by finance provider LDF

3 Jun 2014

Tax | European Commission criticises UK help to buy scheme

The European Commission has issued a series of economic policy recommendations to individual member states to address distortions of the tax regimes in member states and provide guidance on how to boost growth, increase competitiveness and create jobs in 2014-15.

3 Jun 2014

Tax

Tax Planning

VAT

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Tax | Changes to private residence relief hit second-home owners

The Treasury’s decision to reduce the final period of ownership for private residence relief (PRR) from 36 months to 18 months risks unintentionally affecting a far greater number of taxpayers than just the second home owners which the new rules are designed to target, warns ATT

2 Jun 2014

Tax | Dealing with directors' loan accounts

HMRC has tightened its grip on section 455 loans to owner managers, says Peter Rayney. Section 455, Corporation Tax Act 2010 (CTA 2010) is a key anti-avoidance weapon for owner-managed companies. Without it, owner managers could easily avoid a tax charge by arranging for ‘their’ company to lend them funds (as opposed to paying a ‘taxable’ bonus or dividend).

2 Jun 2014

Tax | GOV.UK to run tax agents' website trial

HMRC is looking for agents to take part in user testing for the ongoing website transition to the new government portal, www.gov.uk, which will replace the current HMRC website

30 May 2014

Tax | HMRC guidance on VAT reverse charge for wholesale utilities

HMRC has issued guidance on new rules on how the domestic reverse charge for wholesale trading in gas and electricity will operate from 1 July 2014.

30 May 2014

Tax | Zambian tax activists target mining company Vedanta

FTSE 250 mining company Vedanta has been targeted by protestors in Zambia, in a one-day demonstration over claims it has sought to evade local taxes by disguising the level of profit it makes from mines in the country

30 May 2014

Tax | HMRC use of debt collection agencies under fire

HMRC’s use of debt collection agencies (DCAs) to collect overpaid tax credits has been criticised by the campaigning group False Economy and the charity Citizens Advice, which claim thousands of people are in debt as a result of errors by the tax office.

30 May 2014

Tax

Personal Tax

HMRC

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Tax | Why Acornwood decision caught out Take That

Take That was one of the big names caught up in the recent Acornwood case, also known as Icebreaker. Our resident tax expert, Meg Wilson, assesses the case and the implications for users of aggressive tax schemes

30 May 2014

Tax | HMRC revises interim penalty process for RTI

As part of the transition to in-year PAYE Real Time Information (RTI) penalties for late and non-filing, HMRC plans to issue multiple penalty notices for the same PAYE non-filing default, which will affect tax years 2012-2013 and 2013-2014.

29 May 2014

Tax | Guernsey signs OECD convention on tax evasion

Guernsey has signed up to the OECD and the Council of Europe’s multilateral convention on Mutual Administrative Assistance in Tax Matters which will take effect from 1 August 2014

29 May 2014

Tax

International Tax

Tax Planning

Tax | Editor’s comment: mis-selling aggressive tax schemes

The Icebreaker tax avoidance scheme was outlawed by the tax courts, but where does this leave unwitting investors, asks Sara White

29 May 2014

Tax | Pensions reform: tax charges and drawdown income

Sweeping changes to pensions are out for consultation from the 55% tax charge on death benefits to a ban on transfers out of unfunded public sector pension schemes. Gareth Rose, pensions expert at Rowanmoor Group, assesses the proposals

28 May 2014

Tax | Lawyer kills himself after tax affairs investigation

A partner in a leading City law firm who had voiced concerns about having invested in two tax avoidance schemes which were subsequently under investigation by HMRC committed suicide, an inquest has heard.

28 May 2014

Tax

Personal Tax

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Tax | Next loses £2.8m tax relief case at Upper Tribunal appeal

Next has lost a multimillion pound tax allowance claim at the Upper Tribunal which will result in a tax bill of £2.8m for the high street and online clothing giant

28 May 2014

Tax | Engineering firm wins VAT case over confusing guidance

An engineering business has won its case against HMRC after it disputed the legality of official guidance on a flat-rate VAT scheme for small businesses and refused to pay a VAT bill of nearly £9,000

28 May 2014

Tax

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Latest news

Tax | Bank lending squeeze pressures partnerships, says LDF

Tax | European Commission criticises UK help to buy scheme

Tax | Changes to private residence relief hit second-home owners

Tax | Dealing with directors' loan accounts

Tax | GOV.UK to run tax agents' website trial

Tax | HMRC guidance on VAT reverse charge for wholesale utilities

Tax | Zambian tax activists target mining company Vedanta

Tax | HMRC use of debt collection agencies under fire

Tax | Why Acornwood decision caught out Take That

Tax | HMRC revises interim penalty process for RTI

Tax | Guernsey signs OECD convention on tax evasion

Tax | Editor’s comment: mis-selling aggressive tax schemes

Tax | Pensions reform: tax charges and drawdown income

Tax | Lawyer kills himself after tax affairs investigation

Tax | Next loses £2.8m tax relief case at Upper Tribunal appeal

Tax | Engineering firm wins VAT case over confusing guidance