Business Tax

Latest news

Tax | HMRC starts to use merchant acquirer data to monitor card payments

Businesses need to be aware that HMRC is now using data from merchant acquirers detailing the monthly credit and debit card income from UK businesses

15 Apr 2014

Tax | ECJ ruling on withholding tax in Poland means £3bn plus tax reclaims

A landmark decision by the European Court of Justice (ECJ) has opened the way for investment funds based outside the EU to reclaim billions in withholding tax levied by EU governments. Although the case centred around Poland, the ruling will affect all EU jurisdictions

11 Apr 2014

Tax | Business rates will be reviewed, says government

The government is to review the administration of the business rates systems as part of its commitment to simplifying the tax system and has launched a two-month consultation.

11 Apr 2014

Tax | PAC critical of HMRC’s approach to abuse of tax reliefs

HMRC’s approach to monitoring potential abuse of tax reliefs has come under fire from the Public Accounts Committee (PAC) which said the department should act much more quickly to assess how different tax expenditures change taxpayer behaviour

9 Apr 2014

Tax | HMRC issues clarification on its treatment of insolvent businesses

HMRC has issued a revised Notice 700/56: Insolvency (April 2014). The notice explains the basic principles of HMRC’s treatment of insolvent businesses and the procedures which insolvency practitioners are asked to follow when dealing with HMRC.

7 Apr 2014

Tax | VAT crackdown yields 51% revenue rise for taxman

HMRC has seen a 51% rise in additional VAT take over the last twelve months following a major campaign to crackdown on VAT abuse, according to research by tax investigation insurance specialists P2P.

7 Apr 2014

Tax | Public Accounts Committee to probe Treasury on business tax reliefs

Lin Homer, the HMRC’s chief executive, is due in front of the Public Accounts Committee (PAC) this afternoon as part of an evidence session looking at the effectiveness and costs of business tax reliefs, ssuch as capital allowances, R&D reliefs and SEIS

7 Apr 2014

Tax | Multinationals see transfer pricing as major tax issue, says Taxand

The confusing messages around tax legislation and rules from regulators and governments on global taxation is creating uncertainty among businesses as they struggle with compliance and transparency issues according to research by tax advisers, Taxand

3 Apr 2014

Tax | Government drives through foreign HGV tax a year early

The government has introduced a time-based road levy for foreign HGV drivers to create a level playing field for UK hauliers, who face similar charges and road tolls across the EU. The measure is expected to raise £20m in tax revenues

2 Apr 2014

Tax

Business Tax

Budget

Tax | Rule change for bareboat chartering in oil and gas sector

HMRC has published draft legislation, an explanatory note and a Tax Information and Impact Note (TIIN) for UK oil and gas – offshore bareboat chartering

2 Apr 2014

Tax | Tax updates: April 2014

The latest tax cases at First Tier and Upper Tribunal including Barnes tax avoidance scheme, Ingenious Games and Bristol & West closure notice error

1 Apr 2014

Tax | Social Investment Tax Relief guidance published

HMRC has published guidance on the new Social Investment Tax Relief (SITR) which comes into operation from 6 April 2014

31 Mar 2014

Tax | NAO report highlights HMRC failure to monitor tax relief abuse

The National Audit Office (NAO) says HMRC needs to do more to monitor the introduction and operation of tax reliefs as currently there is inadequate information about the effectiveness, cost and unintended consequences of particular reliefs, including potential for tax avoidance

28 Mar 2014

Tax | Finance Bill 2014 legislation published

The government has published Finance Bill 2014 legislation implementing tax changes announced during the last year

27 Mar 2014

Tax | UK top five banks have 71% tax rate, says KPMG

The government is unlikely to collect as much as it thought through the UK Bank Levy, even though the top five banks are paying an effective tax rate of 71% on their 2013 profits, according to research by KPMG

27 Mar 2014

Tax

Business Tax

Tax | Ex MFI owner HJ Group part wins £183m expenses of management case

In a tax case centred around a dispute over the payment of corporation tax on £183m expenses of management dating back to 2008, the First Tier Tribunal (FTT) has part-ruled in favour of the appellant Howden Joinery Group, the former owner of MFI in the early 2000s, although HMRC is likely to appeal

25 Mar 2014