Business Tax

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Tax | Transfer pricing challenges up by 51%

There has been a 51% increase in the amount of tax that HMRC believes may potentially have been underpaid by large companies through transfer pricing, with the total amount challenged now standing at £5.8bn, up from £3.8bn in 2015/16, according to research by Pinsent Masons

25 Oct 2017

Image for dodwell overhaul eu vat will benefit micro businesses

Tax | Dodwell: overhaul of EU VAT will benefit micro businesses

Bill Dodwell, partner and head of tax policy at Deloitte, questions whether it is time to extend the EU's Mini One Stop Shop (MOSS) system to other countries to help micro businesses

25 Oct 2017

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Tax | Consultation on details of fulfilment house rules

HMRC has announced a technical consultation on the draft statutory instrument for the fulfilment house due diligence scheme (FHDDS), which applies to businesses that store any goods imported from outside the EU for or on behalf of someone outside the EU, and is designed to address concerns over VAT payments by online retailers

24 Oct 2017

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Tax | Nunn: is there anything simple about business tax reliefs?

An endless list of overly complex of business tax reliefs means that claiming the correct allowances and ensuring that claims are effective and meet relevant tax rules is virtually a full-time job, says Yvette Nunn CTA, director of Berkeley Associates

24 Oct 2017

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Tax | HMRC to reject non-iXBRL company filings

HMRC has confirmed it will reject any company accounts or tax computations submitted in non-iXBRL format from 1 November 2017 unless a specific exception applies

23 Oct 2017

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Tax | HMRC claims Upper Tribunal victory in Clavis Liberty 1P case

The Upper Tribunal has dismissed an appeal by the Clavis Liberty Fund 1 Partnership scheme, in a ruling HMRC expects to protect £325m in tax

23 Oct 2017

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Tax | Tax liability for short-term business visitors working in UK

Relocating to the UK on a temporary work assignment for an international company, or even on a contractor basis, raises a number of income tax and NICs' issues for short-term business visitors, explains Mansel Turnham CTA ATT, corporate tax senior manager at Mercer & Hole

23 Oct 2017

Image for hmrc consults draft guidance enabler rules tax advisers

Tax | HMRC consults on draft guidance on enabler rules for tax advisers

HMRC is consulting on draft guidance covering new legislation on enablers of defeated tax avoidance schemes which will be introduced once Finance Bill (No.2) 2017 receives Royal Assent, and which could see accountants and lawyers liable for penalties as a result of providing contentious advice in this area

20 Oct 2017

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Tax | Amazon wants tax breaks for second US HQ

Amazon’s announcement that it is looking for a US city in which to set up HQ2 and its requirement that the chosen location is ‘business friendly’ has sparked controversy over whether the contenders should offer tax breaks and other financial incentives

19 Oct 2017

International Tax

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Tax | OECD reports action taken to amend preferential tax regimes

Governments have dismantled, or are in the process of amending, nearly 100 preferential tax regimes as a result of the introduction of the base erosion and profit shifting (BEPS) standards to improve the international tax framework, according to a progress report from the OECD

18 Oct 2017

International Tax

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Tax | Partnership taxation: chargeable tax and profit allocations

The imminent overhaul of tax rules for all types of partnerships will have a wide-reaching impact, particularly on the bare trust/beneficiary approach. Mark Cawthron LLB CTA outines the key changes and sets out potential pitfalls for partners to consider

18 Oct 2017

Law and Regulation

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Tax | Corporate tax evasion offences - what you need to know

Sophie Brookes, partner and professional support lawyer at Gateley plc, outlines the two new corporate tax evasion offences forming part of the Criminal Finances Act 2017, which make organisations liable for failing to prevent employees or agents from facilitating tax evasion

17 Oct 2017

Law and Regulation

Law and Regulation

Image for hmrc consults simplification group relief carried forward losses

Tax | HMRC consults on simplification of group relief for carried-forward losses

HMRC has published draft regulations and a draft explanatory memorandum setting out how companies can enter into simplified arrangements in respect of claims and surrenders of group relief for carried-forward losses, which are designed to reduce the administrative burden

16 Oct 2017

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Tax | HMRC launches technical consultation on soft drinks levy

HMRC has announced a technical consultation on two draft statutory instruments regarding the soft drinks industry levy which is being introduced from April 2018

16 Oct 2017

Image for sleight criminal finances act 2017 could affect any tax adviser

Tax | Sleight: Criminal Finances Act 2017 could affect any tax adviser

The Criminal Finances Act 2017 has a wide reach and the potential to net any accountant and tax adviser, warns David Sleight, partner at law firm Kingsley Napley

16 Oct 2017

Law and Regulation

Image for ebay pays ps16m uk tax while revenues hit 13bn

Tax | Ebay pays £1.6m UK tax while revenues hit $1.3bn

Online platform eBay has found itself facing scrutiny over its tax policies, after its UK business paid £1.6m in tax last year, even though its US parent reported total revenues from its UK operations of $1.32bn (£1bn)

12 Oct 2017

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