Tax

Latest news

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Tax | HMRC updates National Minimum Wage guidance

The National Minimum Wage (NMW) for workers under the age of 25 and apprentices has increased by between 3% and 4.7%, with employers having to implement the new rates from 1 October

3 Oct 2016

Tax | Help to Buy mortgage guarantee scheme withdrawn

The Help to Buy Mortgage Guarantee Scheme will close to new loans on 31 December 2016 as the availability of higher loan to value mortgages has improved, the Chancellor has confirmed

3 Oct 2016

Tax

Property Tax

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Tax | Tax advisers to send warning letters on taxing offshore assets

HMRC has published guidance on a letter which tax advisers and financial institutions may need to send to clients who have income or assets overseas, explaining its wider powers to exchange tax information with other jurisdictions and urging anyone who is in doubt about their offshore tax position to seek advice

3 Oct 2016

Tax | Call for Chancellor to review approach to tax policy

Ahead of Philip Hammond’s first speech as Chancellor to the Conservative party conference later today, CIOT, the Institute for Fiscal Studies (IFS) and the Institute for Government (IfG) are urging him to make immediate changes to the way tax policy is made, saying it remains ‘hard to discern a clear strategy for key parts of the tax system’

3 Oct 2016

Tax

Tax Planning

Politics

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Tax | Tax filing deadlines: Oct 2016 - Jan 2017

The key HMRC filing deadlines from October to January 2017 including PAYE settlement agreement, self assessment tax returns, PAYE cheque payments

3 Oct 2016

Tax | Consultations: Oct-Nov 2016

A roundup of current consultations from HMRC, including the Making Tax Digital strategy bundle, benefits-in-kind for salary sacrifice, company car tax, reforms to non dom taxation, tackling offshore tax evasion

3 Oct 2016

Tax

HMRC

Consultations

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Tax | Employment tax updates: October 2016

Jackie Hall ACA CTA, partner at RSM on revised guidance for employee benefit trust, advisory fuel rates and consultation on salary sacrifice

3 Oct 2016

Tax

Employment Tax

Tax | VAT updates: October 2016

Graham Elliott, director, City & Cambridge Consultancy on ramifications of Denplan ECJ ruling, over-declaration on split dwellings, pension funds

3 Oct 2016

Tax

VAT

Image for making tax digital key dates and projected timetable

Tax | Making Tax Digital: key dates and projected timetable

Find out more about plans for the Making Tax Digital timetable, from the original inception in 2010 to mandatory quarterly reporting and the final deadline for corporation tax obligations in 2020. This timetable is subject to review depending on HMRC deadlines and software requirements

3 Oct 2016

Tax | Making Tax Digital: overhauling tax reporting

The ambitious and rushed HMRC Making Tax Digital plan calls for a complete IT overhaul for advisers and businesses when it comes to tax filings, quarterly reporting and inevitably a changed relationship with the tax authorities, reports Calum Fuller

3 Oct 2016

Tax | Tax updates: October 2016

In this month’s review of tax cases and updates, customer service priority for HMRC, Icebreakers lead appeal dismissed, partial win for Greene King group, points-based penalty system for Making Tax Digital

3 Oct 2016

Tax | Making Tax Digital: consultations at a glance - deadline 7 Nov

In mid-August, HMRC released six consultations on Making Tax Digital (MTD), focusing on the self-employed, smallest micro and unincorporated businesses, buy-to-let landlords and partnerships, although there were gaps in the consultation splurge with no detail on quarterly reporting for incorporated businesses or detail for charities

3 Oct 2016

Tax | Editor's comment: Making Tax Digital creates shockwave

Making Tax Digital, the overhaul of the current tax system, is causing outcry among many businesses, with the main concern being the short timeframe scheduled for the implementation and the scarcity of solid information about the actual transition to quarterly reporting, says Sara White, editor of Accountancy

3 Oct 2016

Tax | Ellison spearheads 'enabler' plans as financial secretary

David Gauke’s successor as financial secretary to the Treasury is Jane Ellison, Conservative MP for Battersea, who does not share the same background in tax as her predecessor

30 Sep 2016

Tax

Tax Compliance

Politics

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Tax | Call for more information on Scotland’s tax and spending

The Auditor General has challenged the Scottish government to provide more transparency over the reporting of public finances following its 2015/16 audit of the consolidated accounts, saying there is more work to do as new financial powers are introduced at a time of uncertainty created by the EU referendum result

30 Sep 2016

Tax | Global tax regimes play key role in emigration

Tax regimes and financial factors, as well as lifestyle, are key considerations for individuals that are looking to emigrate to other countries, according to BDO’s Global Opportunities report

30 Sep 2016