Business Tax

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Tax | Year end tax planning for companies - NEW CPD module

This month's CCH Daily module focuses on year end tax planning for companies, with information on treatment of income and expenditure, profit extraction, losses and capital allowances and capital gains and groups

2 Feb 2017

Tax | Dodwell: tougher code of conduct for tax advisers from March 2017

The introduction of the revised Professional Conduct in relation to Taxation, produced by the leading professional institutes and approved by the Treasury, sets out tough rules on the limits for tax advisers and accountants when providing tax planning advice and professional judgment. Bill Dodwell, head of tax policy at Deloitte, considers the key issues

2 Feb 2017

Tax | Nunn: digital could be HMRC’s white elephant

Yvette Nunn CTA is heartened MPs in the Treasury Committee have added their voice to the profession's concerns around Making Tax Digital and its ambitious timetable for its introduction

2 Feb 2017

Tax | Making Tax Digital: HMRC confirms ‘soft landing’ on penalties

Businesses using Making Tax Digital to file with HMRC will be granted a ‘soft landing’ for late filings in the first 12 months of the project’s operation, the tax authority has said

1 Feb 2017

Tax | ATED tax receipts on property held by corporates up 53%

HMRC has seen a 53% hike in the amount of annual tax on enveloped dwellings (ATED) paid last year, which rose to £178m, according to analysis by law firm Collyer Bristow

1 Feb 2017

Tax | Making Tax Digital: professional institutes call for exemption threshold clarity

The move to Making Tax Digital is to go ahead with the original timetable for a 2018 start date, despite delays in issuing the original consultation, although the government has still not confirmed whether it will increase the £10,000 exemption threshold

1 Feb 2017

Tax | Making Tax Digital: timetable and quarterly reporting plans at a glance

Following feedback from consultations, HMRC is to modify key elements of the Making Tax Digital (MTD) plans, but is sticking to the April 2018 deadline for the introduction of new quarterly reporting requirements, despite no decision as yet over whether to go ahead with the £10,000 exemption threshold for small businesses

1 Feb 2017

Tax | Tax updates: February 2017

NAO slams HMRC regional tax centres, celebrity loses case to remain anonymous at tax tribunal, CGT on Swiss property sale to be calculated in sterling, marriage allowance push

1 Feb 2017

Tax | Making Tax Digital: VAT returns to be replaced from 2019

The overhaul of the tax reporting system under Making Tax Digital will see the abolition of the VAT return for certain businesses from 2019, including VAT-registered self employed and landlords

31 Jan 2017

Tax | Making Tax Digital: spreadsheets survive as software path is outlined

Spreadsheets will be incorporated into the Making Tax Digital process, HMRC has confirmed, as it published extensive consultation responses and draft legislation for the project’s implementation

31 Jan 2017

Tax | Making Tax Digital: partnerships must nominate partner to report

Some 400,000 partnerships will report their tax positions and obligations through a nominated partner under HMRC’s Making Tax Digital project, draft legislation shows, although the largest partnerships with income over £10m are likely to be exempted

31 Jan 2017

Tax | Making Tax Digital: quarterly reporting will cost businesses £500m

The transition to Making Tax Digital (MTD) is likely to cost businesses, landlords and the self employed around £500m in the year of rollout (2018-19), with the first year of quarterly reporting likely to cost each business £280 on average

31 Jan 2017

Tax | Making Tax Digital: voluntary PAYG repayments must be quick

Taxpayers interested in opting for a voluntary pay as you go (PAYG) approach as part of Making Tax Digital plans, allowing them to make payments at a point of their choosing towards an expected tax liability, are calling for HMRC to ensure the repayments are handled quickly and with ease

31 Jan 2017

Tax | Making Tax Digital: quarterly reporting requirements for landlords and self employed

HMRC has confirmed the timetable for the rollout of quarterly reporting and a year end reconciliation under Making Tax Digital with the first tranche of taxpayers, including buy-to-let landlords and the self employed, set to kick in from April 2018

31 Jan 2017

Tax | Making Tax Digital: £150k cash basis threshold introduced for buy-to-let landlords

The cash basis threshold has been set at £150,000 to allow more buy-to-let landlords to benefit from being taxed on the cash basis set out in draft legislation released as part of HMRC’s Making Tax Digital plans

31 Jan 2017

Tax | BREAKING: Making Tax Digital reporting to start in April 2018

HMRC’s Making Tax Digital reporting plans are to go ahead as planned with an April 2018 launch for quarterly updating and reporting for sole traders and buy-to-let landlords, with a major pilot starting this April although the exemption threshold remain up for review, reports Sara White

31 Jan 2017