Business Tax

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Image for brexit boost hmrcs tax take hits ps575bn

Tax | Brexit boost as HMRC’s tax take hits £575bn

A surge in corporate tax receipts helped push HMRC’s total tax take to a £575bn high for the last 12 months to June 2017, up 6.86% on the previous year, according to analysis from Blick Rothenberg

26 Jul 2017

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Business Tax

HMRC

Image for remote gambling set freeplay tax spin

Tax | Remote gambling set for freeplay tax spin

Remote gambling operators are under pressure to meet new rules about the tax regime for ‘freeplays’, which were included in the original Finance Bill 2017, then dropped, and are now set to be enacted with effect from 1 August in the revised legislation

26 Jul 2017

Tax

Business Tax

Tax Planning

Tax | Morton: what to expect from the OTS

Paul Morton, tax director of the Office of Tax Simplification (OTS), details what to expect from the OTS in the next 12 months, including Making Tax Digital, the OTS's first review of VAT and implications of individual taxation

26 Jul 2017

Tax | Editor’s comment: coming to its senses on Making Tax Digital

The government's decision to delay Making Tax Digital quarterly reporting until 2020 was welcomed by the tax profession and business, and signalled recognition that HMRC itself was not ready for the digital overhaul of tax reporting as the project was flagged as high risk amber/red in the Infrastructure and Projects Authority (IPA) annual report. Sara White, editor of Accountancy considers the implications

25 Jul 2017

Tax | Nunn: listen and learn HMRC

Yvette Nunn, director of Berkeley Associates, welcomes the government's decison to delay HMRC’s Making Tax Digital project implementation until 2020, except for VAT, so that small businesses and landlords have more time to prepare, but warns that there are fundamental problems with current HMRC IT systems which need to be addressed

25 Jul 2017

Tax | Tax regime for insurance linked securities introduced

The Treasury has published new regulations designed to introduce a competitive regulatory and tax regime for insurance linked securities (ILS), which includes corporation tax exemptions to ensure that UK gets a share of this rapidly growing market

24 Jul 2017

Tax | HMRC issues guidance on tax treatment for FRS 105 accounts

HMRC has issued guidance on the tax implications of transition to the new accounting rules for small business under the FRS 105 Micro-entities Regime, as the first year of reporting under the FRSSE replacement comes into effect, setting out recommended tax treatment

21 Jul 2017

Tax | HMRC wins £29m tax avoidance case

HMRC has won an Upper Tribunal appeal against a tax avoidance scheme which sought to claim £122m was spent on research into brain disorders, when only £7m of it reached a genuine research company

21 Jul 2017

Tax | Creative sector sees 27% increase in tax relief payments

The UK creative sector has benefitted from a 27% increase in tax relief payments from £519m in 2015/16 to £661m in 2016/17, with an added £51m from new theatre and children’s television tax relief bringing this year’s record total to £712m

21 Jul 2017

Tax | Update to BEPS guidance on country-by-country reporting

The OECD’s base erosion and profit shifting (BEPS) project has released additional guidance on the implementation of country-by-country reporting (CBCR), with the aim of providing further clarification to tax administrations and multinational companies

19 Jul 2017

Tax | Transfer pricing: re-evaluating profit splits

Robert Verzi, partner and Philip Brudney, international tax manager at Aprio, outline the implications of the profit split method in transfer pricing as part of the OECD’s Base Erosion and Profit Shifting (BEPS) project and highlight issues for multinationals as they examine global transfer pricing policies

19 Jul 2017

Tax | Recovering VAT on company car purchases

Stanley Dencher, specialist tax writer at Wolters Kluwer, considers two recent cases which HMRC has lost regarding whether input VAT is recoverable on company car purchases when private use is prohibited

18 Jul 2017

Tax | NAO critical of HMRC’s failure to reduce tax credit fraud

The National Audit Office (NAO) has criticised HMRC’s failure to reduce ‘material’ levels of error and fraud in tax credit payments, and has qualified its opinion of the department’s accounts on that basis, as it has done every year since tax credits were introduced in 2003/04

17 Jul 2017

Tax | Finance Bill (No.2) 2017 documents released

The Treasury has confirmed the details for the second, post-election, 2017 Finance Bill, which includes provisions for new non dom rules and restrictions on the amount of interest deductible for corporation tax, and purposes, among other updates

17 Jul 2017

Tax | HMRC collects over £4bn from APNs

More than £4bn has been collected through accelerated payment notices (APNs) under the ‘pay now, dispute later’ rules for people who have used a tax avoidance scheme, according to HMRC

17 Jul 2017

Tax | Sham contracts in construction industry: tips and advice

Sham contracts in the construction industry are increasingly being used to avoid tax legislation. Ian Anfield, managing director of Hudson Contract, provides tips on how to spot sham contracts and explains the risks associated with them

14 Jul 2017