Tax Compliance

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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

Tax | Slower growth could see £31bn fall in tax revenues

Ahead of the Autumn Statement later this month, research from the Institute of Fiscal Studies (IFS) suggests tax revenues could be £31bn below the Budget forecast by 2019-20 because of lower growth, with Chancellor Philip Hammond needing to borrow an additional £25bn if there are no policy changes

8 Nov 2016

Tax | HMRC clarifies VAT on business assets prior to registration

HMRC has published a brief setting out the policy on the deduction of VAT relating to assets used by a business prior to its VAT registration, saying this has not always been treated consistently

8 Nov 2016

Tax | What you need to know: company car schemes and salary sacrifice benefits

A series of measures set to come into force from 2017 will affect the way organisations run company car schemes, possibly costing businesses up to an extra £1,000 per car per year. In the second of a two part series, Matthew Walters, head of consultancy services at LeasePlan, considers the potential clampdown on salary sacrifice benefits for company car schemes

8 Nov 2016

Tax | Ministry of Justice trials online alternative to tax tribunal applications

The Ministry of Justice is trialling an alternative to the application process for tax tribunals to provide a quicker online service for people challenging disputed HMRC decisions, although fees will be introduced for the first time to cover administration costs

7 Nov 2016

Tax | Ex-RELX tax chief to head up Office of Tax Simplification

As part of the initiative to reduce the complexity of the UK's tortured tax code, the government has appointed Paul Morton as tax director of the Office of Tax Simplification (OTS), replacing John Whiting, who is retiring

7 Nov 2016

Tax | Tax transparency tops OECD agenda in Tbilisi

The OECD is calling on all jurisdictions to conform to the latest tax transparency standards under exchange of information rules at the same time as they develop their own tax transparency initiatives

7 Nov 2016

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Tax Compliance

Image for hmrc updates employment intermediaries reporting guidance

Tax | HMRC updates employment intermediaries reporting guidance

HMRC has updated a section of its guidance on the reporting requirements for employment intermediaries, clarifying what intermediaries need to do when sending reports to HMRC, the information that is required and the penalties for non compliance

7 Nov 2016

Tax | OTS rejects lookthrough taxation system for small business

The Office of Tax Simplification (OTS) has rejected the viability of introducing lookthrough taxation for small companies as it would not simplify the current tax system for small business and would deter entrepreneurs

4 Nov 2016

Tax | Capital allowances for low emission company cars extended as LRR threshold cut

The extension of the 100% first year allowance (FYA) for businesses purchasing ultra low emission vehicles is to go ahead but the threshold for lease rental restrictions will be lowered

3 Nov 2016

Tax | Revised code of conduct for tax advisers clamps down on tax planning

The Treasury has given final approval to the revised code of conduct for tax advisers and accountants, the Professional Conduct in Relation to Taxation (PCRT), due to come into force from March 2017 following a three-month delay

1 Nov 2016

Tax | HMRC investigating £1.9bn owed by HNWI from potential tax avoidance

HMRC is running formal enquiries on a third of high net worth individuals (HNWI) with the aim to collect £1.9bn owed in taxes from potential tax avoidance schemes, according to a National Audit Office (NAO) report

1 Nov 2016

Tax | Making Tax Digital countdown sees HMRC launch online feedback portal

In the final countdown to the 7 November closing date for comment on HMRC’s plans to digitalise tax accounts for business, landlords and the self employed, the tax authority has launched an online forum to gather feedback

1 Nov 2016

Tax | FRC calls for clearer disclosure on tax uncertainties

The Financial Reporting Council (FRC) has released details of its thematic review of aspects of tax reporting in annual reports and accounts, which found companies need to articulate better how they account for tax uncertainties, particularly in the light of the expected introduction of new IFRS requirements in this area

1 Nov 2016

Tax | Buy-to-let stamp duty surcharge raises £670m in Q3

Nearly half of stamp duty land tax (SDLT) raised in the third quarter came from property transactions by landlords and second home purchasers who paid the 3% surcharge, with the number of buy-to-let properties increasing by 25,800

1 Nov 2016

Tax | Employment tax updates: November 2016

Essential tips and advice on how to avoid national minimum wage (NMWs) compliance errors, the planned increase in NIC liabilities for employers and employees on termination payments and public sector changes ahead for PSCs. Jackie Hall, partner at RSM reviews the key employment tax changes

1 Nov 2016