Tax Compliance

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Image for eu hints starbucks dutch tax deal illegal state aid

Tax | EU hints Starbucks Dutch tax deal illegal state aid

Early indications are that a tax deal struck between Starbucks and the Dutch authorities which enables the coffee chain to take advantage of a lower corporate tax rate is likely to be classed as state aid and judged illegal, following an EU investigation

14 Nov 2014

International Tax

Tax | HMRC compliance checklist for managing serious defaulters

HMRC has published a factsheet about their enhanced monitoring programme called ‘Managing Serious Defaulters’ targeted at people who deliberately get their tax affairs wrong

14 Nov 2014

Tax | Labour plans 100% penalties for tax evaders

The Labour party has signalled its intention to crack down on tax avoidance if it wins the next election, with plans to introduce penalties of up to 100% of the tax avoided through the use of aggressive schemes

14 Nov 2014

Tax | HMRC stops short of agreeing joint investigation role for PRA

HMRC, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) have announced details of how they plan to exchange and share information and expertise, although HMRC has drawn the line at signing up to joint working with PRA on tax investigations

14 Nov 2014

Corporate Governance

Tax | Gold smuggler needs to coin £4.3m to avoid ten years in jail

The leader of a gang behind a £9m gold smuggling plot uncovered by HMRC, will have to repay £4.3m of his criminal profits, within four months, or serve an extra ten years in prison

13 Nov 2014

Tax | Scrap metal dealer heads HMRC tax defaulter list

The list of major tax defaulters is topped by a scrap metal dealer who owed the taxman several million pounds in unpaid tax, while less major offenders named and shamed include recruiters and property sellers

13 Nov 2014

Called to Account

Tax | EU chief Juncker defends Luxembourg tax deals

Newly-elected European Commission president Jean Claude Juncker has been strongly criticised in the European parliament over his past role in the granting of preferential tax treatments to multinational companies in Luxembourg, as he seeks to lead an EU-wide campaign to tackle tax avoidance and evasion

13 Nov 2014

International Tax

Tax | OECD reaches out to developing countries to curb tax abuse

As part of plans to reduce the levels of tax avoidance and profit shifting used by multinationals particularly in developing countries, the Organisation for Economic Cooperation and Development (OECD) has announced a new strategy to work more closely with developing countries to address abuse of the tax system

13 Nov 2014

International Tax

Tax | Doctor prescribed jail for £185k tax evasion

A Leicestershire doctor has been jailed for 18 months for evading almost £186,000 in tax after an HMRC team targeting undeclared income in the health sector discovered he was declaring only half of his total earnings

13 Nov 2014

Called to Account

Image for frs 102 tax treatment libor based loan

Tax | FRS 102: tax treatment for a Libor-based loan

The new UK GAAP, effective for accounting periods starting 1 January 2015, will overhaul the current methods of tax reporting for financial instruments. Paul Davies, CCH corporate tax specialist, considers the tax treatment for a Libor-based loan and warns that these changes will affect all businesses reporting under the new accounting framework

13 Nov 2014

Accounting Standards

Financial Reporting

Image for anglo german proposal will see end patent box loophole

Tax | Anglo-German proposal will see end of patent box loophole

Negotiations between the UK and Germany will lead to the eventual abolition of the favourable Patent Box tax regime for expenditure on research and development (R&D) by multinationals as the tax reliefs will be removed over the next seven years

12 Nov 2014

International Tax

Tax | HMRC plans to spook young into paying correct tax

The taxman is set to ramp up its compliance campaigns by aiming to influence future taxpayers before they even have their first pay packet, with the release of videos for teachers to use in the classroom which feature a ghost-busting team to catch non-payers of income tax

12 Nov 2014

Tax | HMRC compliance check factsheet updated

Any company facing an HMRC compliance check should note that HMRC has updated factsheet (CC/FS1a) that provides general information about compliance checks, including your rights as a corporate taxpayer

12 Nov 2014

Tax | Complex rules could hit take up of sports club tax reliefs

New rules on tax reliefs for local sports clubs are now so complex to interpret and administer that fewer clubs will want to take up the tax breaks, which is the reverse of HMRC’s intentions when it began a review of the eligibility requirements for Community Amateur Sports Clubs (CASCs)

12 Nov 2014

Tax | Abuse of Luxembourg tax agreements exposed by ICIJ

The scale of tax avoidance by international companies using Luxembourg as a hub for their operations has been highlighted in an investigation into the activities of big business over an eight-year period from 2002 to 2010, released by the International Consortium of Investigative Journalists (ICIJ)

6 Nov 2014

International Tax

Image for hmrc admits two thirds big business facing tax enquiries

Tax | HMRC admits two thirds of big business facing tax enquiries

Two out of three large businesses are the subject of HMRC open enquiries into their tax affairs, according to figures released at the autumn HMRC stakeholder conference yesterday, attended by tax advisers and practitioners.

6 Nov 2014

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