Tax Compliance

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Tax | Richest pay less inheritance tax than smaller estates

The UK’s wealthiest individuals and families with the largest estates on death are paying half the effective inheritance tax (IHT) rate of many smaller estates, according to an analysis by Canada Life, which is calling for an overhaul of the IHT tax regime

4 Apr 2019

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Tax | HMRC head challenged over loan charge ‘misinformation’

An all-party group of MPs has written an open letter to the head of HMRC challenging him about what they dub ‘clear misinformation’ in statements made by HMRC, and then repeated by the Treasury, about the 2019 loan charge, which is set to come into effect at the end of this week amid considerable controversy, reports Pat Sweet

4 Apr 2019

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Tax | CFC clawback could cost UK-based multinationals millions

The European Commission has ruled that part of a UK tax scheme is illegal under EU State Aid rules, as it exempted certain multinationals, and has ordered the UK to recover the revenue

4 Apr 2019

International Tax

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Tax | Does Lorraine Kelly's IR35 case set a precedent?

In a series of contradictory IR35 case decisions, some celebrity taxpayers have come out on top as tax tribunals have ruled against HMRC over the use of personal service companies. Aidan Grant, associate, and Peter Daniel, partner at Collyer Bristow LLP, consider the latest Kelly judgment and whether the current rules need clarification

4 Apr 2019

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Tax | Bull: what does a change of government mean for tax?

With Parliament fractured over Brexit, a general election and a potential change in government could follow. George Bull, senior tax partner at RSM considers the possible tax changes under a Jeremy Corbyn government

4 Apr 2019

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Tax | Nunn: high earning taxpayers trapped in a ‘K’ code drama

Yvette Nunn, director of Berkeley Associates, unpicks the complexity of tax coding for high earners, the dreaded ‘K’ code and the problem when HMRC’s automation leaves little room for flexibility when things go wrong, without a payroll manager to intervene

4 Apr 2019

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Tax | HMRC sends late filing penalties earlier than expected

The Association of Taxation Technicians (ATT) is alerting taxpayers that HMRC is starting to issue late filing penalties for self-assessment income tax returns this week

3 Apr 2019

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Tax | Accountants need single Agent Services Account for Making Tax Digital

HMRC has issued guidance for tax agents and accountants confirming that firms will need to create a single agent services account (ASA) for the whole practice to sign up clients to Making Tax Digital for VAT, stressing that once a client is signed up it is not possible to opt out of mandatory digital reporting

3 Apr 2019

Making Tax Digital

Law and Regulation

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Tax | Guidance on share scheme valuations updated

HMRC has updated its guidance for those operating enterprise management incentives (EMIs) or a share incentive plan (SIP) regarding the length of time the valuations from HMRC’s shares and assets valuation service (SAV) are valid

2 Apr 2019

Law and Regulation

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Tax | VAT Q&A: building materials or building services?

In our regular VAT Q&A series, Croner Taxwise adviser Arti Sonpal highlights that supplying building materials without providing constructions services results in VAT being charged at the standard rate of 20%

2 Apr 2019

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Tax | HMRC fires starting pistol on Making Tax Digital

Today, 1 April, marks the launch of HMRC’s flagship Making Tax Digital programme, designed to streamline tax administration, which requires 1.2m VAT registered businesses earning over £85,000 to keep their records digitally and submit online VAT returns

1 Apr 2019

Making Tax Digital

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Tax | Tax updates: April 2019

In this month’s tax updates, read about Lorraine Kelly’s £1.2m IR35 case, Lehman Bros interest payments, ‘E’ Share losses, Making Tax Digital registration delays, SDLT window cut, and OECD digital tax plans

1 Apr 2019

Making Tax Digital

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Tax | Employment tax updates: April 2019

In our monthly roundup of employment tax developments, Jackie Hall CTA, FCA, TEP, partner, RSM, reviews the consultation on plans to introduce IR35 off-payroll working rules for the private sector, plus PAYE tax codes for 2019-20 confirm £12.5K personal allowance

1 Apr 2019

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Tax | 2019/20 tax year: business tax rate changes and allowances

A roundup of all the business tax changes which come into force from the 2019/20 tax year including, reforms to the apprenticeship levy, Making Tax Digital for VAT becomes effective and deferral of exit charges under capital gains tax

29 Mar 2019

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Tax | Lack of awareness of Welsh income tax changes

The way income tax is set in Wales will change at the beginning of next month, with the Welsh government setting Welsh Rates of Income Tax (WRIT), but not enough people know about it, according to a report from the National Assembly's Finance Committee

29 Mar 2019

International Tax

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Tax | Consultation on tackling abuse of SME R&D relief

The government is consulting on changes to research and development (R&D) tax reliefs, first announced at Budget 2018, which are intended to prevent abuse of the small or medium sized enterprise (SME) scheme

29 Mar 2019

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