Tax

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Image for bvi consults country country reporting

Tax | BVI consults on country-by-country reporting

The British Virgin Islands (BVI) has announced the launch of a two-week long private sector consultation on the impact of country-by-country reporting (CBCR) in response to the OECD’s Base Erosion and Profit Shifting (BEPS) project and other initiatives designed to improve tax transparency

8 Sep 2016

International Tax

Image for restructure shakes customer service and compliance teams hmrc

Tax | Restructure shakes up customer service and compliance teams at HMRC

In a major shakeup, HMRC has announced plans to restructure the organisation to improve customer service and focus on client needs, marking a move away from the siloed approach of the current tax department as it creates three core groups to deal with customers, strategy and compliance

8 Sep 2016

Making Tax Digital

Accountancy Firms

Image for self apple tax demand shows state aid rule eu lever change behaviour

Tax | Self: Apple tax demand shows state aid rule is EU lever to change behaviour

The European Commission's decision on Apple's tax arrangements in Ireland caused a seismic shock in the business and tax worlds and raises questions about the EU’s motives, says Heather Self, partner at Pinsent Masons

8 Sep 2016

International Tax

Image for hmrc chief sets out strategy making tax digital and regional hubs

Tax | HMRC chief sets out strategy on Making Tax Digital and regional hubs

The head of HMRC, Jon Thompson, has set out the key priorities for the tax authority at the latest HMRC Stakeholder Conference held on 5 September, with a focus on maximising tax revenue, focusing on the rollout of the ambitious Making Tax Digital programme as well as details on the first regional tax hub

8 Sep 2016

Making Tax Digital

Accountancy Firms

Image for overhaul jersey trusts could hurt settlors

Tax | Overhaul of Jersey trusts could hurt settlors

As the Jersey government plans to overhaul its trust laws, the impact on tax planning will be significant. Gilead Cooper QC is far from convinced about the benefits for settlors

8 Sep 2016

Image for croydon site set hmrc superhub opening 2017

Tax | Croydon site set for HMRC superhub opening in 2017

Jon Thompson, head of HMRC, has confirmed that a lease has been signed for the first regional hub in Croydon in south London with employees moving in next year as part of HMRC’s nationwide office restructure announced last year

8 Sep 2016

Accountancy Firms

Image for eu vat gap hits ps134bn after poor collection rates and fraud

Tax | EU VAT gap hits £134bn after poor collection rates and fraud

The EU VAT gap has hit €159.5bn (£134bn) as the volume of VAT revenues lost across the EU in 2014 failed to improve significantly over 2015, according to figures released by the European Commission, highlighting continuing failures across member states to tackle VAT fraud

8 Sep 2016

Image for multinationals publish country country reporting tax data

Tax | Multinationals to publish country-by-country reporting tax data

Labour MP Caroline Flint, a member of the Public Accounts Committee (PAC), has been successful in introducing an amendment to the Finance Bill which would require multinationals to make public their country by country reporting (CBCR) for the first time

7 Sep 2016

International Tax

Image for worldwide disclosure facility last chance offshore taxpayers

Tax | Worldwide Disclosure Facility ‘last chance’ for offshore taxpayers

Terms offered to taxpayers via the Worldwide Disclosure Facility, launched on 5 September, may not be attractive enough to incentivise large numbers to come forward, warns law firm Pinsent Masons

7 Sep 2016

International Tax

Image for face face sessions making tax digital scheduled

Tax | Face-to-face sessions on Making Tax Digital scheduled

HMRC is running a schedule of face-to-face events across the UK in September and October of this year to encourage people to respond to the Making Tax Digital (MTD) consultations

7 Sep 2016

Making Tax Digital

Image for troup set out revised approach big business tax assurance october

Tax | Troup to set out revised approach to big business tax assurance by October

HMRC plans to release details of new tax assurance arrangements and performance targets for the department later this month, according to presentations at its annual stakeholder conference earlier this week

7 Sep 2016

Accountancy Firms

Image for ingenious case pyrrhic victory

Tax | Ingenious case: a Pyrrhic victory?

The decision in the Ingenious partnerships tax case highlights risks around leveraged loan-based investments, says Tessa Lorimer, special counsel, tax investigations team, Withers

7 Sep 2016

Law and Regulation

Image for hmrc delays rules vat treatment pension scheme administration services

Tax | HMRC delays rules on VAT treatment of pension scheme administration services

HMRC has announced it is to extend by 12 months the transitional period for new rules on an employer’s entitlement to deduct VAT paid on services relating to the administration of defined benefit pension schemes and the management of their assets, which will now end on 31 December 2017

6 Sep 2016

Image for hmrc updates guidance employee benefit trust settlements

Tax | HMRC updates guidance on employee benefit trust settlements

Following the closure of the HMRC settlement period for for employee benefit trust settlement opportunity (EBTSO) last year, the tax authority has set out revised guidance outlining how income tax will be offset for non-disclosed years

6 Sep 2016

Image for obama warns g20 risk tax race bottom

Tax | Obama warns G20 of risk of tax ‘race to the bottom’

The G20 summit in China has stressed the need for international tax cooperation to achieve ‘a globally fair and modern international tax system’, after US President Obama warned of the risks if countries ‘race to the bottom’ in tax policies

6 Sep 2016

International Tax

Image for minister confirms making tax digital delayed until 2019 some businesses

Tax | Minister confirms Making Tax Digital delayed until 2019 for some businesses

Jane Ellison, finance secretary to the Treasury, has confirmed that the introduction of Making Tax Digital (MTD) for the majority of businesses will be delayed to 2019 to allow them more time to prepare, an announcement first referenced in the swathe of consultation documents released on 15 August

6 Sep 2016

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