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Tax | HMRC warning on interest relief tax avoidance schemes

HMRC has issued guidance on tax avoidance schemes which seek to exploit the relief available for interest on loans taken out to invest in trading partnerships, in the light of recent wins at tax tribunals

26 Oct 2015

Tax

Tax Compliance

Tax Planning

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Tax | ECJ rules bitcoin exchange transactions exempt from VAT

Virtual currencies such as bitcoin can be exchanged without VAT in the EU, following a ruling from the European Court of Justice (ECJ), in a move seen as widening acceptance of so-called ‘cryptocurrencies’

26 Oct 2015

Tax

VAT

Tax | OTS seeks views on small company taxation

A review into small company taxation by the Office of Tax Simplification (OTS) is kicking off with a questionnaire asking for feedback from affected stakeholders and tax agents on a number of issues and questions it plans to use as the framework for the review

26 Oct 2015

Tax

Business Tax

Consultations

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Tax | HMRC told to pay up to £6m in FII Group litigation costs

The High Court has ordered HMRC to pay the lion’s share of an estimated £9m in costs claimed as a result of the long running and highly complex Franked Investment Income (FII) group litigation, which relates to the different UK corporation tax treatment of UK and foreign dividends in the hands of UK companies, reports Pat Sweet

26 Oct 2015

Tax

Tax Compliance

Case Reports

Tax | HMRC sees glittering prize from £2.5m gold haul

HMRC is to auction off almost 150 kilos of gold, estimated to be worth more than £2.5m, which was smuggled into the UK by a criminal gang

23 Oct 2015

Tax

Tax Compliance

Called to Account

Tax | HMRC updates corporation tax filing software settings

Companies and their agents should be aware that they will need to change their Adobe Reader trust settings when filing corporation tax (CT) returns online to take account of a new version of the software

23 Oct 2015

Tax

Business Tax

Tax Compliance

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Tax | Fiat and Starbucks face €30m tax demand after state aid ruling

Multinationals Fiat and Starbucks face making tax repayments of between €20m (£14.6m) and €30m (£22m) now the European Commission has found that Luxembourg and the Netherlands granted both companies selective tax advantages which are illegal under EU state aid rules

21 Oct 2015

Tax | HMRC abolishes controversial Business Record Checks

In a surprise move, HMRC has withdrawn its Business Record Checks compliance initiative, with immediate effect following a three-year pilot which has come in for criticism from professional bodies as being too general and failing to educate non-compliant businesses about their responsibilities, reports Sara White

21 Oct 2015

Tax | Buy-to-let tax changes: pros and cons of incorporation to reduce tax liability

With significant changes to buy-to-let taxation in the pipeline, which landlords will be affected and what are their options? Adam Owens, senior tax consultant, OneE Group explores the impact of the measures announced by the Chancellor in the Summer Budget and considers the pros and cons of incorporation

21 Oct 2015

Tax | US offshore tax compliance clampdown pulls in $8bn

The US Internal Revenue Service (IRS) says automatic reporting of foreign accounts has made it much easier to track US taxpayers who fail to declare assets held overseas, and warns individuals to move quickly to take advantage of offshore disclosure opportunities which have brought in more than $8bn (£5.17bn) from 54,000 taxpayers since 2009

20 Oct 2015

Tax

International Tax

Tax Compliance

Tax | HMRC updates PAYE late payment and penalties guidance

HMRC has update the guidance on what payroll information to report to HMRC in the Full Payment Submission (FPS) and Employer Payment Summary (EPS) for PAYE payments, which include changes to late reporting guidance

19 Oct 2015

Tax

Employment Tax

Tax Compliance

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Tax | Scottish rate of income tax leaves little room for rate change

With six months to go until the rollout of the Scottish rate of income tax (SRIT), it is unlikely any change to the existing rates will be set before the UK's Autumn Statement next month and even if the Scottish government does alter income tax, First Minister Nicola Sturgeon says the new tax powers are 'not progressive'

16 Oct 2015

Tax | PwC warning on cost of National Living Wage on payroll

Major employers in sectors such as retail could see wage bills rise by up to £3.8m per company next year due to the introduction of the National Living Wage (NLW), according to analysis by PwC, which warns businesses need to prepare for the impact of higher payroll payments

15 Oct 2015

Tax | Buy-to-let tax amnesty raises record £50m for HMRC

HMRC has recovered a record £50m from tax-evading residential landlords in the latest buy-to-let property landlords settlement and disclosure campain, which gave landlords an amnesty to get their tax affairs in order, making it one of the most successful voluntary disclosure opportunities

15 Oct 2015

Tax | Inheritance tax bill tops £3bn as 6% of estates pay average £170k

Inheritance tax (IHT) receipts have gone through the £3bn barrier, while the average bill for an estate is now over £170,000, with 6% of estates liable for the death taxes, finds research by insurance company Prudential

15 Oct 2015

Tax

Personal Tax

Tax Compliance

Tax | EU MOSS VAT website up for review - have your say

The European Commission is planning to overhaul the EU VAT digital MOSS website to make it more user-friendly and reduce the use of inaccessible Excel spreadsheets, all part of a review into the future of the MOSS rules as a result of widespread disquiet about the compliance requirements for micro businesses and small traders with minimal VAT chargeable sales

14 Oct 2015

Tax

VAT

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Latest news

Tax | HMRC warning on interest relief tax avoidance schemes

Tax | ECJ rules bitcoin exchange transactions exempt from VAT

Tax | OTS seeks views on small company taxation

Tax | HMRC told to pay up to £6m in FII Group litigation costs

Tax | HMRC sees glittering prize from £2.5m gold haul

Tax | HMRC updates corporation tax filing software settings

Tax | Fiat and Starbucks face €30m tax demand after state aid ruling

Tax | HMRC abolishes controversial Business Record Checks

Tax | Buy-to-let tax changes: pros and cons of incorporation to reduce tax liability

Tax | US offshore tax compliance clampdown pulls in $8bn

Tax | HMRC updates PAYE late payment and penalties guidance

Tax | Scottish rate of income tax leaves little room for rate change

Tax | PwC warning on cost of National Living Wage on payroll

Tax | Buy-to-let tax amnesty raises record £50m for HMRC

Tax | Inheritance tax bill tops £3bn as 6% of estates pay average £170k

Tax | EU MOSS VAT website up for review - have your say