Tax / Spain cracks down on 'aggressive tax planning' by foreign property investors

With Spanish tax authorities prosecuting tax evaders and the launch of the beneficial owner register, anyone invested in property via a corporate structure should review their tax position. León Fernando Del Canto, a barrister at Normanton Chambers, examines the tax rules

Tax / PAYE RTI penalties to remain risk-based

Following a review, HMRC has decided to continue the risk-based approach to PAYE late filing and late payment penalties for employers throughout the 2019/20 tax year with penalties due to go out from September

Tax / Graduates overpay £28m in student loan errors

The government is holding more than £28m of overpayments made to the Student Loan Company (SLC) in error, as a result of repayments being deducted from individuals after they have paid off their loans in full

Tax / Worker cannot claim tax relief on commuting expenses

A man who had a series of temporary contracts working at different company sites has lost his appeal for tax relief on his travel expenses, on the grounds this was ordinary commuting

Insight / Disqualification deflates bouncy castle boss

The director of a bouncy castle hire company has been banned for £240,000 of tax offences similar to those that resulted in her husband’s disqualification four years earlier

Tax / Auto enrolment for post-Brexit EU customs system

HMRC is to automatically enrol over 145,000 VAT-registered UK companies into the economic operator registration and identification (EORI) customs system to reduce the risk of Brexit disruption to trade

Insight / Bupa falls foul of SME late payment rules

The government’s small business commissioner has sounded a warning about large companies’ failure to pay adequate compensation to small business in cases of late payment of invoices, following an investigation into a complaint brought against healthcare giant Bupa

Technical Alerts

21 Aug 2019

Tax / RNIB forces HMRC to change blind person’s allowance rules

The Royal National Institute of Blind People (RNIB) has successfully challenged HMRC guidance over the circumstances in which the blind person’s allowance can be transferred between spouses

Accounting / Moody’s warns on staggered adoption date for lease standard

Credit ratings agency Moody’s has criticised plans to defer the rollout of the new US lease accounting standard for smaller companies and non-profits, saying it will distort comparability of accounts

Insight / Cyber fraud cases increase as courts ramp up action

Court cases involving alleged fraud dropped in value in the first half of 2019 to £319m, down from £345m in the same period last year, but there are signs cybercrime is becoming more sophisticated and fraudsters are sometimes repeat offenders

Tax / Using capital allowances for tax relief on business expenditure

Confusion and lack of knowledge about capital allowances discourages many business owners from using this essential tax relief worth up to £1m. David Redfern, director of DSR Tax Claims explains the qualifying criteria for the £1m annual investment allowance (AIA)

Tax / Making Tax Digital for VAT webinar date

HMRC is running a live webinar on Making Tax Digital for VAT compliance this Friday to help businesses who have not yet signed up for mandatory digital reporting

Tax / Four Quick Fixes to VAT on intra-EU movement of goods

Businesses need to prepare for the EU’s Four Quick Fixes, the latest attempt to refresh the VAT system for intra-EU movement of goods, effective from January 2020. Rob Janering, associate director at Accordance explains the impact on supplies when call-off stock arrangements and chain transactions take place

Technical Alerts

20 Aug 2019

Accounting / Marshall: calculating distributable reserves

The complex rules around distributable reserves has led to incorrect dividend payments and miscalculations, with interim reporting creating further challenges for listed companies. Andrew Marshall FCA, senior technical partner at KPMG, examines the issues

Tax / Making Tax Digital IT maintenance affects submission process

HMRC has resolved a technical issue affecting submissions of Making Tax Digital for VAT returns following IT maintenance over the weekend

Tax / Warning on out-of-date self-help tax guides

Anyone wanting some assistance with filing a tax return has been warned to look closely at self-help guides, after high street retailer W H Smith was found to be selling a publication which is five years out of date

Insight / FTSE 100 CEOs see pay drop to average £3.4m

The average pay package for FTSE 100 CEOs has fallen to £3.4m, down from £4m, but criticism of excessive pension payments is growing as shareholders hit out

Tax / US tech giants oppose French digital tax plans

The US government’s investigation into French plans to implement a digital services tax (DST) has started with US tech companies arguing it is a discriminatory move and calling for multilateral cooperation to address changes to the international tax system

Tax / VAT Q&A: qualifying cars and input tax recovery

In our regular Q&A series, Croner Taxwise VAT adviser Janis Kirkham considers whether a car bought for business use actually falls within the qualifying rules for VAT recoverability

Insight / Regulator finds trustee misconduct at educational charity

Charity Commission regulatory intervention has seen the reopening of a London school which was sold and shut by a trustee, who was responsible for serious misconduct and governance failings

Technical Alerts