Business Tax

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Tax | HMRC seeks views on insolvency regime abuse

HMRC is exploring ways to tackle those who deliberately abuse the insolvency regime in trying to avoid or evade their tax liabilities, including through the use of phoenixism, and is seeking feedback on a discussion document

12 Apr 2018

Tax | ATT warns employers to review value of salary sacrifice schemes

Transitional protections from tax which had applied to benefits provided under optional remuneration arrangements (OpRA), such as salary sacrifice schemes, have now ended following the introduction on the 2018/19 tax year, with the ATT warning employers to consider if they need to recalculate the value of benefits for tax purposes

10 Apr 2018

Tax | Proposals to tackle hidden offshore profits

HMRC is inviting views on proposals first announced at Autumn Budget 2017 to tackle avoidance schemes where profits of trades or professions are moved outside the UK tax charge, often using offshore trusts and companies

10 Apr 2018

Tax | Tax take from sugar levy dissolves as manufacturers reformulate

The amount of tax to be raised via the new soft drinks industry levy, in force from today, has been slashed, with the government claiming the threat of the ‘sugar tax’ has resulted in over 50% of manufacturers reformulating their products in order to avoid the charge, which is now predicted to bring in £240m rather than £520m in its first year

6 Apr 2018

Tax | New tax year brings additional complexity

Sharp increases in auto enrolment pension payments, new Scottish income tax rates and bands and increasing complexity over higher rate taxpayer child benefit payments are some of the changes coming into force today, at the start of the 2018/19 tax year

6 Apr 2018

Tax | Making Tax Digital – exploding the myths

While VAT is now at the forefront of HMRC plans for the rollout of Making Tax Digital (MTD), digital reporting will apply to all the main taxes in future and will impact all UK taxpayers. Ian Carpenter and John Forth, VAT partners at RSM, explain potential pitfalls and considerations for businesses and accountants

5 Apr 2018

Tax | Tax updates: April 2018

This month's review of tax cases and tax news including Making Tax Digital extended to income tax, changes to termination tax payments, copy Third party information notice was required by HMRC, penalties for late return were invalid

29 Mar 2018

Tax | Government takes axe to ‘staircase’ tax

The government is introducing legislation to help up to a thousand businesses which were affected by the ‘staircase tax’ introduced following a legal ruling on the way in which business rates in adjoining properties are calculated

28 Mar 2018

Tax | Dodwell: tax and the sharing economy prove problematic

Bill Dodwell, partner and head of tax policy at Deloitte, considers other countries methods of ensuring that online platforms and their users pay the correct amount of tax, after the Chancellor’s Spring Statement explored ways that these online platforms can encourage tax compliance

28 Mar 2018

Tax | EU plans for 3% digital tax

The European Commission has announced plans to introduce a 3% tax on digital businesses, likely to hit around 150 companies and bring in some €5bn (£4.4bn) a year, as an interim step in its efforts to ensure a fair share of revenues from the current ‘black hole’ of online activities

22 Mar 2018

Tax | Spring Statement 2018: not a tax non-event

Chancellor Philip Hammond kept his first Spring Statement short and sweet, instead updating the public on the state of the economy and choosing to save any tax measures for the Autumn Budget. Expert tax writers from Croner-i summarise the 13 consultations announced in preparation for this fiscal event

16 Mar 2018

Tax | Online platforms ‘jointly and severally’ liable for UK VAT

New legislation making online marketplaces more accountable for VAT fraud committed by online sellers on their platforms have come into force this week, as part of a package of measures in Finance Act 2018 which the Treasury says are set to raise an additional £1.2bn in tax

16 Mar 2018

Tax | HMRC publishes directions on digital service consent

HMRC has published a policy paper setting out how users of either its current self assessment online service or the proposed new Making Tax Digital for business service can either provide or withdraw their consent to receive electronic communications from HMRC

15 Mar 2018

Tax | Nunn: review of VAT threshold needs to be sensible

Among the slew of consultations announced in the Spring Statement this week, the decision to review the VAT threshold is perhaps one of the most important. Yvette Nunn (Fellow) ATT (Fellow) MAAT, director of Berkeley Associates, considers the complexities of overhauling the threshold

15 Mar 2018

Tax | Conviviality finds unwelcome £30m tax bill

PwC has been brought in to advise Conviviality, the wholesaler and distributor of alcohol and impulse products, after the company discovered it had a £30m tax bill which had not been included in its short term cashflow projections

14 Mar 2018

Tax | Spring Statement: extending the securities regime to corporation tax

From April 2019, corporation tax and Construction Industry Scheme (CIS) deductions will be covered by security deposit legislation and the government is now consulting on how to best implement these changes

14 Mar 2018