Tax | Property tax take falls by £900m

The slump in property transactions has hit the Treasury’s coffers as the latest tax take figures show stamp duty land tax receipts were down £900m in a single month as inheritance tax surged

21 Jun 2023

Tax

HMRC

Tax Compliance

Tax Planning

Tax | Companies fined £7m for underpaying minimum wage

Major high street retailers, WH Smith, Lloyds Pharmacy and M&S, are among more than 200 businesses which failed to pay national minimum wage rates to employees 

21 Jun 2023

Tax

Employment Tax

HMRC

Tax | Treasury will report annually on tax simplification progress

Following lobbying by MPs, Treasury officials will write to the Treasury Committee once a year with an update on progress on government efforts to simplify tax rules

20 Jun 2023

Tax

HMRC

Tax Compliance

Tax | Making Tax Digital too complex for first pilot, says HMRC

The head of HMRC told MPs that it had underestimated the complexity of Making Tax Digital (MTD), which had caused eight years of delay and a failed pilot scheme

20 Jun 2023

Tax

Making Tax Digital

Business Tax

Employment Tax

HMRC

Tax Compliance

Tax | Diverted profits tax may merge with corporation tax

The government is considering tightening the rules to make it more difficult for multinationals to avoid paying the diverted profits tax and bring it into the corporation tax regime

20 Jun 2023

Tax

Consultations

Tax | Cryptoasset regulation: a tale of two reports

A lack of action means UK regulators are playing catchup on how to control the rapidly growing crypto market, argues Ben Lee, crypto tax partner, Andersen LLP

20 Jun 2023

Tax

Personal Tax

Tax Compliance

Tax | Q&A: tax on deemed disposals of property

In this week’s Q&A, Croner-i tax advisor Julian Payne, explains exit charges when disposing of property and tax liability for taxpayers leaving the UK on a permanent basis

20 Jun 2023

Tax

Personal Tax

Property Tax

Tax Planning

Tax | HMRC issues 18k penalties over careless errors

Careless mistakes made on tax returns resulted in penalties for 18,641 taxpayers last year while 1,025 fines were issued for deliberate errors

20 Jun 2023

Tax

Personal Tax

Tax Compliance

Tax | Post Office Horizon compensation not taxable

Postmasters caught up in the Horizon accounting scandal are to be paid millions of pounds in additional compensation to offset tax bills

19 Jun 2023

Tax

Personal Tax

Tax Compliance

Tax | Tesco removes VAT on suntan lotion

With temperatures continuing to soar, Tesco plans to pay the VAT bill on store brand sun care products this summer

19 Jun 2023

Tax

VAT

HMRC

Tax | Hospitality directors banned for £700k tax debt

A couple have been banned from being company directors for three years after owing more than £700,000 to HMRC

19 Jun 2023

Tax

Business Tax

VAT

HMRC

Tax Compliance

Companies

Accountancy Firms

Called to Account

Tax | HMRC expands use of COP9 tax investigations

HMRC plans to ramp up the use of Code of Practice 9 - COP9 – powers and has clarified the rules on how taxpayers can report fraud where they have failed to pay the correct tax

19 Jun 2023

Tax

Personal Tax

HMRC

Tax Compliance

Tax | Government is making tax system too complicated, say MPs

MPs have criticised the overcomplicated tax system as an obstacle to growth, creating compliance burdens, confusion and disincentives to grow a business, while abolition of the Office of Tax Simplification has made the situation worse

16 Jun 2023

Tax

HMRC

Tax Compliance

Politics

Tax | Treasury reviewing £30k entry threshold for MTD

The Treasury minister has indicated that she is reviewing whether Making Tax Digital quarterly reporting is appropriate for people with earnings below £30,000

16 Jun 2023

Tax

Making Tax Digital

HMRC

Politics

Tax | Treasury minister defends HMRC service against claim it is a ‘mess’

MPs on the Treasury Committee put the financial secretary under pressure at a hearing about tax reliefs which kicked off with tough questions about HMRC service failures and customer service 'mess'

15 Jun 2023

Tax

HMRC

Tax Compliance

Politics