Tax

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Tax | OECD reaches out to developing countries to curb tax abuse

As part of plans to reduce the levels of tax avoidance and profit shifting used by multinationals particularly in developing countries, the Organisation for Economic Cooperation and Development (OECD) has announced a new strategy to work more closely with developing countries to address abuse of the tax system

13 Nov 2014

International Tax

Tax | Doctor prescribed jail for £185k tax evasion

A Leicestershire doctor has been jailed for 18 months for evading almost £186,000 in tax after an HMRC team targeting undeclared income in the health sector discovered he was declaring only half of his total earnings

13 Nov 2014

Called to Account

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Tax | FRS 102: tax treatment for a Libor-based loan

The new UK GAAP, effective for accounting periods starting 1 January 2015, will overhaul the current methods of tax reporting for financial instruments. Paul Davies, CCH corporate tax specialist, considers the tax treatment for a Libor-based loan and warns that these changes will affect all businesses reporting under the new accounting framework

13 Nov 2014

Accounting Standards

Financial Reporting

Image for anglo german proposal will see end patent box loophole

Tax | Anglo-German proposal will see end of patent box loophole

Negotiations between the UK and Germany will lead to the eventual abolition of the favourable Patent Box tax regime for expenditure on research and development (R&D) by multinationals as the tax reliefs will be removed over the next seven years

12 Nov 2014

International Tax

Tax | HMRC plans to spook young into paying correct tax

The taxman is set to ramp up its compliance campaigns by aiming to influence future taxpayers before they even have their first pay packet, with the release of videos for teachers to use in the classroom which feature a ghost-busting team to catch non-payers of income tax

12 Nov 2014

Tax | HMRC compliance check factsheet updated

Any company facing an HMRC compliance check should note that HMRC has updated factsheet (CC/FS1a) that provides general information about compliance checks, including your rights as a corporate taxpayer

12 Nov 2014

Tax | Complex rules could hit take up of sports club tax reliefs

New rules on tax reliefs for local sports clubs are now so complex to interpret and administer that fewer clubs will want to take up the tax breaks, which is the reverse of HMRC’s intentions when it began a review of the eligibility requirements for Community Amateur Sports Clubs (CASCs)

12 Nov 2014

Tax | EU rules NI aggregates levy does not contravene state aid

The government has confirmed it plans to re-introduce the aggregates levy credit scheme (ALCS) which offers tax credits to qualifying Northern Ireland quarries, four years after the scheme was suspended pending the result of a European Commission investigation over whether it breached the rules on state aid

11 Nov 2014

Tax | Business fail to monitor cost of globally mobile employees

Businesses are investing millions of pounds each year sending employees on global assignments without being able to quantify the cost or measure the value from their investment while they are failing to monitor tax liabilities, according to research from PwC which says many organisations lack a clear global mobility strategy

11 Nov 2014

Leadership & Management

Accountancy Firms

Tax | Four London boroughs pay bulk of ATED

Almost all of HMRC’s total take from a new tax on high value homes is collected from London properties, with homes in just four of the capital’s boroughs contributing most of the £100m raised

11 Nov 2014

Tax | Abuse of Luxembourg tax agreements exposed by ICIJ

The scale of tax avoidance by international companies using Luxembourg as a hub for their operations has been highlighted in an investigation into the activities of big business over an eight-year period from 2002 to 2010, released by the International Consortium of Investigative Journalists (ICIJ)

6 Nov 2014

International Tax

Tax | Government pledges £1.1m VAT waiver for Tower of London poppy sale

The government will waive the expected VAT of up to £1.1m from sales of the poppies used at the First World War commemorative installation at The Tower of London

6 Nov 2014

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Tax | HMRC admits two thirds of big business facing tax enquiries

Two out of three large businesses are the subject of HMRC open enquiries into their tax affairs, according to figures released at the autumn HMRC stakeholder conference yesterday, attended by tax advisers and practitioners.

6 Nov 2014

Tax | ATT calls for ‘last chance’ disclosure on offshore income

ATT is calling for taxpayers to be given a ‘last chance’ to declare offshore income and gains before the introduction of a tough new penalty regime, saying such a move would increase revenue to the Exchequer at little cost to HMRC

6 Nov 2014

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Tax | VAT Q&A: exceeding the £1.6m VAT accounting period, zero-rating certificates

This month’s Q&A by VAT expert Julie Green of CCH considers the implications when a VAT accounting period is set to exceed £1.6m, obtaining zero-rating certificates, and the twists and turns of entrepreneurs’ relief claims

6 Nov 2014

Tax | OECD consults on proposals to modify transfer pricing rules

The OECD has released a discussion draft of proposed modifications to Chapter VII of the transfer pricing guidelines relating to low value-adding intra-group services, for comment by 14 January 2015

4 Nov 2014

International Tax

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