Tax Compliance

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Tax | HMRC sends out first in-year RTI penalties to small PAYE employers

HMRC has started to issue the first in-year penalties for small employers who missed the PAYE deadlines for reporting real time information salary and payroll data although it claims to be taking a more lenient approach to penalties than in the past

17 Jun 2015

Tax | Estoppel: inheritance issues and legal claims in the farming sector

Julie Butler FCA asks whether more farms could be lost due to lack of protection together with proprietary estoppel. The recent case of Davies & Another v Davies; [2014] EWCA Civ 568, shows the vulnerability of farms to legal claims by family members

16 Jun 2015

Tax | HMRC extends range of ISA qualifying investments

HMRC has published amendments to the Individual Savings Account (ISA) and the Child Trust Funds (CTF) rules to extend the list of eligible investments which can be held in an ISA or CTF to include more investment trusts and securities issued by small and medium-sized companies

16 Jun 2015

Tax | HMRC pays record £605k to tax informants

HMRC has paid out a record £605,000 to informants over the past year according to research by law firm RPC, which says the 50% hike is partly down to a surge in public awareness about HMRC’s efforts to track down tax evaders

15 Jun 2015

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HMRC

Tax Compliance

Tax | Government rules out full fiscal autonomy in Scotland Bill

The Scotland Bill, which provides wider devolved tax powers for Scotland, is set to begin the committee stage of it reading today, with the Scottish Secretary ruling out any changes to introduce full fiscal autonomy (FFA), as proposed by the SNP

15 Jun 2015

Tax

Tax Compliance

Image for abbey national loses repo case over ps16m disputed tax bill

Tax | Abbey National loses repo case over £16m disputed tax bill

HMRC has won the first stage of a tax avoidance case over the Ariel 1 avoidance scheme used by Abbey National Treasury Services PLC (ANTS) and Cater Allen International Ltd (CAIL) at the First Tier Tribunal involving disputed tax of more than £16m after the courts ruled against its attempt to avoid paying corporation tax on the interest on floating loan rate notes

12 Jun 2015

Tax | Scottish rate of income tax (SRIT): draft guidance out for consultation

With less than a year until Scotland takes responsibility for setting income tax rates for Scottish residents, HMRC has released draft technical guidance on how Scottish taxpayer status should be decided, highlighting complications over residency issues with the proposed Scottish Rate of Income Tax (SRIT), particularly for taxpayers who work in both Edinburgh and London, armed forces personnel and for highly mobile employees

12 Jun 2015

Tax | VAT MOSS guidance updated to clarify amendment process

HMRC has updated the guidance on registering and using the VAT mini one stop shop (MOSS) service to incorporate information about correcting VAT MOSS returns when submitting data for digital sales across EU member states

11 Jun 2015

Tax

Tax Compliance

VAT

Image for hmrc clarifies vat rules charity bulk mailings

Tax | HMRC clarifies VAT rules for charity bulk mailings

HMRC has published updated versions of its guidance on the VAT treatment of direct mail and further extended the deadline for charities to comply with new regulations regarding bulk mailings handled under a single contract combining both printing and posting

11 Jun 2015

Tax | US senators warning on impact of BEPS

The chairs of two influential US congressional committees have written to the US Treasury secretary expressing concerns over the potential impact of the Base Erosion and Profit Shifting (BEPS) project ‘on US workers and their multinational employers ’, and suggesting the US government should not agree to some of the proposals

11 Jun 2015

Tax | Select committee nominations close

Nominations closed last night for the election of the chairs of all the Parliamentary select committees, including the influential Public Accounts Committee (PAC) and the Treasury committee, which were disbanded when the general election was first called and are now being re-launched

11 Jun 2015

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Politics

Tax Compliance

Image for tax impact amazon books sales through european branches

Tax | Tax impact as Amazon books sales through European branches

Amazon has announced that since 1 May 2015, Amazon EU Sarl has been recording retail sales made to customers through branches in the UK, Germany, Spain and Italy, rather than booking all the sales to its Luxembourg operation. Heather Self, CTA, partner at Pinsent Masons, considers the significance of this announcement

9 Jun 2015

Tax | OECD releases implementation rules for country-by-country tax reporting

As part of the move to improve the levels of transparency in international tax matters and reduce aggressive tax avoidance by multinational companies, the OECD has released a package of measures for the implementation of a new country-by-country reporting plan developed under the OECD/G20 Base Erosion & Profit Shifting (BEPS) project

9 Jun 2015

Tax | Half of FTSE 100 companies improve level of tax transparency, claims PwC

More than half of FTSE 100 companies now disclose information about their approach to tax, compared to under a third two years ago, a PwC report shows, as big business comes under increasing pressure to improve their tax transparency in light of a global clampdown on aggressive tax avoidance

8 Jun 2015

Tax | Scotland Bill debate set for 8 June to highlight tax policy issues

The Scotland Bill is to get its second reading in the House of Commons this afternoon, marking the government’s commitment to bringing new devolved powers to the Scottish Parliament, including the ability to vary the rate of Scottish income tax

8 Jun 2015

Tax

Tax Compliance

Tax Planning

Tax | OECD consults on hard-to-value intangibles rules

The OECD has announced a further short consultation on proposed changes to the transfer pricing rules or special measures for hard-to-value intangibles, which form part of its work on the Base Erosion and Profit Shifting (BEPS) project and relate to Action 8 on intangibles

8 Jun 2015

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Latest news

Tax | HMRC sends out first in-year RTI penalties to small PAYE employers

Tax | Estoppel: inheritance issues and legal claims in the farming sector

Tax | HMRC extends range of ISA qualifying investments

Tax | HMRC pays record £605k to tax informants

Tax | Government rules out full fiscal autonomy in Scotland Bill

Tax | Abbey National loses repo case over £16m disputed tax bill

Tax | Scottish rate of income tax (SRIT): draft guidance out for consultation

Tax | VAT MOSS guidance updated to clarify amendment process

Tax | HMRC clarifies VAT rules for charity bulk mailings

Tax | US senators warning on impact of BEPS

Tax | Select committee nominations close

Tax | Tax impact as Amazon books sales through European branches

Tax | OECD releases implementation rules for country-by-country tax reporting

Tax | Half of FTSE 100 companies improve level of tax transparency, claims PwC

Tax | Scotland Bill debate set for 8 June to highlight tax policy issues

Tax | OECD consults on hard-to-value intangibles rules