Making Tax Digital

Tax / OECD digital services tax project slows

The OECD’s plans for reaching a consensus-based global approach to taxing digital services have been delayed, with no agreement now likely before mid-2021, despite analysis suggesting up to $100bn (£77bn) is at stake annually, an update on progress has revealed

Tax / Facebook pays €106m in back tax to France

Facebook’s French subsidiary has agreed to pay €106m (£95.7m) in back taxes following a ten-year audit of its accounts by the French tax authorities

Tax / HMRC hit 20,000 taxpayers with toughest penalties over ‘deliberate’ errors

HMRC imposed 19,657 of its hardest penalties on taxpayers last year for committing what it describes as ‘deliberate’ errors in their tax returns, says UHY Hacker Young, with penalties set to increase as investigations restart

Tax / Finance Bill 2020-21: legislation and consultations announced

On 21 July, the government released draft legislation for this year's Finance Bill, plus details of the consultations first trailed at the Spring Budget, Accountancy Daily has consolidated these announcements with full details below

Tax / Amazon hikes UK seller fees in response to digital services tax

Online marketplace Amazon is to increase fees for UK sellers next month by 2%, in response to the introduction of the UK’s digital services tax (DST), in a move which is likely to increase costs for small businesses and traders who use the platform

Tax / Treasury releases 10-year digital tax strategy

Alongside the Finance Bill 2020-21 draft legislation, the government has released details of an ambitious ten-year strategy to create ‘a tax system fit for the challenges and opportunities of the 21st century’, with a strong focus on increased use of technology and moves to real-time reporting and tax payments

Tax / US claims ‘impasse’ on digital services tax talks

The US has pulled out of the discussions on the OECD’s plans for a global tax framework for multinationals in the digital economy, claiming the talks are at an ‘impasse’, and raising the prospect of retaliatory action over any digital services tax (DST)

Tax / EU tax moves impact on UK trade

With Brussels is planning new taxes around carbon, plastic and digital services to bolster the EU economy after coronavirus, the effects of may be felt by UK importers and exporters, says RSM’s George Bull

Tax / Trump threats on digital tax reveals policy free-for-all

With US technology giants in the sights of any digital services tax, investigation could see a new tariff war launched against many countries including the UK, writes Avalara’s Richard Asquith

Tax / US to probe UK’s digital services tax

The US has launched an investigation into digital services taxes (DSTs) that have been adopted or are being considered by a number of its trading partners, including the UK, on the grounds that they will unfairly penalise companies like Google and Amazon

Tax / Covid-19: MTD technical guidance being rewritten for VAT deferral

HMRC is finetuning the technical details for the VAT deferral process for businesses using the Making Tax Digital (MTD) for VAT system with an update to HMRC Technical VAT Notice 700/22 expected shortly

Tax / Covid-19: HMRC delays MTD ‘digital links’ Excel deadline

HMRC has deferred by one year the deadline for businesses reporting under Making Tax Digital (MTD) for VAT to meet the requirement to have ‘digital links’ within their recordkeeping for transferring information from Excel spreadsheets and other data sources to their online VAT filing

Tax / Making Tax Digital serviceability levels too low

HMRC has released a slew of research reports on progress with its flagship Making Tax Digital (MTD) online reporting regime, suggesting that businesses which have fully automated are seeing some benefits, but those with a hybrid approach are finding the transition more challenging

Tax / MTD threat to farmers, warns CLA

The Country Land and Business Association (CLA) is calling for an overhaul of the tax system for rural businesses particularly in light of Making Tax Digital for income tax plans

Tax / MTD for landlords and sole traders still at trial stage

HMRC has re-issued brief guidance on Making Tax Digital for landlords and sole traders who will be required to report income tax quarterly at some stage in the future, although it is still only a pilot and will not be mandatory
Subscribe