Business Tax

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Image for irish finance minister noonan expects ec conclusion apple tax probe

Tax | Irish finance minister Noonan expects EC conclusion of Apple tax probe

Ireland’s finance minister Michael Noonan has claimed that the European Commission could publish the results of its long running investigation into Irish tax rulings agreed with Apple next month.

20 Jun 2016

Tax | Awkward husband gives wife reasonable excuse for tax penalties

A taxpayer has won her appeal at a First Tier Tribunal (FTT) against penalties for late submission of partnership and personal tax returns, on the grounds that her husband’s lack of co-operation on financial issues during an acrimonious divorce provided her with a reasonable excuse for the late submissions and for some of the late payment which resulted.

17 Jun 2016

Tax | Call for country-by-country reporting to be made public

Politicians on both sides of the Atlantic are calling for the US and the UK to introduce tougher country-by-country reporting (CBCR) regulations in a bid to address tax avoidance by multinational corporations, by requiring the information provided to be made public

16 Jun 2016

Tax | BHS pension deficit ‘resolvable and sortable’, claims Green

Sir Philip Green, the former owner of BHS, ended a marathon six-hour appearance in front of the joint BIS and DWP select committee with a commitment to ‘sort’ the deficit in the store chain’s pension fund, but defended his decision to sell the chain to a former bankrupt on the grounds that the purchaser, Dominic Chappell, was being advised by reputable firms, including Grant Thornton

16 Jun 2016

Tax | HMRC tax expert calls for radical review of transfer pricing rules

A senior HMRC executive has called for the OECD to update its transfer pricing guidelines as part of its Base Erosion and Profit Shifting (BEPS) project, saying they need to keep pace with the way businesses operate in the modern economy, and are essential to tackling tax avoidance

10 Jun 2016

Tax | Northern Ireland cut in corporation tax to 12.5% in balance

Northern Ireland's newly appointed finance minister, Máirtín Ó Muilleoir, the first Sinn Fein politician to hold the post, has indicated that the planned cut in corporation tax is not a ‘done deal’ and remains in the balance, saying it may not happen on grounds of affordability

10 Jun 2016

Tax | Sports Direct admits unfair play over National Minimum Wage

HMRC is investigating Sports Direct over the retailer’s failure to pay its staff the National Minimum Wage (NMW) and the company is in talks about arrangements to make back payments to staff, according to evidence given to MPs by founder Mike Ashley

8 Jun 2016

Tax | Gauke confirms ‘prescribed’ format for moving to digital tax accounts

HMRC’s making tax digital (MTD) plans will require businesses to submit quarterly updates of their tax and financial status using software which is compatible with HMRC’s own systems, to allow for direct transfer of data, according to information supplied to the Treasury select committee in response to concerns raised over the cost and complexity of the new requirements

8 Jun 2016

Tax | Nunn: wear and tear relief for buy-to-let landlords

Yvette Nunn CTA, director at Berkeley Associates, considers the complexity of wear and tear relief for landlords, outlining the winners and losers in the new relief for replacement of domestic items for landlords

7 Jun 2016

Tax | HMRC consultation digs into landfill tax issues

HMRC is consulting on proposals to amend the definition of a taxable disposal at a landfill site and for information on the disposal on certain types of hazardous material, as part of a bid to clarify the landfill tax and provide greater certainty about its operation

7 Jun 2016

Tax

Business Tax

Consultations

Image for big business needs improve reporting tax warns icas

Tax | Big business needs to improve reporting on tax, warns ICAS

ICAS is warning that big business needs to do more to explain their approach to paying tax, after a survey found that only a third of those polled believe the UK’s largest companies are paying their fair share

7 Jun 2016

Tax | BEPS set to raise corporate tax rate by 5%

International businesses are predicting a 5% average increase in effective tax rates as a result of the OECD’s Base Erosion and Profit Shifting (BEPS) action plan, but are split on who will shoulder the burden, according to research by RSM which suggests middle market companies as well as multinationals will feel the impact

6 Jun 2016

Tax

Business Tax

International Tax

Image for negative publicity impacts aggressive corporate transfer pricing

Tax | Negative publicity impacts aggressive corporate transfer pricing

There has been a 15% reduction in the number of HMRC investigations into high-value big companies suspected of using transfer pricing to avoid tax, according to analysis from UHY Hacker Young which suggests concerns over reputational damage, coupled with cuts in corporation tax, may have played a part

6 Jun 2016

Tax | European Commission calls for ‘level playing field’ on sharing economy tax

The European Commission has issued guidance urging member states to ensure their taxation and regulatory regimes support the growth of the ‘collaborative’ or ‘sharing’ economy such as Airbnb and Uber, and indicated that new online platforms may also help cut the costs and effort required for tax administration

6 Jun 2016

Tax

Business Tax

International Tax

Image for football revenues hit ps4bn across premier and championship clubs

Tax | Football revenues hit £4bn across Premier and Championship clubs

The top 92 Premier and Football League clubs generated a record £4bn in revenues for the first time in 2014/15 as capital expenditure reached £305m, the most ever invested in a single season

2 Jun 2016

Tax | Tax updates: June 2016

Referendum jitters delay consultations on digital tax accounts, rental toolkit for buy-to-let updated, and case reports on HMRC wins appeal in Fidex avoidance case, G4S loses appeal to offset parking fines as an expense and discovery assessments invalid in Bubb rules Court of Appeal

1 Jun 2016