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Tax | Spring Statement 2018: role of cash and digital payments

The Spring Statement included the announcement of a call for evidence to better understand the role of cash and digital payments in the new economy, in order to keep pace with changes in the ways that people pay for goods and services

13 Mar 2018

Tax

Consultations

Budget

Image for spring statement 2018 changes online vat payments tackle fraud

Tax | Spring Statement 2018: changes to online VAT payments to tackle fraud

HMRC and Treasury have announced a joint consultation on possible options for how a split payment system could be used to combat online VAT fraud, with a standard rate split, flat rate scheme and net effective rate being put forward as possible options

13 Mar 2018

Tax | Spring Statement 2018: reducing single-use plastic

In his Spring Statement, as widely predicted, Chancellor Philip Hammond announced a call for evidence to explore how changes to the tax system or charges could be used to reduce the amount of single-use plastics, by reducing unnecessary production, increasing reuse, and improving recycling

13 Mar 2018

Tax | Spring Statement 2018: ‘light at end of tunnel’

Chancellor Philip Hammond took just 30 minutes to cover the key points of his first Spring Statement, which included higher than expected growth forecasts in the short term, a surplus in the current account in 2018/19, and the announcement of a raft of consultations in areas including the digital economy, cashless payments, and single-use plastics

13 Mar 2018

Tax | OECD calls time on offshore structures for tax avoidance

The OECD has issued new model disclosure rules that require lawyers, accountants, financial advisers, banks and other service providers to inform tax authorities of any schemes they put in place for their clients to avoid reporting under the OECD/G20 common reporting standard (CRS)

13 Mar 2018

Tax | Plans to sink favourable VAT regime for large yachts

The European Commission has signalled its intention to crack down on VAT evasion in the maritime sector, by opening infringement procedures against Cyprus, Greece and Malta for not levying the correct amount of VAT on the provision of yachts

13 Mar 2018

Tax | Q&A: divorce and property taxes

Croner Taxwise tax adviser Suzanne Rowland examines divorce settlements and selling marital homes, considering tax liabilities and claims for private residence relief (PRR)

13 Mar 2018

Tax | Government to act over military personnel Scottish tax disadvantage

Defence Secretary Gavin Williamson has announced he is looking to counter the Scottish government’s income tax rise that affects thousands of Armed Forces personnel in Scotland, following the introduction of devolved tax rates

12 Mar 2018

Tax

Personal Tax

Tax Planning

Image for hmrc reminder tax free childcare funding easter schemes

Tax | HMRC reminder on tax-free childcare funding for Easter schemes

With school holidays just three weeks away, HMRC is reminding working parents they can pay for Easter childcare using the tax-free childcare scheme

12 Mar 2018

Tax

HMRC

Tax Planning

Image for one eye tax avoidance cyclops case

Tax | ‘One in the eye’ for tax avoidance in Cyclops case

HMRC is claiming victory at an Upper Tribunal in a legal challenge involving two businesses which issued loan notes as bonuses as a form of tax avoidance – Cyclops Electronics and Graceland Fixing – which it says will protect £55m, as the scheme was used by over a hundred other companies

12 Mar 2018

Tax | Upper Tribunal clarifies VAT over white goods for Taylor Wimpey

The UK’s approach to ‘blocking’ VAT recovery on the installation of white goods, such as washing machines and fridges, by builders into new homes has been further clarified in an appeal brought by Taylor Wimpey over £53m of VAT recovery, with the Upper Tribunal rejecting the housebuilder’s claim that this approach was unlawful

12 Mar 2018

Tax

VAT

Case Reports

Image for chancellors statement unlikely spring surprises

Tax | Chancellor’s statement unlikely to spring surprises

There is general agreement that the Chancellor’s first spring statement, scheduled for Tuesday 13 March, is unlikely to contain any new policy measures, but looks to set to announce a raft of consultations and an update on the latest official economic and fiscal forecasts

9 Mar 2018

Tax | OECD webinar on digital tax scheduled

The OECD Centre for Tax Policy and Administration is planning a briefing on the latest plans for digital taxation ahead of the upcoming G20 finance ministers’ meeting

9 Mar 2018

Tax | EU challenge to UK’s VAT treatment of derivatives trades

The EU is investigating the UK’s VAT treatment of commodity derivatives trades over concerns that it has not paid enough tax under single market rules

9 Mar 2018

Tax | HMRC confirms soft approach to penalties for late trust registration

HMRC has written to the Society of Trust and Estate Practitioners (STEP) confirming that penalties for trusts that have not signed up to the Trust Registration Service (TRS) by the 5 March deadline will not be charged automatically but will instead be decided using a risk-based approach

8 Mar 2018

Tax | Tapered annual allowance guidance for DB pensions updated

HMRC has updated the pension guidance to clarify the calculation methods for the reduced tapered annual allowance for defined benefit pension and career average schemes for 2016-17 tax years onward

8 Mar 2018

Leadership & Management