Tax Compliance

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

A roundup of all the personal tax changes which come into force from the 2019/20 tax year including, an increase to the personal allowance and higher rate threshold, changes to residential inheritance tax and capital gains tax regime for non-UK residents

29 Mar 2019

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Tax | FTSE 100’s Ferguson relocates to UK after Swiss tax change

FTSE 100 plumbing and heating equipment supplier Ferguson is to reverse its decision of a decade ago and is moving its corporate headquarters back to the UK from Switzerland because of changes in the Swiss tax regime set to take effect from 2020

28 Mar 2019

International Tax

Accountancy Firms

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Tax | EU names seven member states as ‘tax havens’

Ireland is one of seven EU countries which display traits of a tax haven and facilitate aggressive tax planning, according to a year-long inquiry by a special committee of the European Parliament set up to investigate tax avoidance in the wake of the LuxLeaks, Panama Papers and other scandals

28 Mar 2019

International Tax

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Tax | Filing deadlines: Apr - Jul 2019

The key HMRC filing deadlines from April to July 2019 including the start date for Making Tax Digital for VAT from 1 April with 1 July onwards for initial VAT payments, last day of 2018/19 tax year and deadline for various tax claims and elections as well as use of CGT annual allowances and annual limit for pension contributions and deadline for various tax claims and elections

28 Mar 2019

Making Tax Digital

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Tax | Selling property through a special purpose vehicle (SPV)

Dominic Cole, associate at Collyer Bristow LLP, examines the benefits, traps and pitfalls of purchasing, holding and selling property through a special purpose vehicle (SPV) from due diligence to CGT and IHT liability for offshore purchasers

28 Mar 2019

International Tax

Law and Regulation

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Tax | Probate fee rise delayed as parliamentary time limited

The changes to probate fees have been delayed due to pressure on parliamentary time due to Brexit debates and motions, with the draft statutory instrument still awaiting an approval motion in the Commons

27 Mar 2019

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Tax | FTT quashes tax adviser’s money laundering regulations penalty

A tax adviser from Northern Ireland who failed to pay annual fees due under money laundering regulations in protest against HMRC requirements for enhanced due diligence (EDD) has won his appeal at a First Tier Tribunal (FTT) to have a penalty imposed for carrying on business while unregistered cancelled

27 Mar 2019

Image for us offers larger waiver incorrect tax payments

Tax | US offers larger waiver on incorrect tax payments

The US tax authority has lowered the threshold to qualify for relief from penalties for failure to pay the correct amount of tax, in response to concerns that many Americans were confused by new requirements following President Trump’s major overhaul of the tax regime

27 Mar 2019

International Tax

Image for hmrc wins ps40m hyrax tax avoidance loan scheme

Tax | HMRC wins £40m Hyrax tax avoidance loan scheme

HMRC has won a case at First Tier Tribunal (FTT) over a contractor loan scheme promoted by Hyrax Resourcing Ltd which should have been notified under the disclosure of tax avoidance schemes (DOTAS) regulations, paving the way to clawing back some £40m in unpaid taxes

27 Mar 2019

Image for hmrc warns against psc tax avoidance scheme

Tax | HMRC warns against PSC tax avoidance scheme

In the wake of the Treasury’s report on the disguised remuneration loan charge, due to take effect from 5 April, HMRC has issued another ‘spotlight’ note warning against use of a contractor arrangement which claims to avoid the charge by transferring ownership of shares in a personal service company (PSC)

27 Mar 2019

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Tax | Goodwill, tax and amortisation relief post-1 April 2019

From the new tax year, businesses will have to deal with a revision to the tax treatment of amortisation relief for purchased goodwill and certain other customer-related intangibles and relevant assets. Paul Davies ACA CTA examines the rule change and impact on business tax compliance

27 Mar 2019

International Tax

Law and Regulation

Image for treasury reports disguised remuneration loan charge impact

Tax | Treasury reports on disguised remuneration loan charge impact

The Treasury has come out fighting in its newly published review of the operation of the new loan charge on disguised remuneration (DR) tax avoidance schemes, which is due to come in next month and which has stirred up considerable controversy over claims that some individuals will face severe financial hardship

26 Mar 2019

Image for qa losses occurred under irrecoverable loans

Tax | Q&A: losses occurred under irrecoverable loans

In our regular tax Q&A series, Croner Taxwise adviser Sohail Butt considers whether a directors’ loan which cannot be repaid will occur capital gains tax (CGT) losses

26 Mar 2019

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Tax | 1.13m businesses still to sign up to Making Tax Digital

With just one week to go until Making Tax Digital for VAT is introduced for more than a million businesses, HMRC says just 70,000 have signed up for the new service, which is mandatory from 1 April

25 Mar 2019

Making Tax Digital

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Tax | When is a temporary workplace not a temporary workplace for tax purposes?

Temporary workplace expense claims can be a challenge for employers when it comes to ensuring HMRC compliance with tax rules. David Redfern, managing director of DSR Tax Claims, examines potential pitfalls when determining whether claims should be allowed

25 Mar 2019

Image for scrap metal company tops tax defaulter list owing ps164m

Tax | Scrap metal company tops tax defaulter list owing £16.4m

HMRC’s latest list of major tax defaulters is topped by a scrap metal company owing £16.4m on £22.9m unpaid tax, followed by a restaurant owing £626,461, with a raft of takeaways and construction services also featuring

22 Mar 2019

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