Business tax

Tax / Small business review calls for PAYE and tax agent change

The Office of Tax Simplification (OTS) is calling for a root and branch review of the PAYE system to make it easier for tax agents to view data on their small business clients held by HMRC, while it also needs to pay more attention to the needs of small business when developing new IT systems, reports Pat Sweet

Tax / FTSE 250 Cobham in £70m one-off tax payment

FTSE 250 aerospace and defence company Cobham has agreed to make a one-off tax payment of £55m, plus an interest payment of £14m, to settle a long running dispute with HMRC

Tax / What you need to know: diverted profits tax – part 2

In the second of a three part series on the diverted profits tax (DPT), Mark Cawthron LLB CTA, tax writer at Croner-i considers recent developments from UK implementation to interaction with OECD Base Erosion and Profit Shifting (BEPS) rules

Tax / Tax planning: Luxembourg cuts corporation tax rate to 17%

Following the smooth passage of a new Budget bill, Luxembourg has cut the rate of corporate income tax to 17% with immediate effect to attract more international investors, but beware the tax compliance issues for multinationals, says William Jean-Baptiste, partner at Ogier

Tax / Football clubs score tax windfall for HMRC

With four English football teams set to meet in the Champions League and Europa League finals, the first time one country has dominated the competitions, HMRC is set to take a multimillion pound share of prize money and player bonuses

Tax / IR35: countdown to off-payroll working rules for private sector

As government pushes ahead with mandatory private sector off-payroll working rules from 2020, Joe Tully, managing director of Brookson Legal, stresses the importance of an audit of contractor workforces to understand the scale of the challenge 

Tax / Ethical investment directors banned over tax scheme withdrawals

Three directors of a company offering so-called ethical Costa Rican plantation investments have been banned after withdrawing over £7m from a tax planning scheme when they knew it was being investigated by HMRC

Tax / What you need to know: diverted profits tax – part 1

In the first of a three part series on the diverted profits tax (DPT), Mark Cawthron LLB CTA, tax writer at Croner-I considers whether it has acted as a deterrent to multinationals attempting to mitigate their tax bills and compliance issues

Tax / Puppy farm crackdown yields £5m in unpaid tax

A specialist HMRC taskforce has collected over £5m in taxes by tackling dishonest dog breeders, as part of wider initiatives designed to crack down on selling puppies on the black market

Tax / Alternative dispute resolution and HMRC - NEW CPD module

This month’s exclusive Accountancy Daily CPD module will look at the alternative dispute resolution (ADR) process, which uses mediation to resolve tax disagreements between taxpayers and HMRC

Tax / Tax updates: May 2019

In this month’s tax updates, cases include Loose Women’s star IR35 win while Hustle actor’s Big Bad Wolffe company loses NIC appeal, a taxpayer’s unsolicited tax returns are rejected, HMRC wins £40m Hyrax case, IR35 private sector rules released, Treasury reports on loan charge, HMRC consults on PRR and multinationals face CFC clawback

Tax / Treasury probes value of social investment tax relief

The Treasury has published a call for evidence on the social investment tax relief (SITR), in a bid to understand the impact of the scheme which has been substantially under-used and is currently due to end in two years’ time

Tax / Deductible vs non-deductible business expenses

Expenses can be claimed as an allowable business expense but there are strict rules about which are allowed by HMRC. David Redfern, managing director of DSR Tax Claims, explains what can and cannot be claimed as an allowable expense

Tax / Tax filing deadlines: May - Aug 2019

The key HMRC filing deadlines from May to July 2019 including deadline for Forms P46(Car) (printed form) for quarter ended 5 April, P60 payroll reporting to employees and confirmation statements showing benefits that have had tax collected through payroll in 2018/19

Tax / Tax data: CGT data, HMRC rates of interest - May 2019

Download the HMRC CGT indexation allowance for December 2017 onwards, RPI Index for March 2019 and HMRC rates of interest, and the current stamp duty land tax (SDLT) and land and buildings transaction tax (LBTT) rates, and more