Tax

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Tax | Top mistakes people make when completing their tax returns

Every year, with new tax rules and new ways of earning money, people make classic mistakes when filling in their personal tax return in the rush for the 31 January 2018 self assessment deadline. Jonathan Amponsah CTA FCCA, founder of The Tax Guys guides taxpayers through potential pitfalls

5 Jan 2018

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Tax | HMRC issues tax planning standard for agents and accountants

HMRC has updated its tax standard for agents and accountants to include requirements for providing advice on tax planning, stressing that individuals must not promote artificial tax planning arrangements that exploit gaps in legislation

4 Jan 2018

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Tax | FTT quashes tax barrister’s inaccuracy penalties

A tax barrister has won part of an appeal against three penalties for inaccuracies, after a First Tier Tribunal (FTT) found he had relied on professional accountancy advice and could not be expected to have specialist knowledge of all areas of taxation

4 Jan 2018

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Tax | Multinationals report on short-term hit from Trump tax reforms

BP has become the latest multinational company to warn that President Trump’s recently announced tax reform package will have a short-term impact on its balance sheet, with the oil giant anticipating a $1.5bn (£1.11bn) one-off non-cash charge to the group income statement

4 Jan 2018

International Tax

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Tax | Case: penalty for failure to settle accelerated payment upheld

A First Tier Tribunal (FTT) dismissed a taxpayer’s appeal against an accelerated payment penalty from HMRC, arguing that there were no special circumstances which allowed a reduction

4 Jan 2018

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Tax | Tax filing deadlines: Jan - Apr 2018

The key HMRC filing deadlines from January to July including deadline for PAYE cheque payments, online CIS returns, online personal tax self-assessment returns

4 Jan 2018

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Tax | Pension planning: transferring a defined benefit pension - part 5

In part five of our series on pensions, Kay Ingram, director of public policy at LEBC, considers the pros and cons of transferring a defined benefit pension, from the impact on beneficiaries, long-term health considerations and inheritance tax planning

4 Jan 2018

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Tax | HMRC denies tax attack on Leave EU donors

HMRC has been forced to issue a rebuttal over media suggestions that individuals who gave money to the ‘Leave’ campaign in the run-up to the referendum on the UK’s membership of the EU are now being subjected to unfair tax treatment on their donations to a political cause

3 Jan 2018

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Tax | IRS sets out rules for computing transition tax

The US Treasury Department and the Internal Revenue Service (IRSH) has issued guidance for computing the transition tax following the enactment of the Tax Cuts and Jobs Act, ushering in major US tax reform

3 Jan 2018

International Tax

Image for case hmrcs amendment limited partners individual tax returns was lawful

Tax | Case: HMRC’s amendment of limited partners’ individual tax returns was lawful

The Supreme Court ruled, in the landmark De Silva case, that HMRC’s amendment of the taxpayers’ individual tax returns was lawful after partnership losses were stated at much reduced levels in a partnership settlement agreement

3 Jan 2018

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Tax | Knighthood for ex-HMRC exec in New Year honours list

Former HMRC executive chair Edward Troup, who stood down at the end of last year, has been given a knighthood in the New Year honours list, which saw nominees from industry and the economy make up 11% of the citations

2 Jan 2018

Accountancy Firms

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Tax | Guidance on postponing disguised remuneration loan charge

HMRC has published detailed guidance on how to apply to postpone the loan charge for outstanding disguised remuneration loan schemes, which is due to come into effect on 5 April 2019

2 Jan 2018

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Tax | UAE and Saudi Arabia introduce VAT

The United Arab Emirates (UAE) and Saudi Arabia have begun charging VAT on goods and services from 1 January 2018, becoming the first two states to implement the new tax which has been agreed in principle by the six-member Gulf Cooperation Council (GCC)

2 Jan 2018

International Tax

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Tax | Tax updates: January 2018

This month's review of tax cases and tax news including HMRC’s amendment of limited partners’ individual tax returns was lawful in De Silva case, penalty for failure to settle accelerated payment upheld, EU names 17 countries on first tax havens blacklist

2 Jan 2018

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Tax | Employment tax updates: January 2018

Jackie Hall ACA CTA, partner at RSM on HMRC's tax-free childcare scheme being delayed, NMW and NLW rates set to rise from April, off-payroll working in private sector

2 Jan 2018

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Tax | VAT updates: January 2018

Graham Elliott, VAT expert at City & Cambridge Consultancy unpicks anti-avoidance legislation in PGPH VAT case, treatment of barter of goods in Storer case, notice 742A on opting to tax updated

2 Jan 2018

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