Tax Compliance

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Tax | HMRC penalty payments increase by 62%

HMRC penalties for taxpayers’ compliance failings are on the rise once more, following a sharp drop at the start of lockdown, according to research by UHY Hacker Young

15 Dec 2020

Tax | Tax updates 2020 part 1: personal

In a round-up of the biggest personal tax stories of the year, we look at all the non-coronavirus news, including a potential wealth tax, CGT charges on second home sales, ‘deliberate’ errors, fall in IHT receipts, buy-to-let tax hikes and pension tax relief admin discrepancy

15 Dec 2020

Tax | Q&A: fitted furniture and reduced-rated building work

In our regular Q&A series, Croner Taxwise senior VAT consultant, Vivienne Scott, answers whether VAT should be charged on fitted furniture in renovated and converted houses

15 Dec 2020

Tax | IR35 tool fails to deliver result in 19% of cases

With reforms to the off payroll working regulations set to be introduced to the private sector in April next year, HMRC’s online tool for determining IR35 status has failed to produce a definite answer in almost one in five cases over the past year

14 Dec 2020

Tax | £13.8bn at risk in FTSE 100 tax disputes

FTSE 100 companies face having to pay out £13.8bn as a result of tax disputes with tax authorities globally, according to research by Thomson Reuters

14 Dec 2020

Tax | Government lays out post-Brexit NI VAT and duty details

The government has introduced legislation to Parliament providing clarity for how customs, VAT, and excise duty will be dealt with in Northern Ireland after the end of the Brexit transition period

9 Dec 2020

Tax | HMRC eases deadlines for non-EU VAT refund claims

HMRC has published details of the actions it is taking to enable overseas (not established in the EU) businesses to claim VAT refunds in cases where the necessary paperwork has been delayed because of Covid-19 restrictions

9 Dec 2020

Tax | CGT: don’t hit entrepreneurs with tax rate hike

The OTS capital gains tax reveals where there can be an arbitrage between CGT and income taxes, but the government should think carefully before introducing measures which significantly hurt the entrepreneur, argues Gary Ashford, tax partner at Harbottle and Lewis

9 Dec 2020

Tax | Q&A: post-cessation expenses for a company

In our regular Q&A series, Croner Taxwise, tax adviser, Marsha Haywood, explores whether a company can claim relief from corporate tax on expenses incurred after the company ceases to trade

8 Dec 2020

Tax | MPs want detailed analysis of VAT retail export scheme cancellation

MPs have criticised government plans to end the VAT retail export scheme (RES) at the end of this year, when the UK leaves the EU, saying it has not provided a wide enough analysis of the potential impact on the tourism industry

7 Dec 2020

Tax | Move to make HMRC preferential creditor ‘ill timed’

Accountancy firms are warning that the reintroduction of HMRC’s status as a preferential creditor at the beginning of this month could have a significant impact on businesses’ ability to obtain finance, and risks compromising the economy’s recovery from the current pandemic

3 Dec 2020

Tax | Tesco to pay back £585m Covid business rates relief

Tesco is to repay all of the £585m of business rates relief the company received in respect of the Covid-19 pandemic, saying it was ‘absolutely committed to doing the right thing’

2 Dec 2020

Tax | Total tax take for UK’s largest companies hits £84.1bn

The UK’s biggest companies paid £84.1bn in tax during the 2019/20 financial year, the largest amount for a decade, in the run-up to the start of the Covid-19 crisis, according to research by PwC for the 100 Group of finance directors

1 Dec 2020

Tax | Calculating capital gains tax losses - CPD module – NEW

This month's exclusive Accountancy Daily CPD module acts as a guide to the effective use of capital losses, covering what losses are allowable, their restrictions, tax efficiency and more

1 Dec 2020

Tax | Q&A: post Brexit supplies of digital services (VAT MOSS)

In our regular Q&A series, Croner Taxwise, senior VAT consultant, Hilary Budd, explores how Brexit will affect digital service providers using VAT Mini One Stop Shop (VAT MOSS) to account for VAT on sales to EU consumers

1 Dec 2020

Tax | VAT updates: November 2020

In this month’s round up of VAT cases, Graham Elliott considers genuine suppliers, MOSS submission failures, local authority sport centre supplies and charity building relief

1 Dec 2020