Business tax

Tax / Online marketplaces to be liable for missing VAT

The European Commission has announced new measures, due to come into force in January 2021, which will allow for a smooth transition to an updated VAT structure for dealing with online selling and will make online marketplaces liable for VAT not recovered by tax authorities

Tax / Charities: tax pros and cons of setting up a charity - part 9

Stephen Relf FCA CTA, lead tax writer at Croner-I, discusses the requirements and obligations of setting up a charity, and what useful tax reliefs are available to both a business and an individual

Tax / Avoid getting caught out by OpRA rules on benefits in kind

Andrew Brookes, head of employment solutions at Menzies LLP, examines the changes to the rules affecting optional remuneration arrangements (OpRA) and explains why employers must consider how their tax positions could be affected

Tax / CIOT warns Finance Bill tweaks damage confidence

CIOT has warned that a number of minor changes to Finance Bill 2018-19 (FB 2018-19) risk undermining the consistency depended on by taxpayers, reducing confidence and affecting international competitiveness

Tax / Walker: cost implications of digital services tax

The digital services tax (DST) announced in the Budget will lay a heavy compliance burden on businesses, especially when it comes to UK profit margins, argues Eloise Walker, partner at Pinsent Masons

Tax / 37% of accountants stalling over MTD

A survey of tax professionals’ attitudes and company readiness for Making Tax Digital (MTD) for VAT shows that companies and accountants are lagging behind in their preparations and 70% are waiting for future announcements until they commit to a process

Tax / Call to rethink tax system to tackle climate change

In the week of the annual UN conference on climate change, ACCA is calling for governments to rethink the design of the tax system holistically in a bid to counter the impact of climate change on business and society, by increasing taxes on pollution and natural resource use

Tax / Corporate taxes and VAT drive revenue spike

Tax revenues in advanced economies have continued to increase, with taxes on companies and personal consumption representing an increasing share of total government revenues, according to an annual review by the OECD

Tax / £8m fund for post-Brexit customs support

Ahead of the UK leaving the EU next March, HMRC and the Treasury have announced an £8m funding scheme for customs intermediaries and traders towards the cost of training and IT improvements required to handle imports and exports post-Brexit

Tax / EU council hears doubts over digital services tax

The EU Economic and Financial Affairs Council (ECOFIN) has discussed the implementation of a digital services tax, with representatives disagreeing on how such a tax would work in practice and some countries calling for a delay until the OECD reaches a solution

Tax / Voluntary return policy to get statutory footing

Meg Wilson CTA, tax writer at Croner-i, looks at why HMRC’s existing policy on voluntary returns is being legislated for, including cases which have concluded that unsolicited tax returns are not valid, and what impact this change will have on UK taxpayers and tax advisors

Tax / Ashley calls for immediate 20% tax on online sales

Sports Direct founder Mike Ashley has claimed that the high street is ‘already dead’ due to the impact of the internet on consumers, and that the only way to redress the balance would be to institute a 20% tax on online sales and massive cuts to business rates

Tax / Lords call for greater oversight of HMRC powers

Recent powers provided to HMRC undermine the rule of law and hinder taxpayers' access to justice, and the tax authority should be subject to greater oversight and its powers reviewed, as the balanced has been tipped ‘unfairly’ in its favour, according to a House of Lords report

Tax / EU committee backs VAT reverse charge

The EU committee on economic and monetary affairs has voted in favour of a proposed amendment to the EU VAT directive, allowing member states struggling with fraud to temporarily change the way it is recovered

Tax / Tax updates: December 2018

In our monthly roundup of tax cases, a FTT decision on ‘period of ownership’ of an off-plan apartment overturned in Higgins, FTT allows new argument not heard in previous appeals in Vaccine Researcher Ltd Partnership and livery business eligible for business property relief

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