Making Tax Digital

Tax / Issues with Making Tax Digital for corporation tax

HMRC has launched its MTD for CT consultation but the proposals could well prove challenging. Russell Gammon, chief innovation officer, Tax Systems, looks at the potential sticking points

Tax / Making Tax Digital: what's the long-term plan for corporation tax?

The ambitious plan to make UK tax fully digital for reporting purposes may have been delayed by the pandemic, but HMRC is still prioritising MTD for income tax and corporation tax. Croner-i tax writer Meg Wilson takes stock

Tax / Tax updates 2020 part 2: business

In a round-up of the major business tax stories of the year, we look at non-coronavirus tax news, including SME R&D tax relief cap, IR35 reporting delay, Making Tax Digital (MTD) timetable for corporation tax, carbon emissions review and digital services tax

Tax / Making Tax Digital for corporation tax by 2026

Among the recent crop of tax policy announcements, HMRC is consulting on how the principles established for Making Tax Digital for quarterly online filing could be implemented for corporation tax

Tax / Treasury releases tax policy announcements

The Treasury has released a slew of responses to recent consultations, changes to tax policy implementation deadlines, and announced new consultations, including one on Making Tax Digital for corporation tax

Tax / Q&A: tax on voluntary receipts

In our regular Q&A series, Croner Taxwise tax adviser, Amaira Badat, explores the tax implications of leaving a gift to an employee before passing away, could it be deemed as a voluntary receipt?

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