Tax Compliance

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Image for us urged halt tax olympic medal winners

Tax | US urged to halt tax on Olympic medal winners

The US currently leads the medal table at the Rio Olympics, with the Internal Revenue Service (IRS) also set to come out a winner, as the nation’s athletes are required to pay tax on any medal they earn, as well as on the financial bonuses paid for getting to the podium

18 Aug 2016

International Tax

Image for chaplin ir35 overhaul public sector contractors unworkable

Tax | Chaplin: IR35 overhaul for public sector contractors unworkable

The overhaul of the IR35 tax rules for self-employed contractors in the public sector cause concern for tax advisers and intermediaries alike, and will increase costs, warns Dave Chaplin, founder and CEO of ContractorCalculator

18 Aug 2016

Image for financial institutions poorly prepared automatic information exchange

Tax | Financial institutions poorly prepared for automatic information exchange

Financial institutions are reporting a number of challenges over compliance with new OECD requirements related to the automatic exchange of information (AEOI) on client bank accounts in foreign jurisdictions, exacerbated by problems complying with the US Foreign Account Tax Compliance Act (FATCA) requirements, according to Aberdeen Group

17 Aug 2016

International Tax

Accountancy Firms

Image for hmrc issues penalties employment related securities

Tax | HMRC issues penalties for Employment Related Securities

The 2015-16 late filing penalty notices for Employment Related Securities (ERS) have been issued by HMRC, including information on tax-advantaged employee share schemes

17 Aug 2016

Image for tough penalty scheme tax advisers pushing aggressive avoidance schemes

Tax | Tough penalty scheme for tax advisers pushing aggressive avoidance schemes

The Treasury is set to announce plans for a new, tougher penalty regime for accountants and other advisers who offer ‘aggressive’ tax avoidance schemes, with fines of up to 100% of the tax underpaid by clients if such schemes are challenged, in a bid to crack down further on tax losses

17 Aug 2016

Image for hmrc interest rates late and early payments cut 025

Tax | HMRC interest rates for late and early payments cut by 0.25%

HMRC has cut the interest rates and allowances for late and early payments following the recent cut in the Bank of England base rate to 0.25% due to come later this month

16 Aug 2016

Accountancy Firms

Image for making tax digital proposes abolition annual tax return partners and llps

Tax | Making Tax Digital proposes abolition of annual tax return for partners and LLPs

The ‘simplification’ of reporting requirements for partnerships is proposed as part of the government’s Making Tax Digital policy, consultation documents reveal

15 Aug 2016

Making Tax Digital

Image for hmrc consultation opens way voluntary tax payments

Tax | HMRC consultation opens way for voluntary tax payments

HMRC’s consultation on proposals for Making Tax Digital (MTD) includes details of plans for taxpayers to opt for a voluntary pay as you go (PAYG) approach, allowing them to make payments at a point of their choosing towards an expected tax liability

15 Aug 2016

Making Tax Digital

Image for unincorporated business reporting making tax digital set out

Tax | Unincorporated business reporting for Making Tax Digital set out

Unincorporated businesses, the self employed and landlords will be required to update HMRC on their tax position at least quarterly through digital tax accounts under long awaited plans published today

15 Aug 2016

Making Tax Digital

Image for family duke westminster avoids hefty tax bill

Tax | Family of Duke of Westminster avoids hefty tax bill

The Duke of Westminster’s family will avoid a hefty Inheritance Tax (IHT) bill of up to £3bn on his £9bn estate as most of the fortune is held in trusts

12 Aug 2016

Image for lights not down ingenious film schemes

Tax | Lights not down for Ingenious film schemes

Investors in film schemes at centre of long-running tax dispute face invidious choice, says UHY Hacker Young partner Michael Avient

11 Aug 2016

Image for agents rebut hmrc calls bank account details ct returns

Tax | Agents rebut HMRC calls for bank account details on CT returns

In the move towards universal digital tax accounts for business, HMRC is trying to force companies to provide bank details on their corporation tax returns, despite kickback by businesses who continue to prefer to receive tax refunds by cheque

10 Aug 2016

Image for revenue scotland cuts penalty rates 025

Tax | Revenue Scotland cuts penalty rates by 0.25%

Revenue Scotland has confirmed it will adopt the Bank of England’s record low interest rate of 0.25% from 10 August 2016 which will see a cut in the interest charged on late payments

9 Aug 2016

Image for oulton dont take your clients hmrc penalties

Tax | Oulton: don't take your client's HMRC penalties

In light of the Blackman case, it is essential for advisers to ensure that their engagement letters are specific and signed as they are an important safeguard for tax advisers when HMRC hands out penalties for careless mistakes, stresses Jim Oulton, partner at Mayer Brown International LLP

9 Aug 2016

Image for commercial properties may see business rate hike

Tax | Commercial properties may see business rate hike

A Supreme Court decision on the process used to value non-domestic office and commercial premises occupied by more than one tenant could raise business rates as the Valuation Office Agency is forced to treat different areas of building as separate premises

9 Aug 2016

Law and Regulation

Accountancy Firms

Image for university taxes students sweet tooth

Tax | University taxes students for sweet tooth

The University of Brighton has taken matters into its own hands by introducing their own 10p levy on sugary drinks, ahead of governments plans for a UK wide levy, as part of a campaign to cut sugar consumption

5 Aug 2016

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