Tax

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Image for hmrc chief tells mps low staff morale worry

Tax | HMRC chief tells MPs low staff morale is ‘a worry’

Jon Thompson, HMRC’s newly appointed chief executive, has identified low staff morale and the move to in-house IT provision as among the key challenges the department faces, and has told the Treasury select committee that some of the past criticisms of poor performance have been justified

9 Jun 2016

Accountancy Firms

Leadership & Management

Image for changes tax relief pensions scottish taxpayers

Tax | Changes to tax relief on pensions for Scottish taxpayers

The introduction of the Scottish Rate of Income Tax (SRIT) from April 2016 means that registered pension scheme administrators and pension providers will need to make changes to their IT systems for Scottish taxpayers before April 2018

8 Jun 2016

Image for sports direct admits unfair play over national minimum wage

Tax | Sports Direct admits unfair play over National Minimum Wage

HMRC is investigating Sports Direct over the retailer’s failure to pay its staff the National Minimum Wage (NMW) and the company is in talks about arrangements to make back payments to staff, according to evidence given to MPs by founder Mike Ashley

8 Jun 2016

Called to Account

Image for gauke confirms prescribed format moving digital tax accounts

Tax | Gauke confirms ‘prescribed’ format for moving to digital tax accounts

HMRC’s making tax digital (MTD) plans will require businesses to submit quarterly updates of their tax and financial status using software which is compatible with HMRC’s own systems, to allow for direct transfer of data, according to information supplied to the Treasury select committee in response to concerns raised over the cost and complexity of the new requirements

8 Jun 2016

Making Tax Digital

Image for accountants slow offer probate services

Tax | Accountants slow to offer probate services

Accountants view probate work as a potential future area of growth, but need to spend more time marketing their new services if they are to achieve expected revenues, according to research by training provider swat UK

8 Jun 2016

Image for nunn wear and tear relief buy let landlords

Tax | Nunn: wear and tear relief for buy-to-let landlords

Yvette Nunn CTA, director at Berkeley Associates, considers the complexity of wear and tear relief for landlords, outlining the winners and losers in the new relief for replacement of domestic items for landlords

7 Jun 2016

Image for hmrc plans it downtime overnight 7 june

Tax | HMRC plans IT downtime overnight 7 June

Due to planned maintenance advisers and taxpayers will not be able to access HMRC Online Services overnight on 7 June

7 Jun 2016

Making Tax Digital

Image for taxpayers must check p60s avoid overpaying tax savings

Tax | Taxpayers must check P60s to avoid overpaying tax on savings

Taxpayers are being urged to doublecheck their P60s this year to avoid overpaying tax as a result of a raft of changes to tax on personal savings which sees banks and building societies paying interest without tax deductions at source

7 Jun 2016

Image for end paper tax disc sees ps200m hike evasion

Tax | End of paper tax disc sees £200m hike in evasion

Switching from a paper tax disc to an online system for collecting Vehicle Excise Duty (VED) has prompted a fall of over £200m in the amount of tax collected by the Driver and Vehicle Licensing Agency (DVLA) in the first six months of operation, new figures suggest

7 Jun 2016

Image for hmrc consultation digs landfill tax issues

Tax | HMRC consultation digs into landfill tax issues

HMRC is consulting on proposals to amend the definition of a taxable disposal at a landfill site and for information on the disposal on certain types of hazardous material, as part of a bid to clarify the landfill tax and provide greater certainty about its operation

7 Jun 2016

Image for big business needs improve reporting tax warns icas

Tax | Big business needs to improve reporting on tax, warns ICAS

ICAS is warning that big business needs to do more to explain their approach to paying tax, after a survey found that only a third of those polled believe the UK’s largest companies are paying their fair share

7 Jun 2016

International Tax

Image for beps set raise corporate tax rate 5

Tax | BEPS set to raise corporate tax rate by 5%

International businesses are predicting a 5% average increase in effective tax rates as a result of the OECD’s Base Erosion and Profit Shifting (BEPS) action plan, but are split on who will shoulder the burden, according to research by RSM which suggests middle market companies as well as multinationals will feel the impact

6 Jun 2016

International Tax

Image for property investors hit ps174m ated bill

Tax | Property investors hit by £174m ATED bill

There has been a 50% hike in the amount collected by HMRC via the Annual Tax on Enveloped Dwellings (ATED), with an extension of the charge boosting tax revenue to £174m last year according to analysis by law firm Collyer Bristow, which warns of the potential impact on foreign property investors

6 Jun 2016

Image for hmrc beats little wing films ps100m tax avoidance scheme

Tax | HMRC beats Little Wing Films in £100m tax avoidance scheme

In a long-running case involving film schemes, HMRC has won a case involving the abuse of a tax avoidance scheme estimated to be worth around £100m run by Little Wing Films, after four men falsely claimed to have invested £275m into offshore companies

6 Jun 2016

Called to Account

Image for negative publicity impacts aggressive corporate transfer pricing

Tax | Negative publicity impacts aggressive corporate transfer pricing

There has been a 15% reduction in the number of HMRC investigations into high-value big companies suspected of using transfer pricing to avoid tax, according to analysis from UHY Hacker Young which suggests concerns over reputational damage, coupled with cuts in corporation tax, may have played a part

6 Jun 2016

International Tax

Law and Regulation

Image for european commission calls level playing field sharing economy tax

Tax | European Commission calls for ‘level playing field’ on sharing economy tax

The European Commission has issued guidance urging member states to ensure their taxation and regulatory regimes support the growth of the ‘collaborative’ or ‘sharing’ economy such as Airbnb and Uber, and indicated that new online platforms may also help cut the costs and effort required for tax administration

6 Jun 2016

International Tax

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