Tax Compliance

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Tax | Nunn: why tax planning is more law than numbers

An increasingly aggressive stance by HMRC is pushing taxpayers into a corner and making advisers primarily interpreters of law and legislative nuances, warns Yvette Nunn CTA and principal of Berkeley Associates

19 Aug 2015

Tax | Dividend allowance cuts tax advantages for owner managers

Following changes to dividend tax announced in the Summer Budget, which capped the annual dividend allowance at £5,000, HMRC has produced a factsheet on the new tax-free dividend allowance, which will hit the majority of owner managers who currently use a low salary/high dividend approach

18 Aug 2015

Tax | HMRC offers bags of advice on VAT charge for retailers

HMRC has published guidance outlining the tax implications of new legislation introducing a compulsory charge on single-use carrier bags in England, which comes into effect later this year

18 Aug 2015

Tax

Tax Compliance

VAT

Tax | HMRC sounds tax free note for classical musicians

With the Proms season in full swing, attracting orchestras and musicians from around the world, HMRC has published an update to its simplified tax system for classical music which allows for payment to non-UK resident performers without deduction of tax

17 Aug 2015

Tax | P11D penalty notice problem raises red flag for employers

HMRC has admitted that it is having problems issuing P11D interim penalty notice letters which means some have been sent out incorrectly when they should not have been, and as a result employers who receive a penalty warning letter should submit another P11D(b) in case the original has been lost in transit

17 Aug 2015

Tax | LLPs and disguised employment relationships - insolvency risks

The clampdown on disguised employment relationships in limited liability partnerships (LLPs) puts employee members at risk in event of insolvency, warns John Young, legal director of Mishcon de Reya, but there are ways to minimise the impact

17 Aug 2015

Tax

Personal Tax

Tax Compliance

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Tax | Tax agents lose access to free HMRC corporate filing software

HMRC is to withdraw tax agents' access to free filing software for company tax returns, forcing them to use commercial software by 2016, replacing the current free option allowing small companies with simple tax affairs to submit their own annual company tax return and accounts to HMRC and Companies House

14 Aug 2015

Tax

Tax Compliance

Technology

Image for hmrc under fire over vat cost allocations post cjeu minerva ruling

Tax | HMRC under fire over VAT cost allocations post CJEU Minerva ruling

HMRC is under pressure to review the UK’s position on recovery of VAT for holding companies after a judgment by the European Court of Justice (CJEU) in the Minerva and Larentia cases, exacerbated bya number of cases on VAT cost allocation which have been won by taxpayers

13 Aug 2015

Tax | OECD report into tax jurisdictions highlights cost cutting pressure

The OECD has published the latest annual performance report into 65 global tax administrations, including all OECD and EU members, looking at their performance and achievements in tacklinge tax avoidance and improving compliance levels, highlighting collection rates, changes to tax legislation to curb tax abuse and cuts to resourcing and staffing levels

12 Aug 2015

Tax

Tax Compliance

Tax | HMRC starts sending out P800 tax calculations

HMRC is starting to send out the annual P800 tax calculations to anyone who has overpaid or underpaid tax during the tax year ending 5 April 2015

12 Aug 2015

Tax | HMRC targets mid-sized business tax avoidance

The latest estimate of the tax potentially underpaid by the UK's biggest businesses suggests that the era of billion pound tax settlements is drawing to a close, with HMRC increasingly focusing on mid-sized businesses, according to analysis by law firm Pinsent Masons

12 Aug 2015

Tax | Irish Airbnb hosts face tax grilling as UK eyes up online sellers

A rising number of UK residents are signing up to the online accommodation service Airbnb as a way of making money by hosting paying visitors, but there are warnings that many such part-time hosts risk coming into direct conflict with HMRC for failing to declare extra earnings, while their counterparts in the Republic of Ireland are already facing retrospective tax demands

12 Aug 2015

Tax | Tinkering with tax simplification: what we need is a radical approach

Permanent status for the Office of Tax Simplification (OTS) is welcome, but armed with better resources and funding, it has to be given the independence and powers to do more than tinker ineffectively at the edges of the tax code, says Jonathan Riley FCA, head of tax at Grant Thornton UK LLP

11 Aug 2015

Tax | OECD publishes guidance on Common Reporting Standard

The OECD has released three reports to help jurisdictions and financial institutions implement the global standard for automatic exchange of financial account information, which is intended to put an end to offshore tax evasion

10 Aug 2015

Tax

International Tax

Tax Compliance

Tax | HMRC clarifies rules for accounting for credit losses under IFRS 9

Revised rules on the tax treatment of credit losses as a result of the introduction of IFRS 9, Financial Instruments, has come into force with amendments to the Change of Accounting Practice Regulations 2004 (SI 2004/3271)

6 Aug 2015