Business Tax

Latest news

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Tax | Five-year tax break for digital cable suppliers

Telecoms network suppliers are to be offered a £60m tax break for creating new infrastructure for full fibre broadband, as part of the government’s plans to boost the UK’s digital revolution and switch to online services

16 Jan 2017

Tax | BREAKING: MPs call for immediate delay to Making Tax Digital

HMRC's Making Tax Digital programme has the potential to be an expensive disaster unless plans for the national rollout are delayed, according to MPs in the Treasury Committee, who are calling for a one to two year delay to the introduction of quarterly reporting, which is being rushed through to meet a 2018 kickoff date

16 Jan 2017

Tax | Better scrutiny of Finance Bill needed, says Tyrie

Finance Bills should be subject to more rigorous scrutiny, particularly tax measures, according to the chairman of the Treasury Select Committee Andrew Tyrie

12 Jan 2017

Tax | Fishermen triumph over accountants when filing returns on time

Accountants should come out on top when it comes to filing a tax return on time however, accountants and lawyers have once again missed out on first place to the agriculture, fishing and forestry industry, according to HMRC

11 Jan 2017

Tax | Self-assessment awareness grows to record levels

Latest HMRC research has found that the tax authority’s 2015/16 self assessment marketing campaign, urging taxpayers to file their return early, has been successful with overall awareness growing to highest levels, yet communications still lack around Making Tax Digital (MTD) which is scheduled to begin in 2018

10 Jan 2017

Tax | HMRC consults on ending four extra-statutory concessions

HMRC has announced a technical consultation on plans to withdraw four extra-statutory concessions (ESCs), three of which concern VAT rates for computer systems and for sports clubs, while the fourth relates to accounting periods for retail co-operative societies

10 Jan 2017

Tax | Tech start-up Snapchat picks UK for international HQ

US tech company Snap, which supplies the popular Snapchat app, has announced it is to establish its international headquarters in the UK and will be billing all non-US revenue via this office

10 Jan 2017

Tax | HMRC updates money laundering registration fees

HMRC has updated the initial fee paid when registering for anti money laundering supervision under the money laundering regulations, setting a fee of £115 to be paid yearly for each premises registered

9 Jan 2017

Tax | Irish tax authorities tighten offshore disclosure regime

The Irish tax authorities have issued new guidance on the disclosure of foreign income and assets, outlining changes to the voluntary disclosure rules that will prevent individuals from benefitting from lower penalty rates when the disclosure relates to offshore matters

9 Jan 2017

Tax | How to complete a self-assessment form - tips & advice

With the deadline for self-assessment tax returns rapidly approaching on 31 January, John Cullinane, CIOT's tax policy director, provides advice on how to complete and file a return on time to avoid receiving a £100 fine from HMRC to start the new year

5 Jan 2017

Tax | Q & A: pre-registration VAT reclaims

An overhaul in rules means that the restriction on the amount of VAT claimable before registration has changed. Croner-i experts consider the question: can we reclaim some of the VAT incurred before the date of registration?

5 Jan 2017

Tax | Engagement letters and tax clients - NEW CPD module

The latest CCH Daily CPD module focuses on tips and advice on how to write effective engagement letters for tax clients to ensure certain levels of protection in the event of increasingly tough tax sanctions and penalties

4 Jan 2017

Leadership & Management

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Tax | Interest deductibility rule change will drive up tax bills

Nearly 4,000 large businesses can expect significantly higher tax bills upon the introduction of interest deductibility for corporation tax, says Alvarez & Marsal Taxand managing director Kevin Hindley

4 Jan 2017

Tax | 34% decline in taxpayers submitting self assessment on NYE

Taxpayers remained in the party spirit this year with 8,390 (34%) less people choosing to submit their self-assessment tax return online on New Years Eve, compared to last year’s record breaking figure of 24,546

3 Jan 2017

Tax | Accountants risk penalties as ‘enablers’ of tax evasion

Accountants, bankers, lawyers and other advisers who enable offshore tax evasion face tough new sanctions from the start of 2017, including being publicly ‘named and shamed’

3 Jan 2017

Tax | Sole traders spending 9.5 hours on tax returns

With the self assessment online deadline closing at the end of the month the UK’s sole traders are set to spend 9.5 hours doing their tax returns, according to research by expenses management app provider 1Tap Receipts which also identified very low levels of understanding about HMRC’s making tax digital (MTD) plans

3 Jan 2017