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Tax | Further updates to requirement to correct guidance

HMRC has supplied a further update to its guidance on the new requirement to correct (RTC) rule, which comes into effect from 30 September, with information about penalties and other sanctions, ways of making a correction and the information required when making a disclosure that no tax is due

21 Aug 2018

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Tax | Confusion over carer sleep-in payment rules

HMRC has been accused of ‘jumping the gun’ in its latest communication on back pay arrangements for ‘sleep-in’ carers, which at one point looked likely to create a £400m back pay liability for service providers, with a social care industry group calling for further clarification

21 Aug 2018

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Tax | HMRC consults on AML supervision fees

HMRC is consulting on plans to alter the way it charges fees to the businesses it supervises under money laundering regulations, saying its income from this needs to increase by 80% - 100% to cover the costs of a significant number of new staff

21 Aug 2018

Accountancy Firms

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Tax | Q&A: statutory maternity pay, redundancy and PAYE

When an employee is made redundant and is receiving statutory maternity pay (SMP), Lizabeth Lay, tax & payroll adviser at Croner Taxwise explains the employer liability for payments, tax code calculations and PAYE compliance issues

21 Aug 2018

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Tax | Treasury to use tax regime to cut plastic waste

The Chancellor has indicated he will be announcing proposals for new tax measures to reduce the use of plastics at Budget 2018, after the Treasury received 162,000 responses, the highest in its history, to a recent call for evidence on how the tax system can be used to reduce plastic waste

20 Aug 2018

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Tax | 1.2m first-time buyers open Help to Buy ISAs

Since the launch of the Help to Buy ISA in 2015, 146,753 property completions have been supported by the scheme with 67% of first-time buyers being between the ages of 25 to 34, according to recent statistics from HMRC

20 Aug 2018

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Tax | HMRC issues letters warning of overseas crackdown

As part of HMRC’s ongoing crackdown on undeclared foreign income, thousands of taxpayers are receiving letters warning them to disclose information by 30 September or face penalties

17 Aug 2018

Law and Regulation

Tax | IR35: when is contracting employment in disguise?

Government plans to extend the offpayroll working rules to the private sector as early as April 2019 will create difficulties for contractors and business so it is essential to review contracts to ensure there are no unexpected disputes with HMRC over tax liability or accusations of disguised employment. Andrew Brookes, head of employment solutions at Menzies LLP, considers the proposals

16 Aug 2018

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Tax | HMRC clarifies higher SDLT rules for partnerships and companies

HMRC has updated its guidance on higher rates of stamp duty land tax (SDLT) when buying an additional residential property to clarify how the rules affect companies and partnerships

15 Aug 2018

Law and Regulation

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Tax | PAYE withholding tax for gig platform workers too confusing

The Office of Tax Simplification has proposed changing the tax rules for self-employed platform workers with the introduction of a sector-specific PAYE withholding tax but how would it work? David Williams-Richardson, partner in the employer solutions team at RSM, considers the pros and cons

15 Aug 2018

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Tax | VAT: missing traders and carousel fraud

Stan Dencher, senior technical writer at Croner-i, provides advice on avoiding ‘missing’ traders who try to disguise VATable items in order to defraud HMRC

15 Aug 2018

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Tax | Accountant’s date error sees client let off APN penalty

A taxpayer who contested a penalty issued by HMRC for late payment of an accelerated payment notice (APN) has won his case after a tribunal found his accountant was at fault for failing to notice the correct date by which action was required, despite reminders from his client

14 Aug 2018

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Tax | Q&A: late claim for input tax

Croner Taxwise VAT advice consultant Sally Atkins considers whether deregistration for VAT prevents a company from reclaiming the VAT element of an invoice submitted long after the work was completed

14 Aug 2018

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Tax | Profit fragmentation rules set for overhaul

As the government rapidly finalises new rules on profit fragmentation, Lindsey Wicks, tax writer at Croner-I Tax & Accounting, considers the significance of the proposals, particularly the notification requirement which could net thousands of high net worth individuals and business owners

14 Aug 2018

International Tax

Law and Regulation

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Tax | Calls for HMRC to delay IR35 private sector extension

HMRC’s consultation on extending the IR35 rules covering off-payroll working to the private sector closed last week, and contractor organisations are indicating there has been a groundswell of protest against the proposals, which have attracted controversy since their introduction in the public sector

13 Aug 2018

Accountancy Firms

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Tax | Requirement to correct (RTC): the final countdown for taxpayers

As the deadline for requirement to correct notifications for offshore income and assets approaches, Lucy Brennan, partner at Saffrey Champness, examines the compliance issues before new tax penalties bite from 30 September

13 Aug 2018

International Tax

Law and Regulation

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