Tax

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Tax | HMRC sends late filing penalties earlier than expected

The Association of Taxation Technicians (ATT) is alerting taxpayers that HMRC is starting to issue late filing penalties for self-assessment income tax returns this week

3 Apr 2019

Tax | HMRC consults on changes to private residence relief

HMRC is consulting on changes announced at Budget 2018 to lettings relief and the final period exemption, which extend private residence relief (PRR) in capital gains tax (CGT), as well as some technical aspects of the PRR rules

3 Apr 2019

Tax | Accountants need single Agent Services Account for Making Tax Digital

HMRC has issued guidance for tax agents and accountants confirming that firms will need to create a single agent services account (ASA) for the whole practice to sign up clients to Making Tax Digital for VAT, stressing that once a client is signed up it is not possible to opt out of mandatory digital reporting

3 Apr 2019

Tax | Guidance on share scheme valuations updated

HMRC has updated its guidance for those operating enterprise management incentives (EMIs) or a share incentive plan (SIP) regarding the length of time the valuations from HMRC’s shares and assets valuation service (SAV) are valid

2 Apr 2019

Tax | VAT Q&A: building materials or building services?

In our regular VAT Q&A series, Croner Taxwise adviser Arti Sonpal highlights that supplying building materials without providing constructions services results in VAT being charged at the standard rate of 20%

2 Apr 2019

Tax | HMRC fires starting pistol on Making Tax Digital

Today, 1 April, marks the launch of HMRC’s flagship Making Tax Digital programme, designed to streamline tax administration, which requires 1.2m VAT registered businesses earning over £85,000 to keep their records digitally and submit online VAT returns

1 Apr 2019

Tax | Employment tax updates: April 2019

In our monthly roundup of employment tax developments, Jackie Hall CTA, FCA, TEP, partner, RSM, reviews the consultation on plans to introduce IR35 off-payroll working rules for the private sector, plus PAYE tax codes for 2019-20 confirm £12.5K personal allowance

1 Apr 2019

Tax | Tax updates: April 2019

In this month’s tax updates, read about Lorraine Kelly’s £1.2m IR35 case, Lehman Bros interest payments, ‘E’ Share losses, Making Tax Digital registration delays, SDLT window cut, and OECD digital tax plans

1 Apr 2019

Tax | VAT updates: April 2019

In this month’s roundup of significant VAT cases, Graham Elliott CTA (Fellow), VAT specialist at City & Cambridge Consultancy, analyses Partial Exemption Attribution in N Brown Group plc, bonded warehouses and single market triangulation in Ampleaward and zero rating appeal rejected for J & B Hopkins

1 Apr 2019

Tax | 2019/20 tax year: business tax rate changes and allowances

A roundup of all the business tax changes which come into force from the 2019/20 tax year including, reforms to the apprenticeship levy, Making Tax Digital for VAT becomes effective and deferral of exit charges under capital gains tax

29 Mar 2019

Tax | Lack of awareness of Welsh income tax changes

The way income tax is set in Wales will change at the beginning of next month, with the Welsh government setting Welsh Rates of Income Tax (WRIT), but not enough people know about it, according to a report from the National Assembly's Finance Committee

29 Mar 2019

Tax | Consultation on tackling abuse of SME R&D relief

The government is consulting on changes to research and development (R&D) tax reliefs, first announced at Budget 2018, which are intended to prevent abuse of the small or medium sized enterprise (SME) scheme

29 Mar 2019

Tax | 2019/20 tax year: personal tax rate changes and allowances

A roundup of all the personal tax changes which come into force from the 2019/20 tax year including, an increase to the personal allowance and higher rate threshold, changes to residential inheritance tax and capital gains tax regime for non-UK residents

29 Mar 2019

Tax | FTSE 100’s Ferguson relocates to UK after Swiss tax change

FTSE 100 plumbing and heating equipment supplier Ferguson is to reverse its decision of a decade ago and is moving its corporate headquarters back to the UK from Switzerland because of changes in the Swiss tax regime set to take effect from 2020

28 Mar 2019

Tax | EU names seven member states as ‘tax havens’

Ireland is one of seven EU countries which display traits of a tax haven and facilitate aggressive tax planning, according to a year-long inquiry by a special committee of the European Parliament set up to investigate tax avoidance in the wake of the LuxLeaks, Panama Papers and other scandals

28 Mar 2019

Tax | Selling property through a special purpose vehicle (SPV)

Dominic Cole, associate at Collyer Bristow LLP, examines the benefits, traps and pitfalls of purchasing, holding and selling property through a special purpose vehicle (SPV) from due diligence to CGT and IHT liability for offshore purchasers

28 Mar 2019