Tax Compliance

Latest news

Image for former panamanian adviser calls zero tolerance tax secrecy

Tax | Former Panamanian adviser calls for ‘zero tolerance’ on tax secrecy

Nobel Prize-winning economist Joseph Stiglitz has called for ‘zero tolerance’ on secret tax structures in an evidence session with the European Parliament’s Panama committee, set up to consider the issues around offshore tax havens following the leak of information from law firm Mossack Fonseca

17 Nov 2016

International Tax

Image for hmrc amends rules prevent double taxation over bank levies

Tax | HMRC amends rules to prevent double taxation over bank levies

HMRC has published a policy paper outlining amendments to provide double taxation relief in respect of the UK bank levy and contributions made to the EU single resolution fund, to avoid the UK’s largest banks being taxed twice

16 Nov 2016

Image for ftt win rock drummer over backdating nics

Tax | FTT win for rock drummer over backdating NICs

The First Tier Tribunal (FTT) has found in favour of a former ‘psychedelic soul’ rock musician of state pension age who was seeking to overturn an HMRC ruling preventing him from making over 30 years of late payments of backdated Class 2 National Insurance contributions (NICs), on the grounds that this was not due to a failure to exercise due care and diligence

16 Nov 2016

Law and Regulation

Image for call eu wide beneficial ownership register

Tax | Call for EU-wide beneficial ownership register

MEPs have faced calls for a European register of beneficial owners of companies, along with stronger action to counter money laundering, during a meeting of the European Parliament’s Panama Papers inquiry committee which was given details of initial findings from the data

16 Nov 2016

International Tax

Law and Regulation

Image for hmrc shoot star tax avoiders 2017

Tax | HMRC to shoot for STAR tax avoiders in 2017

HMRC is bolstering its already rich arsenal against tax avoidance with its ‘serial avoiders’ regime, including naming and shaming, set to come in from April 2017, explains BDO tax investigations partner Dawn Register

16 Nov 2016

Image for call prosecution student loan defaulters living abroad

Tax | Call for prosecution for student loan defaulters living abroad

The government is being urged to give stronger consideration to prosecuting borrowers who seek to avoid paying back student loans by moving abroad, with an independent think tank claiming the Treasury could recoup £22 for every £1 spent on collection

15 Nov 2016

Image for chappell investigated over ps500k bhs business taxes

Tax | Chappell investigated over £500k BHS business taxes

HMRC has reportedly arrested Dominic Chappell, the businessman who bought high street retailer BHS for £1 last year, for failing to pay more than £500,000 in tax on profits made from the retail company

14 Nov 2016

Law and Regulation

Called to Account

Image for hmrc axes concentrix tax credit contract early

Tax | HMRC axes Concentrix tax credit contract early

HMRC has axed its contract with Concentrix with immediate effect, six months earlier than scheduled, after a barrage of criticism over the outsourcing company’s poor performance in checking tax credit claims

14 Nov 2016

Image for cherry rushed introduction making tax digital damaging business

Tax | Cherry: rushed introduction of Making Tax Digital damaging for business

As the government looks to press ahead with its Making Tax Digital (MTD) project, Mike Cherry, national chairman at the Federation of Small Businesses, outlines the major concerns of the UK’s small businesses, who will struggle to comply in such a short timeframe

14 Nov 2016

Making Tax Digital

Image for hmrc denies mtd means quarterly filing

Tax | HMRC denies MTD means quarterly filing

HMRC has gone on the offensive to counter claims that its move to making tax digital (MTD) will increase the accounting costs and burden for large numbers of businesses, in the wake of sustained criticism from professional bodies and others about the proposals

11 Nov 2016

Accountancy Firms

Image for eu action deter tax avoidance advice

Tax | EU action to deter tax avoidance advice

The European Commission has launched a public consultation on whether there should be concerted EU action to tackle advisers and intermediaries, including accountants, who facilitate tax evasion and tax avoidance using aggressive tax planning schemes, in the light of information revealed in the Panama Papers

11 Nov 2016

International Tax

Image for romangate appellant wins ps475k tax avoidance case

Tax | Romangate appellant wins £475k tax avoidance case

The First Tier Tribunal (FTT) has found in favour of a taxpayer who was appealing against a discovery assessment in relation to a failed tax avoidance scheme, on the basis that although HMRC made a discovery of an insufficiency of £475,498 in income tax, this was not brought about deliberately

9 Nov 2016

Image for panama papers taskforce targets uk based tax evaders

Tax | Panama Papers taskforce targets UK-based tax evaders

The government taskforce set up in the wake of the ‘Panama Papers’ data leak has opened civil and criminal investigations into 22 individuals for suspected tax evasion and has a further 43 individuals under review, according to an update provided by Chancellor Philip Hammond to MPs

9 Nov 2016

International Tax

Called to Account

Image for tax body calls postponement mtd prepare businesses and software

Tax | Tax body calls for postponement of MTD to prepare businesses and software

Tax experts from the Low Incomes Tax Reform Group (LITRG) have voiced concerns over HMRC’s ambitious timescale for Making Tax Digital (MTD) reforms and call for them to be postponed to better prepare businesses and test out new software

9 Nov 2016

Image for ots seeks feedback corporation tax simplifications

Tax | OTS seeks feedback on corporation tax simplifications

The Office of Tax Simplification (OTS) has published a progress report and call for evidence on proposals for simplifying corporation tax to ensure computations work for modern companies and is seeking feedback on the options

8 Nov 2016

Accountancy Firms

Image for hmrc figures confirm low take marriage allowance

Tax | HMRC figures confirm low take-up of marriage allowance

Despite an extensive, targeted publicity campaign, less than a quarter of those eligible have applied for the marriage allowance, and are missing out on the chance to reduce their tax bill by up to £220 a year, according to HMRC’s own figures

8 Nov 2016

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