Tax

Tax / Tax investigations: getting out of the rut

The stand-off between HMRC and taxpayers is only exacerbated when it comes to tax investigations which drag on for years, but partial closure notices (PCNs) at least offer some expectation of an outcome, albeit not final. David Lewis, partner at Mazars, explains

Tax / Digital services tax: what's wrong with the UK plan

Sarah Arnold, tax writer at Croner-i, explains the key objections to the draft legislation on the government's proposed digital services tax, due to come into force in April 2020, reflecting industry concerns about the complexity of the rules and lack of clarity in the draft legislation

Tax / Q&A: trusts and Fifth Money Laundering Directive

In our regular Q&A series from Croner Taxwise, Kiya Jacobs examines potential pitfalls accountants could experience when registering trusts to comply with the Fifth Money Laundering Directive (5MLD)

Tax / Getting creative: tax relief for films and productions

An increasingly complex compliance regime for creative tax reliefs makes applying for the various grants and tax write-offs a challenge for the creative sector. Matt Appleton, national creative sector tax relief lead and Dougy Agnew, tax partner at RSM, explain what film producers and TV directors need to consider when making a claim

Tax / FCA cracks down on car finance commission

The Financial Conduct Authority (FCA) is consulting on new rules for discretionary commission models, after research in the motor finance market revealed the potential for annual savings of £165m for consumers through changes to the way brokers are paid 

Tax / HMRC enrols traders for ‘no deal’ simplified imports

HMRC has ramped up its planning to minimise potential post-Brexit disruption to trade, by automatically registering 95,000 businesses for its simplified import procedures which will be put in place should the UK leave the EU without an agreement at the end of the month 

Tax / Facebook’s UK tax payments under fire

Facebook’s UK tax payments have been branded ‘outrageous’ by a former chair of the public accounts committee (PAC), after the tech giant’s accounts revealed it paid £28.5m in tax in 2018, while revenues hit a record £1.65bn

Tax / Budget day is 6 November

With Brexit negotiations still finely balanced, the Chancellor of the Exchequer is planning to hold a Budget on Wednesday 6 November, the week after the UK’s scheduled date to exit the EU

Tax / R&D tax credit claims up 20%

There has been a 20% increase in the total number of claims for R&D tax credits, according to the latest HMRC figures, primarily driven by a rise in the number of SME claims, with the department forced to add extra resource to meet the demand 

Tax / Scots confused over devolved tax powers regime

Scots are struggling more than ever to understand how devolved tax powers work,  but a majority are supportive of Scottish government plans for new tourist and car parking taxes, according to research by CIOT

Tax / HMRC to provide more details of tax avoiders

HMRC is to provide more publicly available data about people involved in tax avoidance schemes, after MPs called for greater transparency about the scale of the issues and the amount of tax at risk

Tax / HMRC ramps up rating system for large company tax compliance

Starting this month, HMRC is enhancing Business Risk Review with a new approach to assessing the level of tax compliance at the UK’s biggest companies, adopting a more graduated series of risk ratings which it says will encourage greater compliance

Tax / Sleight: Criminal Finances Act fails to stop tax evasion

The corporate offence of failure to prevent the facilitation of tax evasion under the Criminal Finances Act 2017 has not been as effective as HMRC originally expected. David Sleight, criminal litigation partner at Kingsley Napley, asks why there have been so few HMRC investigations two years on

Tax / Ireland slaps 1.5% stamp duty hike on non-residential property

Ireland has increased the rate of stamp duty for non-residential property sales by 1.5% in the Irish Budget, effective immediately

Tax / HMRC wins GAAR ruling on employee shareholder share abuse

The GAAR advisory panel has issued a ruling clamping down on a scheme involving the extraction of cash or value from a company by its directors and shareholders using employee shareholder shares
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