Business Tax

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Tax | Wach: US tax could be on cusp of brave new world

Taxand managing director Tim Wach examines the scope of meaningful change in the corporate tax overhaul in the US and whether this will be achievable during Donald Trump’s term as president

23 May 2017

Tax | Green Party pledges to abolish cap on employees' NICs

The wealthiest in society will pay significantly more tax under Green Party plans, the party reveals in its manifesto

22 May 2017

Tax | Temple: HMRC confusion over IR35 expenses advice

Changes to expenses rules mean that some contractors have received incorrect expenses advice from HMRC call centres. Crawford Temple, CEO of Prism, claims that rules for workers have become so complex, with the introduction of IR 35, that even HMRC is getting confused

22 May 2017

Tax | FTT dismisses latest Gold Nuts enquiry appeal

In the latest tribunal case involving a company called Gold Nuts Ltd and its appeals against HMRC’s enquiries in relation to a corporation tax investigation, the First Tier Tribunal (FTT) has refused a request for a postponement, decided not to direct closure of any enquiries and dismissed appeals against information notices

19 May 2017

Tax | Conservatives propose tougher regulation of tax advisory firms in manifesto

Firms providing tax advice can expect greater scrutiny and regulation should the Conservatives remain in government following the general election on 8 June

18 May 2017

Tax | Tax pushes UK to top of ex-pat league table of costs

The UK remains the most expensive destination among the top 40 financial-hub countries for expatriates from foreign companies, despite the fall in sterling, largely because of higher tax costs, according to analysis by ECA International

18 May 2017

Tax | Case: ‘Excalibur’ tax avoidance scheme fails before FTT

A First Tier Tribunal (FTT) has dismissed an appeal against HMRC’s refusal of claims to a capital loss and to relief against income tax in respect of that loss, but allowed the appellant’s appeal against HMRC’s conclusion that a loan waiver, to wind up a scheme, was subject to income tax

18 May 2017

Tax | Lib Dems consider corporation tax overhaul in manifesto

Corporation tax would be restored to 20% under a Liberal Democrat government, as the party considers shifting from a profits tax to a turnover- or sales-based model, its manifesto reveals

17 May 2017

Tax | First tax chamber tribunal head appointed in Scotland

Anne Scott has been appointed as the inaugural tax chamber president of the First Tier Tribunal (FTT) for Scotland, with effect from 24 April when control of devolved taxes transferred from the Tax Tribunals for Scotland to the newly-created Scottish Tribunals

17 May 2017

Tax | Case: daily penalties cancelled due to lack of evidence

In Islam t/a Zainub Takeway [2017] TC 05814, the First Tier Tribunal (FTT) allowed a taxpayer’s appeal against daily late filing penalties because of a lack of evidence, but dismissed the appeal against the initial £100 late filing penalty because the taxpayer did not have a reasonable excuse

17 May 2017

Tax | Labour manifesto: new tax band for high earners

Labour claims it will fund its £48.6bn of pledges with extra tax revenue, including from a new 50p income tax band for those earning over £123,000, as it launched its election manifesto

16 May 2017

Tax | Case: loyalty scheme payment was not third-party consideration for VAT

In Marriott Rewards LLC [2017] TC 05634, HMRC successfully rejected a repayment claim for those in business overseas with the First Tier Tribunal (FTT) holding that certain services were not connected with immovable property and were not advertising services, with the services relating to loyalty-reward stays

16 May 2017

Tax | Actor facing £188k tax bill spends £50k on wedding

Actor Kelvin Fletcher, who played the part of Andy Sugden in Emmerdale for 20 years, is facing claims from HMRC over a £188,000 tax bill, and a six year ban from being a company director at the same time as reportedly spending around £50,000 on his wedding

15 May 2017

Restructuring & Insolvency

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Tax | Labour proposes £26bn ‘Robin Hood’ tax

Labour’s shadow chancellor John McDonnell has said the party will introduce a financial transactions tax if it wins the general election next month, claiming the so-called ‘Robin Hood’ tax would raise £26bn over the course of the next Parliament

15 May 2017

Tax | Case: holdover relief denied on business asset gift

A First Tier Tribunal (FTT) dismissed an appeal against the disallowance of a hold-over claim as the company was controlled by persons not resident in the UK

15 May 2017

Tax | UK in top three for EU ‘sin taxes’

The UK, along with Ireland and Finland, tops the European league table for ‘lifestyle regulations’, including heavy taxes on alcohol, soft drinks, e-cigarettes, food, and tobacco, according to research by the European Policy Information Centre (EPICENTER)

12 May 2017

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Latest news

Tax | Wach: US tax could be on cusp of brave new world

Tax | Green Party pledges to abolish cap on employees' NICs

Tax | Temple: HMRC confusion over IR35 expenses advice

Tax | FTT dismisses latest Gold Nuts enquiry appeal

Tax | Conservatives propose tougher regulation of tax advisory firms in manifesto

Tax | Tax pushes UK to top of ex-pat league table of costs

Tax | Case: ‘Excalibur’ tax avoidance scheme fails before FTT

Tax | Lib Dems consider corporation tax overhaul in manifesto

Tax | First tax chamber tribunal head appointed in Scotland

Tax | Case: daily penalties cancelled due to lack of evidence

Tax | Labour manifesto: new tax band for high earners

Tax | Case: loyalty scheme payment was not third-party consideration for VAT

Tax | Actor facing £188k tax bill spends £50k on wedding

Tax | Labour proposes £26bn ‘Robin Hood’ tax

Tax | Case: holdover relief denied on business asset gift

Tax | UK in top three for EU ‘sin taxes’