Tax

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Image for hmrc updates guidance dotas tax avoidance scheme changes

Tax | HMRC updates guidance on DOTAS tax avoidance scheme changes

HMRC has issued guidance on disclosure of tax avoidance schemes (DOTAS) and promoters of tax avoidance schemes (POTAS) in the light of changes to the rules made as a result of the Finance Act 2014 and Finance Act 2015, which introduce more onerous reporting requirements and the imposition of a broader penalty scheme

7 Sep 2015

Tax | Osborne in front of House of Lords committee

Parliamentary committees are back up and running next week with HMRC officials, including chief Lin Homer, due before the Public Accounts Committee and the Chancellor starting the week with a grilling by the House of Lords economic affairs committee

4 Sep 2015

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Tax | Irish tax rules for start-ups undermine growth despite 12.5% CT rate

Attempts by Ireland to attract more start-up companies and encourage entrepreneurs are being hampered by ‘immensely restrictive’ capital gains tax (CGT) rules coupled with a ‘penal regime’ for offering share options, make it difficult for Ireland to compete with their UK equivalents, Mary Honohan, incoming president of the Irish Tax Institute is warning. Pat Sweet reports

4 Sep 2015

International Tax

Tax | Scottish government gives £1.75m boost to film producers

The Scottish government has given a boost to film and TV producers with the creation of a £1.75m production growth fund to incentivise producers to base their productions in Scotland, building on the success of Skyfall, World War Z and Outlander

3 Sep 2015

| Cheshire businessman disqualified over failure to pay £90K tax bill

A company director from Cheshire who paid trade creditors ahead of £90,000 in outstanding tax liabilities when his business went into liquidation has been disqualified for three years and six months following an investigation by the Insolvency Service

3 Sep 2015

Called to Account

Image for india backtracks mat tax charge foreign investors

Tax | India backtracks on MAT tax charge for foreign investors

The Indian government has pulled back on a punitive tax charge for investors and has confirmed that it is no longer planning to levy of up to $6.4bn (£4.2bn) of backdated minimum alternate tax (MAT) charges on foreign institutional investors in a move which has been welcomed by UK finance companies operating in the country

3 Sep 2015

International Tax

Image for treasury faces legal challenge climate change levy

Tax | Treasury faces legal challenge on Climate Change Levy

The Treasury is facing a legal challenge over its handling of plans announced in the Summer Budget to remove the exemption from the Climate Change Levy (CCL) for electricity generated from renewable sources, with two energy companies seeking a judicial review of the notice period for the changes claiming not enough time was allowed, reports Pat Sweet

3 Sep 2015

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Tax | Comment: if you look like an employee and act like an employee…

Baker Tilly employment tax expert Lesley Fidler considers the fallout from the government’s clampdown on employment intermediaries including umbrella companies and agencies, and the impact on tax liability for employees hired through such organisations

3 Sep 2015

Image for new cpd module employment intermediaries reporting procedures

Tax | NEW: CPD module on employment intermediaries - reporting procedures

This month’s CPD module focuses on the new reporting rules for employment intermediaries which came into force from 6 April 2015, requiring quarterly reporting to HMRC about freelance contractors

3 Sep 2015

Image for merging income tax and nics how would it work practice

Tax | Merging income tax and NICs: how would it work in practice?

Calls are made regularly to merge tax and national insurance contributions (NICs), and once again, the issue is back on the agenda as the Office of Tax Simplification is charged with a new remit to review possible merger options. Sarah Bradford ACA CTA considers the pros and cons

3 Sep 2015

Image for us district columbia plans put channel islands tax haven list

Tax | US District of Columbia plans to put Channel Islands on tax haven list

The US District of Columbia (DC), home to the US capital, is set to pass legislation listing the Channel Islands, the Isle of Man and several British overseas territories on a proposed list of specified tax havens, in a bid to counter the state impact of perceived international income shifting

2 Sep 2015

International Tax

Image for daily mail publisher wins voucher vat reclaim appeal

Tax | Daily Mail publisher wins voucher VAT reclaim appeal

Associated Newspapers Ltd, publisher of the Daily Mail and the Mail on Sunday newspapers, has won a First Tier Tribunal (FTT) appeal over the VAT treatment of retailer vouchers it distributed as part of marketing and sales promotions, in what was identified as a complex case which is likely to be subject to further legal argument

2 Sep 2015

Tax | Chinese restaurant owner takes away jail sentence for tax fraud

A Chinese restaurant owner who claimed more than £100,000 in VAT repayments has been jailed, after an HMRC official spotted spelling mistakes and inconsistencies in a series of forged invoices for property refurbishments

2 Sep 2015

Called to Account

Image for dividend tax changes signal higher tax bills contractors

Tax | Dividend tax changes signal higher tax bills for contractors

Contractors are facing higher tax bills after a testing Summer Budget targets one-person limited companies with reviews of IR35 intermediaries legislation and the fallout from changes to dividend taxation, says Chris Barnard ACCA, accountancy technical manager at Crunch Accounting

2 Sep 2015

Tax | Joint Capgemini HMRC call centre opens in Telford

As HMRC moves towards online delivery of all its services with the closure of walk-in tax offices, Telford is the latest site for a brand new HMRC national digital delivery centre, the tax department’s call centre and IT support operation which will provide helpline services to online customers, including tax advisers and individual taxpayers

1 Sep 2015

Tax | Non doms pay £6.6bn in taxes in 2014-15 despite higher RBC

Government attempts to curb the number of UK-based non-domiciled taxpayers by increasing annual charges, identifying abuse of the system and changing the three-year rule appear to be failing as non doms paid £6.6bn in total taxes over 2014-15, marking a 7% increase on the previous year

1 Sep 2015

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