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Tax | Treasury to use tax regime to cut plastic waste

The Chancellor has indicated he will be announcing proposals for new tax measures to reduce the use of plastics at Budget 2018, after the Treasury received 162,000 responses, the highest in its history, to a recent call for evidence on how the tax system can be used to reduce plastic waste

20 Aug 2018

Tax | IR35: when is contracting employment in disguise?

Government plans to extend the offpayroll working rules to the private sector as early as April 2019 will create difficulties for contractors and business so it is essential to review contracts to ensure there are no unexpected disputes with HMRC over tax liability or accusations of disguised employment. Andrew Brookes, head of employment solutions at Menzies LLP, considers the proposals

16 Aug 2018

Image for paye withholding tax gig platform workers too confusing

Tax | PAYE withholding tax for gig platform workers too confusing

The Office of Tax Simplification has proposed changing the tax rules for self-employed platform workers with the introduction of a sector-specific PAYE withholding tax but how would it work? David Williams-Richardson, partner in the employer solutions team at RSM, considers the pros and cons

15 Aug 2018

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Tax | Profit fragmentation rules set for overhaul

As the government rapidly finalises new rules on profit fragmentation, Lindsey Wicks, tax writer at Croner-I Tax & Accounting, considers the significance of the proposals, particularly the notification requirement which could net thousands of high net worth individuals and business owners

14 Aug 2018

International Tax

Law and Regulation

Image for calls hmrc delay ir35 private sector extension

Tax | Calls for HMRC to delay IR35 private sector extension

HMRC’s consultation on extending the IR35 rules covering off-payroll working to the private sector closed last week, and contractor organisations are indicating there has been a groundswell of protest against the proposals, which have attracted controversy since their introduction in the public sector

13 Aug 2018

Accountancy Firms

Image for fca consults global financial innovation network

Tax | FCA consults on global financial innovation network

The Financial Conduct Authority (FCA) is consulting on plans to create a global financial innovation network (GFIN), in collaboration with 11 financial regulators and related organisations, which will build on its proposal earlier this year to create a ‘global sandbox’ for new concepts and finance models

9 Aug 2018

International Tax

Accountancy Firms

AI & Technology

Image for icaew calls hmrc fix payroll tax rules

Tax | ICAEW calls on HMRC to fix off-payroll tax rules

Following a meeting with HMRC on 21 June 2018 to discuss proposals for the rollout of off-payroll working to the private sector, ICAEW has published an in-depth letter calling for improvements

7 Aug 2018

Law and Regulation

Image for scottish government may extend lbtt stamp duty reliefs

Tax | Scottish government may extend LBTT stamp duty reliefs

The Scottish government is to consider the introduction of land and buildings transaction tax (LBTT) relief for investors such as pension funds and insurance companies in Scottish property, in a move welcomed by the accountancy profession

3 Aug 2018

Image for hmrc issues draft rules pension cold calling ban

Tax | HMRC issues draft rules on pension cold calling ban

HMRC has launched a technical consultation on draft regulations to ban pensions cold calling to ensure the proposed arrangements are robust and effective in protecting individuals from scams

23 Jul 2018

Image for hmrc tackles vat avoidance offshore looping

Tax | HMRC tackles VAT avoidance via offshore looping

HMRC has amended legislation to shut down a VAT avoidance scheme in which financial services exploit current rules using offshore looping

19 Jul 2018

Image for hmrc consults changes civil information powers

Tax | HMRC consults on changes to civil information powers

HMRC has launched a 12-week consultation on potential changes to its civil information powers, with a focus on the way it which it requests information from third parties, and the penalty regime

10 Jul 2018

Image for fb 2018 19 controlled foreign company rules tweaked atad compliance

Tax | FB 2018-19: controlled foreign company rules tweaked for ATAD compliance

Due to the introduction of the EU Anti-Tax Avoidance Directive (ATAD) before Brexit, the government plans to amend the tax rules on controlled foreign companies (CFCs) to ensure ongoing compliance

10 Jul 2018

International Tax

Image for fb 2018 19 hybrid and mismatch tax rules amended meet atad

Tax | FB 2018-19: hybrid and mismatch tax rules amended to meet ATAD

The government plans to amend the rules on the treatment of hybrid mismatches to ensure UK rules are aligned with the EU Anti-Tax Avoidance Directive (ATAD), with draft legislation set out in Finance Bill 2018-19

10 Jul 2018

International Tax

Image for fb 2018 19 hmrc plans points based overhaul penalties late tax payments

Tax | FB 2018-19: HMRC plans points-based overhaul of penalties for late tax payments

HMRC plans to overhaul the penalties for late payments by businesses and individuals for corporation tax, income tax and self assessment, using a brand new points-based system

9 Jul 2018

Image for fb 2018 19 benchmark scale rates expenses simplified

Tax | FB 2018-19: benchmark scale rates for expenses simplified

The government will go ahead with plans to abolish receipt checking for benchmark scale rates and changes to overseas scale rates, to simplify expenses related to travel

9 Jul 2018

Image for fb 2018 19 corporate interest restriction rules clarified

Tax | FB 2018-19: corporate interest restriction rules clarified

HMRC is consulting on technical amendments to the corporate interest restriction (CIR) rules, which have been updated as part of the government’s package of wider changes to ensure business profits are taxed in the location in which economic activity takes place

9 Jul 2018

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