Tax Compliance

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Image for digital tax accounts business will raise costs warns icaew

Tax | Digital tax accounts for business will raise costs, warns ICAEW

ICAEW is urging the government to make more information available about the making tax digital plans and the move to online filing of accounts, after research found 75% of UK businesses do not currently maintain their accounts electronically using accounting software

30 Mar 2016

Making Tax Digital

Accountancy Firms

Image for tax data cgt indexation allowance april 2016

Tax | Tax data: CGT indexation allowance - April 2016

Download the HMRC capital gains tax (CGT) indexation allowance for December 2015

30 Mar 2016

Image for matalan founder loses legal challenge over cgt discovery assessment

Tax | Matalan founder loses legal challenge over CGT discovery assessment

John Hargreaves, founder of discount retail chain Matalan, has failed in a bid at the Court of Appeal to overturn previous tribunal decisions that he has no right to a separate preliminary hearing over the validity of an HMRC discovery assessment over his tax affairs relating to capital gains over the sale of shares before his appeal against that assessment takes place

30 Mar 2016

Image for tax filing deadlines apr jul 2016

Tax | Tax filing deadlines: Apr - Jul 2016

The key HMRC filing deadlines from April to July 2016 including inheritance tax due on lifetime transfers, employment quarterly intermediary reporting and deadline for use of capital gains tax (CGT) annual allowances

30 Mar 2016

Image for oecd consults tax treaty entitlement non civ funds

Tax | OECD consults on tax treaty entitlement of non-CIV funds

The OECD has launched a consultation on the tax treaty entitlement of non-Collective Investment Vehicle (CIV) funds as part of its follow-up work for its Base Erosion and Profit Shifting (BEPS) project, to ensure that the new treaty provisions included in its Action 6 report address adequately the treaty entitlement of these funds

29 Mar 2016

International Tax

Image for hmrc collects additional ps470m tax tightening screws small business

Tax | HMRC collects additional £470m tax by tightening screws on small business

HMRC raised nearly half a billion pounds from investigations into the tax affairs of small businesses last year, according to data revealed by UHY Hacker Young following a freedom of information request, which warns that the introduction of specialist taskforces is likely to see scrutiny increase further

29 Mar 2016

Image for ots review corporation tax nics and look through system

Tax | OTS to review corporation tax, NICs and ‘look-through’ system

The government is to implement the majority of changes to small business taxation recommended in a review carried out by the Office of Tax Simplification (OTS), but is calling for further work to review the possibility of providing the self employed with limited liability for their assets

24 Mar 2016

Image for finance no 2 bill 2016 published

Tax | Finance (No. 2) Bill 2016 published

The Finance (No. 2) Bill, running to over 500 pages, has been published today, bringing into effect the changes announced in the Chancellor’s recent Budget, with the legislation due to receive Royal Assent in July following debate in parliament

24 Mar 2016

Law and Regulation

Image for abolishing class 2 nics implications self employed taxpayers

Tax | Abolishing Class 2 NICs: implications for self-employed taxpayers

The plan for a zero-rate band for national insurance contributions (NICs) for the self-employed raises when Class 2 NICS are abolished raises tax compliance issues around the contributory element, says Meg Wilson CTA, tax writer at CCH

24 Mar 2016

Image for hmrc clarifies gift aid rules family donations

Tax | HMRC clarifies gift aid rules for family donations

Following confusion over gift aid donations, HMRC has issued a clarification on the tax relief status of online donations to charity websites with messages signed by more than one person

23 Mar 2016

Law and Regulation

Image for residential property transactions 55 ahead sdlt surcharge

Tax | Residential property transactions up 5.5% ahead of SDLT surcharge

Tax changes due to take effect in April, when there will be an additional 3% stamp duty land tax (SDLT) on the purchase of a second home, are having an impact on the market according to the latest HMRC figures on UK property transactions, which show there was a 5.5% increase in the number of residential property transactions between January and February

22 Mar 2016

Image for taxpayers need comply scottish s tax code 4 april

Tax | Taxpayers need to comply with Scottish S tax code by 4 April

In less than a fortnight, Scottish taxpayers will start to pay the Scottish rate of income tax (SRIT), which means that each resident Scottish taxpayer will be issued with an S tax code prefix effective 6 April

21 Mar 2016

Accountancy Firms

Leadership & Management

Image for dodwell neutral budget raises yet more tax complexity

Tax | Dodwell: neutral budget raises yet more tax complexity

Budget 2016 is a complex mixture of tax changes in the first revenue-neutral Budget of the parliament with some surprising decisions from the decision to cut CGT rates to a new Lifetime ISA for under 40s and a raft of BEPS measures including tougher interest deductibility rules, says Bill Dodwell, head of tax policy at Deloitte

18 Mar 2016

International Tax

Image for marriage allowance fails take stands one ten

Tax | Marriage allowance fails as take-up stands at one in ten

One of the government’s flagship family-friendly tax policies, the introduction of the Marriage Allowance for lower income couples, is floundering because of the difficulties taxpayers are experiencing in making a claim, according to analysis prepared by the Office for Budget Responsibility (OBR)

18 Mar 2016

Image for budget 2016 ps10bn tax boost business

Tax | Budget 2016: £10bn tax boost for business

In a Budget designed to stimulate business, the Chancellor announced a series of measures worth an estimated £10.8bn over the parliament to support small to medium-sized companies (SMEs), in particular, including cuts to capital gains tax (CGT) and corporation tax, an extension of entrepreneurs’ relief and a reduction in business rates

18 Mar 2016

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Tax | Budget Insight 2016 report

Brought to you by the Wolters Kluwer in-house team of tax writers, the Budget Insight 2016 report provides free, expert commentary on the recent UK Budget proposals. Including useful links and tables, it is written to help you assess the impact of the Budget proposals on your own or your clients’ businesses and tax liabilities, so that you can confidently offer advice

18 Mar 2016

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