Tax | HMRC can use discovery assessments to recoup child benefits

HMRC is being given extra powers in the Finance Bill to use discovery assessments to force taxpayers to disclose tax liability on higher rate child benefit charges, Gift Aid and pensions with new retrospective legislation

12 Jan 2022

Tax

HMRC

Tax Compliance

Tax | Digital taxation: impact of pillars one and two

As plans to implement a minimum corporate tax rate for multinationals enters the consultation phase in the UK, Glyn Fullelove, tax writer at Croner-i, assesses the implications of pillars one and two on tax planning

12 Jan 2022

Tax

Business Tax

International Tax

Tax Planning

Tax | Treasury consults on global minimum tax for multinationals

The Treasury is consulting on the framework for rolling out the 15% global minimum tax on profits which will be payable by the largest multinationals from 2023

11 Jan 2022

Tax

Business Tax

International Tax

Consultations

Tax | Salon owner wins £18k VAT case

The court has ruled in favour of the taxpayer in an appeal against a VAT assessment of £18,649 in regards to rooms rented to other businesses within a hairdressing salon  

11 Jan 2022

Tax

VAT

Case Reports

Tax | Covid-19 support grants must be included on company tax returns

HMRC is urging tax agents and accountants to remind their clients that Covid-19 support grants or payments are taxable and should be declared on their company tax returns

11 Jan 2022

Tax

Business Tax

Employment Tax

HMRC

Tax Compliance

Tax | Q&A: exchange of joint property interests and CGT

In this week’s Q&A, Croner Taxwise tax adviser Ibrahim Nalla considers whether there are any capital gains tax (CGT) reliefs available when taxpayers change ownership of properties 

11 Jan 2022

Tax

Property Tax

Tax Compliance

Tax | Making Tax Digital for VAT expansion from April

HMRC is warning businesses to make sure they are ready for changes to reporting under Making Tax Digital (MTD) for VAT before it becomes mandatory for all VAT-registered businesses from 1 April this year

10 Jan 2022

Tax

Making Tax Digital

HMRC

Tax Compliance

Tax | Government under pressure to delay NICs hike

More pressure has been put on the government to halt the National Insurance Contributions (NICs) increase amid the rising cost of living and surging energy prices

7 Jan 2022

Tax

Business Tax

Personal Tax

Tax | 1.25m to be pulled into 40% tax bracket

More than 1m people are set to be pulled into the higher rate tax band by 2026 under the Treasury’s plan to freeze income tax thresholds 

7 Jan 2022

Tax

Business Tax

Personal Tax

Tax | Rules on VAT reclaims on charging electric vehicles updated

HMRC has clarified guidance on VAT reclaims on electricity for charging electric vehicles although it is still reviewing how employees can make claims on domestic charging

7 Jan 2022

Tax

VAT

HMRC

Tax Compliance

Tax | Probate fee increases to take effect in three weeks

Probate application fees in England and Wales will increase to £273 for both professional and personal applications, under an amendment to the Non-Contentious Probate Fees Order 2004

7 Jan 2022

Tax

Tax Planning

Business

Accountancy Firms

Tax | Capricorn Energy settles £780m Indian tax dispute

Capricorn Energy plc, formerly Cairn Energy, has come to an agreement with the Indian government over a long-standing tax dispute

7 Jan 2022

Tax

International Tax

Tax Compliance

Tax | Tax rules on business lunches not straightforward

Businesses are being urged to learn and understand the rules around tax breaks on business lunches to avoid unwelcome tax bills

6 Jan 2022

Tax

Business Tax

Tax | HMRC defers late self assessment fines to end February

HMRC has waived late filing and late payment penalties for self assessment taxpayers by one month, effectively delaying the tax return deadline to 28 February

6 Jan 2022

Tax

Business Tax

Personal Tax

HMRC

Tax | Facing an HMRC investigation

HMRC compliance activity traditionally takes the form of a statutory enquiry which can send shock waves through a firm. Danielle Ford, head of tax disputes and resolutions, and Riocard Hoye, senior manager, haysmacintyre, consider disclosure notices and penalties

6 Jan 2022

Tax

HMRC

Tax Compliance