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Tax | Post Brexit tips on VAT and exports to EU

Kevin Hall, partner at Wright Hassall, examines how to account for VAT on exports and EU VAT obligations from 1 January 2021 after the Brexit transition period ends

16 Dec 2020

Tax | Record 3,126 businesses liquidated to reduce CGT

A flood of businesses are voluntarily closing down due to the economic uncertainty around covid-19 and fears over a possible increase in capital gains tax (CGT), according to analysis by Price Bailey

16 Dec 2020

Restructuring & Insolvency

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Tax | HMRC penalty payments increase by 62%

HMRC penalties for taxpayers’ compliance failings are on the rise once more, following a sharp drop at the start of lockdown, according to research by UHY Hacker Young

15 Dec 2020

Tax | Q&A: fitted furniture and reduced-rated building work

In our regular Q&A series, Croner Taxwise senior VAT consultant, Vivienne Scott, answers whether VAT should be charged on fitted furniture in renovated and converted houses

15 Dec 2020

Tax | Tax updates 2020 part 1: personal

In a round-up of the biggest personal tax stories of the year, we look at all the non-coronavirus news, including a potential wealth tax, CGT charges on second home sales, ‘deliberate’ errors, fall in IHT receipts, buy-to-let tax hikes and pension tax relief admin discrepancy

15 Dec 2020

Tax | IR35 tool fails to deliver result in 19% of cases

With reforms to the off payroll working regulations set to be introduced to the private sector in April next year, HMRC’s online tool for determining IR35 status has failed to produce a definite answer in almost one in five cases over the past year

14 Dec 2020

Tax | £13.8bn at risk in FTSE 100 tax disputes

FTSE 100 companies face having to pay out £13.8bn as a result of tax disputes with tax authorities globally, according to research by Thomson Reuters

14 Dec 2020

Tax | Government lays out post-Brexit NI VAT and duty details

The government has introduced legislation to Parliament providing clarity for how customs, VAT, and excise duty will be dealt with in Northern Ireland after the end of the Brexit transition period

9 Dec 2020

Tax | HMRC eases deadlines for non-EU VAT refund claims

HMRC has published details of the actions it is taking to enable overseas (not established in the EU) businesses to claim VAT refunds in cases where the necessary paperwork has been delayed because of Covid-19 restrictions

9 Dec 2020

Tax | Call for one-off £260bn wealth tax

The government could raise £260bn to help pay for the costs of the Covid-19 crisis by implementing a one-off wealth tax, according to the findings of a research team of over fifty international experts on tax policy and practice

9 Dec 2020

Tax | CGT: don’t hit entrepreneurs with tax rate hike

The OTS capital gains tax reveals where there can be an arbitrage between CGT and income taxes, but the government should think carefully before introducing measures which significantly hurt the entrepreneur, argues Gary Ashford, tax partner at Harbottle and Lewis

9 Dec 2020

Tax | Q&A: post-cessation expenses for a company

In our regular Q&A series, Croner Taxwise, tax adviser, Marsha Haywood, explores whether a company can claim relief from corporate tax on expenses incurred after the company ceases to trade

8 Dec 2020

Tax | UK urged to keep EU topping tourism tax cut

The UK is doing more to help its tourism industry than other European countries, according to study by UHY, as UK tourists pay just 7.8% in tax on a typical daily spend compared to a European average of 11.3%

7 Dec 2020

Tax | MPs want detailed analysis of VAT retail export scheme cancellation

MPs have criticised government plans to end the VAT retail export scheme (RES) at the end of this year, when the UK leaves the EU, saying it has not provided a wide enough analysis of the potential impact on the tourism industry

7 Dec 2020

Tax | Call for reduced charity VAT rate on purchases to cut £800m bill

There are calls for the government to introduce a new special charity VAT rate on purchases, after a study found charities miss out on almost £2bn a year on irrecoverable VAT

4 Dec 2020

Tax | OECD tax revenues fall for the first time in a decade

Tax revenues fell across the OECD for the first time in ten years during 2019, with a much larger decrease expected in as Covid-19 drives down economic activity and consumption tax take

3 Dec 2020

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Latest news

Tax | Post Brexit tips on VAT and exports to EU

Tax | Record 3,126 businesses liquidated to reduce CGT

Tax | HMRC penalty payments increase by 62%

Tax | Q&A: fitted furniture and reduced-rated building work

Tax | Tax updates 2020 part 1: personal

Tax | IR35 tool fails to deliver result in 19% of cases

Tax | £13.8bn at risk in FTSE 100 tax disputes

Tax | Government lays out post-Brexit NI VAT and duty details

Tax | HMRC eases deadlines for non-EU VAT refund claims

Tax | Call for one-off £260bn wealth tax

Tax | CGT: don’t hit entrepreneurs with tax rate hike

Tax | Q&A: post-cessation expenses for a company

Tax | UK urged to keep EU topping tourism tax cut

Tax | MPs want detailed analysis of VAT retail export scheme cancellation

Tax | Call for reduced charity VAT rate on purchases to cut £800m bill

Tax | OECD tax revenues fall for the first time in a decade