Tax

Latest news

Tax | HMRC clarifies rules for accounting for credit losses under IFRS 9

Revised rules on the tax treatment of credit losses as a result of the introduction of IFRS 9, Financial Instruments, has come into force with amendments to the Change of Accounting Practice Regulations 2004 (SI 2004/3271)

6 Aug 2015

Tax | Deeds of variation consultation baffles tax advisers

Any revisions to the rules on deeds of variation are likely to cause a headache for tax advisers where clients have tricky probate situations, warns Lynne Rowland, tax partner at Kingston Smith

6 Aug 2015

Tax | HMRC launches sideways loss relief settlement opportunity

HMRC has published guidance about a settlement opportunity for participants in certain tax avoidance schemes involving sideways loss relief

5 Aug 2015

Tax | HMRC clarifies VAT treatment of verandahs sold with caravans

Following the decision of the Upper Tribunal in the Colaingrove case, HMRC has accepted that verandahs sold with caravans should be treated as a single supply for VAT purposes

3 Aug 2015

Tax

VAT

Case Reports

Tax | Tax filing deadlines: Aug-Oct 2015

The key HMRC filing deadlines including the first employment intermediary’s quarterly report of agency workers, corporation tax payments for 31 Dec 2014 year ends and NMW effective date

3 Aug 2015

Tax

HMRC

Tax Compliance

Tax | VAT updates: August 2015

Graham Elliott, VAT expert, provides essential analysis of the latest rulings in VAT cases from the Supreme Court ruling in Rank Group plc (UKSC 48), VAT recovery for cultural services at Chester Zoo (TC04479) and a curious craft fair rental decision at the FTT in Kati Zombory-Moldovan TC04428

3 Aug 2015

Tax

VAT

Case Reports

Image for employment tax updates august 2015

Tax | Employment tax updates: August 2015

David Heaton, employment tax expert, casts an expert eye over the latest employment tax issues including a warning about PAYE challenges on Scottish Rate of Income Tax (SRIT), changes to HMRC telephone numbers as 0845 numbers are dumped, abuse of employment allowance and childcare vouchers

3 Aug 2015

Tax | Tax updates: August 2015

In this month's tax updates, deeds of variation face overhaul in new consultation, mandatory DD for time to pay, direct recovery of debts in force, case reports on AEI Group permanent establishment, termination payments and tax liability in Flutter, and much more

3 Aug 2015

Tax | Tax data: August 2015

Download the latest CGT indexation allowance for April 2015, RPI Index for June 2015 and HMRC rates of interest, stamp duty land tax and land and buildings transaction tax rates, and more

1 Aug 2015

Tax | Consultations: offshore evasion, Gift Aid, pensions tax relief, deeds of variation

The latest HMRC consultations focusing on offshore evasion and new criminal offences, Gift Aid reform, pensions tax relief and deeds of variation review, all released post Summer Budget and due to close for comment in early October

24 Jul 2015

Tax

Consultations

Image for editors comment hmrc extends powers drd and apn kick

Tax | Editor's comment: HMRC extends powers as DRD and APN kick in

As government services default to digital first, the days of paper forms and face-to-face meetings with HMRC officials are set to be consigned to history but the transition is fraught with problems for tax professionals and advisers, says Sara White

23 Jul 2015

Tax | Jackson: merged income tax and NICs could work

Andrew Jackson, head of tax at UK200Group firm Fiander Tovell LLP considers the call for the alignment of income tax and national insurance (NI) in light of the announcement that the Office of Tax Simplification (OTS) has been tasked with investigating the ‘impacts, costs and benefits of closer alignment’ of the key personal and employment taxes and how this could be achieved

23 Jul 2015

Tax | Government consults on extending HMRC data-gathering powers

The government has launched a consultation into legislating to give HMRC additional powers to gather data from business intermediaries and electronic payment providers as part of its efforts to clamp down on the black market and raise £860m by 2021

22 Jul 2015

Tax | CEOs determine large company tax behaviour, not heads of tax

Organisational culture and the attitude of senior members of the board are becoming more influential on tax strategy in large companies than the views of the heads of tax and wider tax team, according to research carried out by HMRC into corporations attitude to tax planning and the effective tax rate

20 Jul 2015

Tax | HMRC consults on replacement to wear and tear allowance for property rental

HMRC has announced a consultation on changes to the ‘wear and tear allowance’ applicable to property businesses announced at Summer Budget 2015, which will see the current annual allowance of 10% replaced with a relief based on the cost actually incurred in replacing furnishings

20 Jul 2015

Tax | Employee benefit trusts need to be settled by 31 July deadline, warns HMRC

Time is running out for companies who have used Employee Benefit Trusts (EBTs) as part of schemes to minimise employer national Insurance contributions (NICs) and income tax bills, who need to settle by the end of the month or face litigation, warns HMRC as 31 July deadline nears

20 Jul 2015