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Tax | HMRC advisory fuel rates for company car users from 1 March

HMRC has published the latest advisory fuel rates (AFR) for company car users, effective from 1 March 2017 reflecting the constant trend in forecourt fuel prices

24 Feb 2017

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Image for government help savers lifetime isa

Tax | Government to help savers with Lifetime ISA

Government has introduced a tax-advantaged savings account, the Lifetime ISA, to support savers throughout their lives until the age of 50, which will in turn replace the problematic Help to Buy ISA from 6 April 2017

23 Feb 2017

Tax | Child trust fund limit raised to £4,128 from April

The limit on the contributions to Child Trust Funds will increase by 1% to £4,128 from April 2017 and the requirement to use a lifestyling investment strategy for the child by the age of 15 will be removed

23 Feb 2017

Tax | EU financial transactions tax plans face further delay

The group of ten EU countries which have agreed to go ahead with a financial transactions tax had an inconclusive meeting in Brussels this week, with differences of opinion emerging over the treatment of pension funds and growing calls for further exemptions to be built into the so-called ‘Robin Hood’ tax

23 Feb 2017

Tax | EU compromises on hybrid mismatch rules with non-EU countries

The European Council has reached a compromise on rules aimed at closing down hybrid mismatches with the tax systems of third countries to reduce risk of double taxation

23 Feb 2017

Tax | HMRC: software vendors will not be ready for Making Tax Digital

Making Tax Digital programme director Theresa Middleton has warned members of the House of Lords Economic Affairs Committee that some software vendors will not be ready to take part in the Making Tax Digital pilot scheme set to commence in April 2017. Calum Fuller reports

23 Feb 2017

Tax | Rangers EBT ‘big tax’ case to kick off in Supreme Court

The high-profile dispute between Rangers football club and HMRC over the use of employee benefit trusts (EBT) to make payments to staff and players reaches the Supreme Court next month, in a bid to resolve the issues of whether such payments amount to earnings, which would be taxable as income, or loans

23 Feb 2017

Tax | HMRC updates VAT guidance for racehorse owners

HMRC has updated its guidance on the VAT registration scheme for racehorse owners who run a business for the first time since 2002, including new advice on how to register and a change in contact details, and a reminder of the VAT status of any winner’s trophies

22 Feb 2017

Tax | Potential challenge to Uber over £20m VAT claim

Tax barrister Jolyon Maugham has indicated he is planning a legal challenge to rideshare company Uber, which he claims could owe some £20m annually in unpaid VAT on fares

22 Feb 2017

Tax | Scotland passes historic tax vote

There has been a historic vote in the Scottish Parliament where, for the first time in its history, MSPs have passed measures setting all income tax rates and bands, confirming that higher rate Scottish taxpayers will be paying more tax than their counterparts elsewhere in the UK

22 Feb 2017

Tax | Skilled workers not gig economy fuelling self employment

Analysis from the Resolution Foundation challenges the view that the recent increase in self-employment is down to the rise of the gig economy offering short-term, low paid work, arguing the majority of the growth has been high-skilled, higher-paying sectors, putting the tax take at risk

22 Feb 2017

Tax | Careless taxpayer has penalty reduced by £158k

A taxpayer, who has previously appeared on the Sunday Times rich list, has had his penalty reduced by £158,000 at a First Tier Tribunal (FTT), after he incorrectly claimed capital loss relief, on the basis that the penalty should be calculated upon the used portion of the loss only

21 Feb 2017

Tax | Microsoft founder Gates advocates robots pay taxes

Billionaire Bill Gates, the founder of Microsoft, has predicted that in future there will be a need for robots to pay taxes, as increasingly automation replaces more jobs, in order to prevent inequalities

21 Feb 2017

Tax | £30K tax-free redundancy payments to be scrapped

Government is planning to abolish rules under which the first £30,000 of redundancy payments are tax free in a move which will have far reaching implications for companies and employees from 2018, according to analysis from Wolters Kluwer

21 Feb 2017

Tax | NHS staff targeted by tax rebate scam

NHS workers are being targeted by a scam run by tax rebate companies that claim they offer services where they can get a refund, according to a warning put out by Action Fraud, the UK’s national reporting centre for fraud and cyber crime

21 Feb 2017

Tax | Hammond under pressure to review business rate rises

Chancellor Philip Hammond is coming under pressure to offer further concessions in the Budget next month to the planned hike in business rates, after Conservative MPs joined business groups and major retailers in a public outcry against the impact of new valuations, the first in seven years

21 Feb 2017