Tax

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Tax | Ireland forecasts €54.2bn tax-take in 2018

Ireland is expecting to raise €54.2bn (£48bn) in taxes this year, 7% more than in the previous year, with the biggest increases expected to come from income tax and VAT, according to analysis published by the finance department

13 Feb 2018

Tax

International Tax

Tax Planning

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Tax | Novated property contract was liable for VAT

The Hanuman Commercial case at the First Tier Tribunal highlights the nuances of VAT liability when novating contracts. Stan Dencher, specialist tax writer at Croner-I, examines the ruling

13 Feb 2018

Tax | Inheritance tax: time to reform overly complex rules

Inheritance tax may be paid by less than 5% of estates but it is a hugely complex system and now the Chancellor, Philip Hammond, has asked the Office of Tax Simplification (OTS) to come up with simplification proposals. Paul Morton, tax director and Daphna Jowell, IHT review team leader at the Office of Tax Simplification (OTS) consider key problem areas requiring reform

13 Feb 2018

Tax | ICAEW offers Valentine's tax advice

With Valentine’s Day just two days away, the ICAEW has crunched the numbers to bring some practicality to romance, by pointing out the tax benefits of saying ‘I do’ to a marriage or civil partnership proposal on Wednesday

12 Feb 2018

Tax

Personal Tax

Tax Planning

Image for hmrc enlists shopworkers halt itunes tax scam

Tax | HMRC enlists shopworkers to halt iTunes tax scam

HMRC is ramping up its battle against the iTunes phone scam it says is conning vulnerable and elderly people out of thousands of pounds, by writing to the chief executives of major UK retailers, urging them to alert their staff so that they can act as the last line of defence against fraudsters

12 Feb 2018

Tax

HMRC

Law and Regulation

Image for gift aid tax incentive delivers just 27p extra every ps1 spent

Tax | Gift Aid tax incentive delivers just 27p extra for every £1 spent

Gift Aid’s aim of encouraging higher-rate taxpayers to make larger charitable donations delivers just 27p more for every additional £1 spent on the tax incentive, and charities would get substantially higher donations if the value of the relief were given directly to them, according to the National Audit Office (NAO) and University of Birmingham tax centre

12 Feb 2018

Tax | Case: corporation tax loss can be offset in English Holdings

HMRC's appeal has been dismissed by a First Tier Tribunal (FTT) after it allowed English Holdings appeal against a closure notice that had refused the company's claim for loss relief

12 Feb 2018

Tax | OECD updates guidance on country-by-country reporting

The OECD’s inclusive framework on base erosion and profit shifting (BEPS) has released additional guidance to give certainty to tax administrations and multinationals on the implementation of country-by-country reporting (CBCR), in line with action 13 of its plan

9 Feb 2018

Tax | Majority unaware of inheritance tax limits

Confusion about the operation of inheritance tax (IHT) is growing, with over two thirds of those liable not knowing the threshold for the standard nil rate band of £325,000, according to a survey by Canada Life

9 Feb 2018

Tax | Taxing royalties in the digital economy: do the plans make sense?

A proposed tax on royalties at the giant digital multinationals announced in the last Budget and now out for consultation is supposed to curb profit shifting but will the royalties withholding tax produce the desired effect? Paul Davies CTA ACA, tax writer at Croner-i, examines the proposals

8 Feb 2018

Tax | Case: reasonable excuse gives taxpayer part penalty relief

A taxpayer had part of his penalties cancelled after falling victim to the malpractice of his accountants however his six-month penalties remained as the daily reminders should have prompted him to take action

8 Feb 2018

Tax | HMRC signs lease for Glasgow regional hub

HMRC has signed a 25-year lease for its Glasgow regional hub with the tax authority planning to move 2,700 employees into the building by 2021, with the Scottish building becoming the tenth lease that HMRC has signed out of the 13 regional centres

7 Feb 2018

Tax

HMRC

Tax Planning

Image for consultation simplification paye settlement agreement

Tax | Consultation on simplification to PAYE settlement agreement

HMRC is consulting on secondary legislation to reduce administrative burdens by simplifying the PAYE settlement agreement (PSA) process, by removing the current requirement on employers to renew their PSA annually, and providing for an ‘enduring agreement’

7 Feb 2018

Tax | HMRC guidance on changes to enveloped UK dwellings

HMRC has issued guidance covering changes to enveloped UK dwellings and related finance which took effect from 6 April 2017 and limit the availability of excluded property for inheritance tax (IHT), meaning that some properties which were previously excluded may no longer fall into that category

7 Feb 2018

Tax | Case: overpaid tax claim not allowed

The High court dismissed a taxpayers claim to recover £215,000 in overpayments of tax ruling that it had no jurisdiction to entertain this claim and the taxpayer had no reasonable grounds for bringing it

7 Feb 2018

Tax

Tax Compliance

Case Reports

Image for warning vat burden small businesses

Tax | Warning on VAT burden for small businesses

VAT receipts now account for 21% (£124bn) of all of HMRC’s tax income, up from just 16% during the recession, and the rise in VAT demands coupled with late payment issues is creating cashflow problems for small businesses, according to analysis by Funding Options

6 Feb 2018