Tax

Latest news

Image for potential traps avoid your vat return part 2

Tax | Potential traps to avoid in your VAT return - part 2

In part two of our series on VAT compliance, The Tax Guys managing partner Jonathan Amponsah outlines five potential pitfalls to avoid in making VAT returns from overseas transactions to whether to claim VAT on business entertainment

19 Apr 2017

Tax | Making Tax Digital should be ‘put into cold storage’, say MPs

In the latest twist in the Making Tax Digital saga, the influential Treasury Committee is reviewing calls for the move to quarterly reporting to be parked until HMRC can provide more clarity on software and IT availability issues folowing the latest hearing on the plans, reports Sara White

18 Apr 2017

Tax | May announces snap election on June 8

Prime minister Teresa May has announced a snap general election will be held on 8 June, saying she has only ‘recently and reluctantly’ decided this is needed to ensure parliamentary unity on Brexit negotiations, in a move likely to impact the passage of the Finance Bill through Parliament

18 Apr 2017

Tax

Tax Planning

Politics

Image for hmrc collects ps943m large businesses hit apns

Tax | HMRC collects £943m as large businesses hit by APNs

HMRC has collected £943m from large businesses via accelerated payment notices (APNs) over the last year, according to law firm Pinsent Masons, which says the collection is likely to relate to use of a range of suspected avoidance schemes and arrangements, including those making use of employee benefit trusts (EBTs) to reduce tax paid

18 Apr 2017

Tax | Trump tax reform hits setback

President Donald Trump’s plans for ambitious changes to US tax rules, including slashing the rate of corporation tax and introducing a one-off repatriation tax for multinationals with profits held offshore, are now likely to take longer to implement than previously expected

18 Apr 2017

Tax | HMRC clamps down on online trader tax defaulters

HMRC is imposing increasingly harsh penalties on small scale online retailers using internet marketplaces and who underpay their tax, according to research by Moore Stephens

18 Apr 2017

Tax | Brexit and EU rules: Posting of Workers Directive – part 2

In part two of our EU Directives series, Stefan Petrovski, accountant at Paris-based accounting firm Primexis, considers changes to the rules on secondment and posting of workers to other EU member states for provision of services by companies under the Posting of Workers Directive

18 Apr 2017

Tax | OECD sets out plans for first OECD Act on VAT

The OECD has set out plans to issue an official VAT and general sales tax act, incorporated into OECD guidance to help harmonise global compliance and collection to improve levels of VAT and general sales tax collection, and reduce evasion

13 Apr 2017

Tax | US companies in line for $327bn offshore tax windfall

President Trump’s plans for a new one-off repatriation tax to encourage multinationals to bring offshore profits back to the US stands to give the 50 biggest US companies a windfall of between $312bn (£249bn) and $327bn (£260bn), according to research by Oxfam

13 Apr 2017

Tax | APN claim for interim relief refused

A High Court judge has found in favour of HMRC in a preliminary ruling about whether applicants could seek interim relief from paying accelerated payment notices (APNs) or partner payment notices (PPNs), in a decision which the tax authority says will potentially safeguard more than £756m

13 Apr 2017

Tax | Levine: US may shift to territorial tax regime

The US tax system could be on the cusp of a major shake up with adoption of a territorial corporate regime which could hit importers heavily, explains Scott Levine, partner in the tax practice at global law firm Jones Day

13 Apr 2017

Tax | Treasury committee ramps up scrutiny of tax policy

Tax policy faces greater scrutiny from the Treasury Select Committee as it plans four additional evidence sessions focusing on tax measures such as Making Tax Digital and the tax treatment of the self-employed

12 Apr 2017

Tax | Pulitzer prize for Panama Papers investigation

The team behind the Panama Papers investigation, which revealed thousands of examples of international tax avoidance via offshore entities, has been awarded journalism’s top honour, the Pulitzer prize for explanatory reporting, a year after the findings were first published

12 Apr 2017

Tax | Corporate interest restriction rules: compliance tips and advice

Ben Moseley, partner and Helen Chadwick, director at Deloitte LLP, analyses the impact of the corporate interest restriction rules effective 1 April 2017 providing insight into the complexities for multinational companies and compliance requirements

12 Apr 2017

Tax | Interest rates for student loans revised

From April 2017, interest rates for plan two student loans will be charged based on income with HMRC stating that public authorities are not required to deduct student loan repayments despite IR35 reform to contractors in the public sector

11 Apr 2017

Tax | HMRC briefing on PAYE changes

HMRC has published a briefing on changes to the PAYE P6 coding notice system which are meant to ensure taxpayers pay the correct tax whenever their circumstances change, and to remove the need to wait for tax refunds or make additional year-end payments

11 Apr 2017