Tax

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Image for partnership taxation hmrc sets sights partners tax proposals

Tax | Partnership taxation: HMRC sets sights on partners with tax proposals

HMRC’s internal issues with the tax treatment of partners could lead to an unwieldy tax framework for partnerships if the proposals in the latest consultation on the tax treatment of partners gets the go-ahead. Mark Cawthron, specialist tax writer at CCH, unpicks the proposals and considers the pros and cons from a partnership perspective

13 Oct 2016

Accountancy Firms

Image for hammond makes national infrastructure committee permanent body

Tax | Hammond makes National Infrastructure Committee permanent body

Chancellor, Philip Hammond, is making the National Infrastructure Committee (NIC) a permanent body from January 2017, which will provide government with advice on investments and infrastructure priorities

13 Oct 2016

Image for irish finance minister uses budget insulate economy brexit

Tax | Irish finance minister uses Budget to insulate economy from Brexit

Ireland’s finance minister Michael Noonan allocated €1.3bn (£1.2bn) for tax cuts and public spending increases as he used the Budget to reinforce the country’s economy following the Brexit vote

13 Oct 2016

Image for treasury lost ps300m over stamp duty property tax forestalling

Tax | Treasury lost £300m over stamp duty property tax ‘forestalling’

The government’s decision to pre-announce its intention to introduce the 3% stamp duty land tax (SDLT) surcharge on additional residential properties in April resulted in a net tax loss of over £300m according to a report by the Office for Budget Responsibility (OBR), which looked at the ‘forestalling’ effect on changes in property taxes

12 Oct 2016

Image for hmrc boss face mps over concentrix contract

Tax | HMRC boss to face MPs over Concentrix contract

Jon Thompson, HMRC chief executive, has been asked to appear before the Treasury select committee as part of an inquiry into the decision not to renew an outsourcing contract with Concentrix contract for checking tax credits, following widespread criticism of the company’s performance

12 Oct 2016

Image for hmrc releases more making tax digital webinars

Tax | HMRC releases more Making Tax Digital webinars

HMRC has set up more Making Tax Digital webinars that will run throughout October, providing tax advisers, businesses and landlords with the opportunity to find out more about the move to digital tax accounts and ask further questions on the six consultations, which are still ongoing

12 Oct 2016

Making Tax Digital

Image for plan enabling rules puts tax advisers double risk

Tax | Plan for ‘enabling’ rules puts tax advisers at double risk

HMRC’s proposals to introduce fines for accountants and other tax specialists for ‘enabling’ tax avoidance under new rules could result in them being punished simply for giving their opinion on the legality of tax arrangements, City law firm RPC is warning

12 Oct 2016

Image for mali government escalates tax dispute ftse 100 gold miner

Tax | Mali government escalates tax dispute with FTSE 100 gold miner

Jersey-headquartered Randgold Resources has criticised the government of Mali after the latest phase in a $280m (£227m) tax dispute saw the gold mining company’s offices in the capital of the West African country shut down

11 Oct 2016

International Tax

Image for eu has no problem irelands 125 corporation tax

Tax | EU has ‘no problem’ with Ireland’s 12.5% corporation tax

The EU competition commissioner Margrethe Vestager has made it clear that there are no plans for the EU to call for Ireland to review its corporation tax policies, nor to extend its investigations into Google’s tax affairs

11 Oct 2016

International Tax

Image for izza stop attacking accountants

Tax | Izza: stop attacking accountants

Following Theresa May’s speech to the Conservative Party Conference last week, ICAEW chief executive Michael Izza has made a bullish response, repeating calls for the government to approve the profession’s ethical code

11 Oct 2016

International Tax

Image for hmrc adds category penalties offshore matters

Tax | HMRC adds category on penalties for offshore matters

A category has been added to HMRC’s factsheet on higher penalties for offshore matters, with the added section providing information on less extreme penalties given for territories that exchange information with the tax authority automatically

10 Oct 2016

Image for devolved welsh income tax pure folly

Tax | Devolved Welsh income tax ‘pure folly’

Ahead of this afternoon’s second reading of the Wales bill in the House of Lords, Labour peer Peter Hain has launched an attack on proposals to devolve income tax powers to Wales without first holding a referendum

10 Oct 2016

Image for hmrc considering tax status 100 bbc presenters

Tax | HMRC considering tax status of 100 BBC presenters

HMRC is investigating around 100 BBC presenters over claims they used personal service companies (PSCs) in a bid to reduce the amount of tax they paid when working as staff at the organisation, according to evidence presented to a First Tier Tribunal (FTT)

10 Oct 2016

Image for henderson diversified discusses transfer uk due tax changes

Tax | Henderson Diversified discusses transfer to UK due to tax changes

The Henderson Diversified Income Trust (HDIL) is considering leaving its offshore bases in Jersey and Luxembourg to relaunch in the UK and take advantage of the investment trust company tax regime

10 Oct 2016

International Tax

Image for post brexit what next uk property tax

Tax | Post-Brexit: what next for UK property tax?

Commercial property deals have been hit by Brexit while high end residential sales were already stalling due to tax changes, but the continual tax clampdown on buy-to-let investors is simply adding to a stalling market, warns Kersten Muller, partner, real estate at Grant Thornton UK LLP

10 Oct 2016

Image for hmrc publishes records management and retention policy

Tax | HMRC publishes records management and retention policy

HMRC has issued a paper outlining the outlining its records management and retention and disposal policy, which must also be supported by any third parties handling HMRC documentation

7 Oct 2016

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