Tax | Biden plans hike in US capital gains tax rate

Marking 100 days in office, US president Joe Biden has set out plans to increase capital gains tax and top income rates, in a move which will hit the wealthiest US taxpayers

29 Apr 2021

Tax

International Tax

Tax | EU revamps VAT rules for e-commerce businesses

The EU is set to overhaul the VAT rules for e-commerce businesses which means businesses will have to electronically declare and pay the VAT for all their intra-EU sales in a single quarterly return

29 Apr 2021

Tax

VAT

Tax | HMRC to demand crypto holdings data from taxpayers

HMRC is to begin collecting data on holdings of cryptocurrencies from taxpayers it suspects of tax evasion and avoidance, claims UHY Hacker Young

29 Apr 2021

Tax

Business Tax

Personal Tax

HMRC

Tax | Scotland would likely see tax rises after independence

A study by the Institute for Government (IFG) says Scotland would have to make ‘difficult fiscal adjustments’ if they went independent and would be forced to impose spending cuts and tax rises to balance the books

28 Apr 2021

Tax

Business Tax

Personal Tax

Politics

Tax | The unallowable purpose rule and loan relationships

Glyn Fullelove, tax writer at Croner-i, considers the importance of the unallowable purpose test for loan relationships in the light of updated HMRC guidance and recent cases

28 Apr 2021

Tax

Business Tax

Tax Compliance

Case Reports

Tax | PAC criticises Treasury on lack of environmental tax plans

The Public Accounts Committee (PAC) has criticised the Treasury as it has yet to set out how the tax system can help government achieve the UK’s net zero target by 2050

28 Apr 2021

Tax

Business Tax

Politics

Tax | EU plans to debate proposals for digital tax

The EU is moving ahead with plans for a new digital taxation rate for multinational companies with proposals due to be debated in the European parliament

28 Apr 2021

Tax

International Tax

Tax | Making Tax Digital is the priority for HMRC

Jesse Norman MP, financial secretary to the Treasury, has told businesses and accountants at the annual HMRC stakeholder conference that HMRC’s priorities for the future of the tax system will heavily involve Making Tax Digital (MTD)

27 Apr 2021

Tax

Making Tax Digital

Personal Tax

HMRC

Tax Compliance

Tax | HMRC starts sending out tax credits renewal packs

HMRC is sending out about 2.5 million annual renewal packs to claimants of tax credits over the next six weeks

27 Apr 2021

Tax

Personal Tax

HMRC

Tax | HMRC security checks delay tax refunds

HMRC is delaying the payment of self-assessment tax refunds and threatening to remove individuals from the self-assessment regime if extensive and onerous information is not provided, says accountants Hillier Hopkins

27 Apr 2021

Tax

Personal Tax

HMRC

Tax Compliance

Tax | Q&A: fair value adjustments and tax

In our weekly Q&A, Croner Taxwise tax advisor Seb Lord assesses the tax liability for intercompany loans where an investment property has devalued

27 Apr 2021

Tax

Business Tax

Property Tax

Tax Compliance

Tax | HMRC records nearly one million scams against taxpayers

Over the last year, HMRC has received 975,420 referrals of suspicious contact from the public with 552,885 of these relating to bogus tax rebates

26 Apr 2021

Tax

Personal Tax

HMRC

Tax | Increasing reliance on inheritance set to widen wealth gap

Younger generations will be relying on their inheritance as overall wealth is likely to be determined by their parent’s assets rather than their own earnings research by the Institute for Fiscal Studies (IFS) reveals

26 Apr 2021

Tax

Personal Tax

Tax | How to navigate Making Tax Digital

Compliance with Making Tax Digital for VAT means that uploading data via Excel spreadsheets is no longer allowed. Jim Scott, managing director of accountancy at IRIS Software Group, provides tips and advice

26 Apr 2021

Tax

Making Tax Digital

VAT

Tax | Penalties for failures on country-by-country reporting capped at £3k

HMRC has issued guidance setting out the penalty regime for companies failing to follow country-by-country reporting rules

26 Apr 2021

Tax

Business Tax

International Tax

HMRC

Tax Compliance