Tax Compliance

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Tax | HMRC refunds £1.8m child benefit tax penalties

HMRC has made £1.8m in refunds to nearly 5,000 taxpayers as a result of cancelling ‘failure to notify’ penalties in high income child benefit charge (HICBC) cases, on the grounds they had a reasonable excuse

7 Jun 2019

Tax | Dodwell: does the cost of tax reliefs make sense?

The personal allowance costs the government £195bn a year in tax relief, while inheritance tax exemptions amount to £17bn a year, just some of the numerous reliefs adding to the complexity of the tax system but necessary to determine tax liability. Bill Dodwell, head of the Office for Tax Simplification (OTS), analyses the annual costs to the Exchequer

6 Jun 2019

Tax | Greece most difficult country to operate a business

Greece is the most challenging country to do business with a fragmented tax system and complex compliance requirements, but the world’s largest economies are the most complex and unpredictable places for multinational firms to operate in

6 Jun 2019

Leadership & Management

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Tax | 22% hike in senior accounting officer fines

HMRC is ramping up scrutiny of top level accounting executives at large businesses, with 152 CFOs and senior finance executives personally fined for corporate tax accounting failures last year according to Pinsent Masons

5 Jun 2019

Tax | Government set to review NHS pension taxation stranglehold

In response to concerns that changes to pension taxation due to reductions in the tapered annual allowance has resulted in highly paid NHS medial staff cutting their hours or retiring early, the government is to consult on way to make pensions more flexible for senior clinicians delivering frontline care, reports Pat Sweet

5 Jun 2019

Tax | UK overseas territories top tax haven risk list

The UK’s overseas territories and crown dependencies have been accused of harbouring tax havens and accounting for nearly a third of corporate tax avoidance risks globally, according to analysis by Tax Justice Network

5 Jun 2019

Tax | Machinations of follower notices and accelerated payment notices

As part of the government’s clampdown on aggressive tax avoidance schemes, HMRC was given powers to issue follower notices and accelerated payment notices (APNs). Meg Wilson CTA, specialist tax writer at Croner-i, examines their effectiveness and the grounds for cases won by taxpayers

5 Jun 2019

Tax | HMRC targets insurance premium tax avoidance

HMRC is consulting on the operation of insurance premium tax (IPT) in a bid to stop artificial manipulation of fees and commission to avoid the tax and is considering anti-avoidance measures

5 Jun 2019

Tax | Inheritance tax reliefs save UK’s richest £666m a year

Some of the wealthiest families in the UK are benefiting from up to £666m a year in inheritance tax (IHT) reliefs on agricultural land and business property, according to HMRC data obtained by Tax Justice UK

4 Jun 2019

Tax | Q&A: paying VAT on a garden office construction

In our regular VAT Q&A series, Sally Atkins, VAT advice consultant at Croner Taxwise, examines the underlying principles of whether VAT can be reclaimed on construction of a garden office, bearing in mind the strict rules on business use only

4 Jun 2019

Tax | Disincorporating a business - CPD module

This month’s exclusive Accountancy Daily CPD module will look at the tax pros and cons of disincorporating a business

4 Jun 2019

Tax | Tax data: CGT data, HMRC rates of interest - June 2019

Download the current HMRC CGT indexation allowance applicable from December 2017 onwards, RPI index for April 2019 and HMRC rates of interest, and the current stamp duty land tax (SDLT) and land and buildings transaction tax (LBTT) rates, and more

4 Jun 2019

Tax | HMRC cracks down on fake phone calls spoofing taxman

HMRC has deployed new defensive controls to protect abuse of its phone lines in a bid to put an end to fraudster’s spoofing the tax authority’s most recognisable helpline numbers

3 Jun 2019

Tax | Tax updates: June 2019

In this month’s tax updates, cases include tax return uncertainty over 'discovery' decision in Tooth case, DIY housebuilder wins VAT refund case in Swales, managed service company status in Costelloe Business Services, plus lifetime giving rules for inheritance tax and HMRC ordered to delete illegally held voice records

3 Jun 2019

Tax | VAT updates: June 2019

In this month’s VAT roundup of significant cases, Graham Elliott CTA (Fellow), VAT specialist at City & Cambridge Consultancy, considers the judgments on the timing of a tax point in Budimex, non-owners’ import obligations, and when prescription drugs can, and cannot, be zero rated following Pearl Chemist decision

3 Jun 2019

Tax | Multinationals face global digital tax rules to collect missing $240bn

The OECD has set a timetable to develop a global framework for the digital taxation of multinationals with 2020 set as a deadline to finalise the rules, which are likely to include a wider remit than just digital tax to capture intangibles and IP

31 May 2019