Business tax

Tax / Taxpayer rights under Human Rights Act explained

HMRC has issued factsheet CC/FS9 on the individual rights of taxpayers who are facing penalties for non-compliance with tax rules, focusing on article 6 of the European Convention on Human Rights

Tax / HMRC updates tax-free inherited imports appeals guidance

HMRC has issued an update to the notice explaining how to import inherited goods into the UK free of duty and VAT, with changes to the section detailing what to do if an individual does not agree with a HMRC decision

Tax / Dividend versus bonus: tips and pitfalls for directors

Stephen Relf CTA FCA, lead tax writer at Croner-i, examines the pros and cons of dividend payments versus bonuses for owner managed businesses including the implications of cash flow, potential tax savings and profit extraction options

Tax / OTS wants action on ‘patchwork’ of business tax reliefs

The Office of Tax Simplification (OTS) is calling for an urgent overhaul of what it calls ‘the complex patchwork’ of tax charges and reliefs which apply at various points in the business lifecycle to reduce complexity, make reliefs more accessible and to encourage UK businesses to fulfil their potential

Tax / 75% of MPs call for increase in HMRC funding

Two out of three MPs believe that government should be clearer on its tax strategy, while three-quarters have called for increased investment in HMRC, according to research from the Association of Accounting Technicians (AAT) and ACCA

Tax / Consultation on electric car workplace charging tax exemptions

HMRC has launched a technical consultation seeking comments on workplace charging tax exemptions for electric and plug-in hybrid vehicles which were announced at Autumn Budget 2017

Tax / HMRC seeks views on insolvency regime abuse

HMRC is exploring ways to tackle those who deliberately abuse the insolvency regime in trying to avoid or evade their tax liabilities, including through the use of phoenixism, and is seeking feedback on a discussion document

Tax / ATT warns employers to review value of salary sacrifice schemes

Transitional protections from tax which had applied to benefits provided under optional remuneration arrangements (OpRA), such as salary sacrifice schemes, have now ended following the introduction on the 2018/19 tax year, with the ATT warning employers to consider if they need to recalculate the value of benefits for tax purposes

Tax / Proposals to tackle hidden offshore profits

HMRC is inviting views on proposals first announced at Autumn Budget 2017 to tackle avoidance schemes where profits of trades or professions are moved outside the UK tax charge, often using offshore trusts and companies

Tax / Tax take from sugar levy dissolves as manufacturers reformulate

The amount of tax to be raised via the new soft drinks industry levy, in force from today, has been slashed, with the government claiming the threat of the ‘sugar tax’ has resulted in over 50% of manufacturers reformulating their products in order to avoid the charge, which is now predicted to bring in £240m rather than £520m in its first year

Tax / New tax year brings additional complexity

Sharp increases in auto enrolment pension payments, new Scottish income tax rates and bands and increasing complexity over higher rate taxpayer child benefit payments are some of the changes coming into force today, at the start of the 2018/19 tax year

Tax / Making Tax Digital – exploding the myths

While VAT is now at the forefront of HMRC plans for the rollout of Making Tax Digital (MTD), digital reporting will apply to all the main taxes in future and will impact all UK taxpayers. Ian Carpenter and John Forth, VAT partners at RSM, explain potential pitfalls and considerations for businesses and accountants

Tax / Tax updates: April 2018

This month's review of tax cases and tax news including Making Tax Digital extended to income tax, changes to termination tax payments, copy Third party information notice was required by HMRC, penalties for late return were invalid

Tax / Government takes axe to ‘staircase’ tax

The government is introducing legislation to help up to a thousand businesses which were affected by the ‘staircase tax’ introduced following a legal ruling on the way in which business rates in adjoining properties are calculated

Tax / Dodwell: tax and the sharing economy prove problematic

Bill Dodwell, partner and head of tax policy at Deloitte, considers other countries methods of ensuring that online platforms and their users pay the correct amount of tax, after the Chancellor’s Spring Statement explored ways that these online platforms can encourage tax compliance