Tax

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Tax | Q&A: pension deductions and tax relief at source

In our regular Q&A series, Croner Taxwise experts explain how to deal with pension opt outs in terms of relief at source and net pay pension schemes when auto enrolment and opt out spans a tax year

21 May 2019

Tax | Editor’s comment: taxing empty property and curbing money laundering

UK property will not be a safe haven for money laundering in the near future if the government presses ahead with plans to create a register of ownership by offshore investors, but perhaps a more robust government position on taxing empty property would encourage the buy-to-leave investors to rethink their plans, argues Sara White, editor of Accountancy Daily

21 May 2019

Tax | Proposed property anti money laundering rules too weak

Loopholes in proposed legislation designed to prevent money laundering through the UK property market need to be addressed if it is to be fully effective, a joint select committee has warned

20 May 2019

Tax | Call for consolidated turnover tax for sub £1m companies

Companies with revenue under £1m should be given the option to replace corporation tax, business rates, VAT and employer's national insurance (NI) with a simple levy on turnover, charged on a cash basis, says the Centre for Policy Studies

20 May 2019

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Image for taxman eating away tax evasion restaurant sector

Tax | Taxman eating away at tax evasion in restaurant sector

HMRC is ramping up a campaign targeting restaurants and takeaways as financial stress makes tax evasion more tempting for smaller operators, according to analysis from BDO

20 May 2019

Tax | Majority unaware of gifting rules and inheritance tax

Only one in four people making financial gifts are aware of the risks of inheritance tax (IHT), highlighting the threat of unexpected tax bills for gifters for non-compliance, reports Sara White

20 May 2019

Tax | Small business review calls for PAYE and tax agent change

The Office of Tax Simplification (OTS) is calling for a root and branch review of the PAYE system to make it easier for tax agents to view data on their small business clients held by HMRC, while it also needs to pay more attention to the needs of small business when developing new IT systems, reports Pat Sweet

17 May 2019

Tax | FTSE 250 Cobham in £70m one-off tax payment

FTSE 250 aerospace and defence company Cobham has agreed to make a one-off tax payment of £55m, plus an interest payment of £14m, to settle a long running dispute with HMRC

16 May 2019

Tax | HMRC toughens position on use of offshore trusts to avoid tax

HMRC is cracking down on the use of disguised remuneration and contractor loans after winning two tax avoidance cases at the tax tribunal over use of offshore trusts to avoid tax and NICs

16 May 2019

Tax | What you need to know: diverted profits tax – part 2

In the second of a three part series on the diverted profits tax (DPT), Mark Cawthron LLB CTA, tax writer at Croner-i considers recent developments from UK implementation to interaction with OECD Base Erosion and Profit Shifting (BEPS) rules

15 May 2019

Tax | Mix-up sees Welsh taxpayers charged Scottish rates

HMRC’s difficulties in handling devolved income tax regimes continue, as it has now admitted that some Welsh taxpayers have been given Scottish income tax codes by mistake by their employers so they will be paying the wrong tax

15 May 2019

Tax | Pakistan to offer taxpayer amnesty on hidden assets

Pakistan is set to introduce a time-limited amnesty allowing taxpayers at home and abroad to regularise any undeclared assets, as part of plans to raise revenue and improve the performance of the economy

15 May 2019

Tax | Q&A: interest in possession and residence nil-rate band

In our regular Q&A series, Kiya Jacobs, tax advice consultant at Croner Taxwise, considers the residence nil rate band and inheritance tax issues when it comes to interest in possession

14 May 2019

Tax | Remuneration trust avoidance scheme labelled high risk

HMRC has issued a warning regarding a tax avoidance scheme, which it says is often marketed as a wealth management strategy, and is used to disguise income and other taxable profits as loans or fiduciary receipts by using a remuneration trust

13 May 2019

Tax | Tax planning: Luxembourg cuts corporation tax rate to 17%

Following the smooth passage of a new Budget bill, Luxembourg has cut the rate of corporate income tax to 17% with immediate effect to attract more international investors, but beware the tax compliance issues for multinationals, says William Jean-Baptiste, partner at Ogier

13 May 2019

Tax | Football clubs score tax windfall for HMRC

With four English football teams set to meet in the Champions League and Europa League finals, the first time one country has dominated the competitions, HMRC is set to take a multimillion pound share of prize money and player bonuses

10 May 2019