Tax

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Tax | Budget day is 6 November

With Brexit negotiations still finely balanced, the Chancellor of the Exchequer is planning to hold a Budget on Wednesday 6 November, the week after the UK’s scheduled date to exit the EU

14 Oct 2019

Tax | Scots confused over devolved tax powers regime

Scots are struggling more than ever to understand how devolved tax powers work, but a majority are supportive of Scottish government plans for new tourist and car parking taxes, according to research by CIOT

11 Oct 2019

Tax | HMRC ramps up rating system for large company tax compliance

Starting this month, HMRC is enhancing Business Risk Review with a new approach to assessing the level of tax compliance at the UK’s biggest companies, adopting a more graduated series of risk ratings which it says will encourage greater compliance

10 Oct 2019

Tax | Sleight: Criminal Finances Act fails to stop tax evasion

The corporate offence of failure to prevent the facilitation of tax evasion under the Criminal Finances Act 2017 has not been as effective as HMRC originally expected. David Sleight, criminal litigation partner at Kingsley Napley, asks why there have been so few HMRC investigations two years on

10 Oct 2019

Tax | Ireland slaps 1.5% stamp duty hike on non-residential property

Ireland has increased the rate of stamp duty for non-residential property sales by 1.5% in the Irish Budget, effective immediately

9 Oct 2019

Tax | HMRC wins GAAR ruling on employee shareholder share abuse

The GAAR advisory panel has issued a ruling clamping down on a scheme involving the extraction of cash or value from a company by its directors and shareholders using employee shareholder shares

9 Oct 2019

Tax | OECD tax overhaul would see profits taxed by jurisdiction

The OECD is consulting on plans for a major change to the international rules on taxing multinationals (MNEs), including digital companies, so that they pay tax wherever they have significant consumer-facing activities and generate their profits

9 Oct 2019

Tax | US tax office staff rapped over unauthorised outside work

Employees at the Internal Revenue Service (IRS) are taking unauthorised second jobs putting them at risk of conflicts of interest, while the US tax authority does not have appropriate processes in place for handling this

9 Oct 2019

Tax | Real estate gains and tax liability via offshore CIVs

Changes to tax rules will see UK real estate gains of offshore collective investment vehicles (CIVs) face new tax charges, but there are some exemptions so it is not all bad news for investors. Mark Cawthron LLB CTA explains

9 Oct 2019

Tax | No deal Brexit to add £15bn to UK-EU trade red tape

HMRC has published an revised assessment of the potential cost to business of a no-deal Brexit, which estimates the ongoing administrative costs for UK-EU trade at £15bn a year with worst case scenario of up to £56 per declaration

8 Oct 2019

Tax | Church wins appeal on zero VAT rating for annex

A church in Bournemouth has won its appeal that its newly built annex to its main building should be zero-rated for VAT, after a First Tier Tribunal (FTT) found HMRC’s decision to seek VAT payments was based on largely out of date plans for the development

8 Oct 2019

Tax | Q&A: duty to deduct tax and director's loans

In our regular Q&A series from Croner Taxwise, Pras Patel explains how to deduct tax in respect of loan interest payments in three different scenarios

8 Oct 2019

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Image for 681000 uk taxpayers forced reschedule payments hmrc

Tax | 681,000 UK taxpayers forced to reschedule payments with HMRC

Well over half a million UK individuals and businesses are so far behind on their tax bills that they have been forced to reschedule their payments with HMRC, with the loan charge a factor

7 Oct 2019

Tax | OECD tax reform attacked as ‘intensifying inequalities’

Campaigning groups are warning that OECD proposals designed to ensure multinationals pay the tax due in the territories in which they operate, will reduce profits booked in corporate tax havens by only 5%, and are likely to intensify global inequalities

7 Oct 2019

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Image for climate change protesters spray red paint treasury

Tax | Climate change protesters spray red paint at Treasury

Activists from Extinction Rebellion have splattered the Treasury with red dye as they lost control of a fire engine hose during a demonstration in Whitehall today

3 Oct 2019

Tax

Politics

Image for contractors using pscs risk over ir35 rule change

Tax | Contractors using PSCs at risk over IR35 rule change

Freelance contractors are warning of a potential ‘domino effect’ as some of the UK’s largest companies stop using off-payroll workers in advance of the introduction of new IR35 rules in the private sector next April

3 Oct 2019