Tax compliance

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 / HMRC’s let property campaign yield below expectations

An HMRC campaign targeted at increasing the tax take from properties which are let out is making slow progress, so far producing under a third of the yield expected, and with only a handful of landlords coming forward to make a disclosure, according to analysis by Saffery Champness

Tax / Covid-19: tax-free childcare extended

Tax-free childcare has been extended to 31 October for parents who may have fallen below the minimum income requirement, and critical workers who may have exceeded it

Tax / HMRC and General Electric in $1bn tax dispute

HMRC is seeking to reclaim some $1bn of tax from US industrial giant General Electric (GE), amid claims the company failed to disclose full details of financing arrangements in Australia, and was allegedly using an arbitrage scheme to gain a tax advantage

Tax / HMRC looks at modernising stamp taxes on shares

The tax office has issued a call for evidence on the principles, priorities and design of a new framework for stamp duty and stamp duty reserve tax (SDRT), as a first stage in plans to modernise and digitise the regime for handling stamp taxes on shares

Tax / Offshore bank accounts in HMRC’s sights under DAC 6

Through its disclosure facilities, HMRC learnt more about tax avoidance schemes, but from January 2021 further transparency under the DAC 6 EU directive give it greater firepower over offshore bank accounts, says Harbottle and Lewis’ Gary Ashford CTA

Tax / Consultation on expanding qualifying expenditure for R&D tax relief

The government is consulting on the scope of qualifying expenditures for R&D tax credits, focusing particularly on whether expenditures on data and cloud computing ought to qualify for relief

Tax / Q&A: VAT on the Eat Out to Help Scheme

In our regular Q&A series from Croner Taxwise, VAT adviser, Tony Chamberlain explains the VAT implications of the Eat Out to Help Scheme, do restaurateurs only pay VAT to HMRC on the discounted amount or full value of the bill?

Tax / Plans for NICs holiday for military veterans’ first civilian job

The government is consulting on plans for a National Insurance contributions (NICs) holiday for Armed Forces veterans who take up civilian jobs, first announced at Spring Budget 2020

Tax / VAT updates: August 2020

In this month’s VAT updates, Graham Elliott reviews the changes to hospitality supplies, DIY housebuilder claims and child car seats

Tax / Inheritance tax receipts drop for first time in 10 years

Inheritance tax receipts (IHT) have dipped for the first time in a decade, reversing a long term trend, and prompting renewed calls for a change to the regime

Tax / Tackling the £31bn tax gap: what’s next?

As HMRC reveals a shrinking tax gap, BDO’s Dawn Register and Tom Palmer investigate where and how the tax collector can find the missing billions, from a focus on offshore and the wealthy to those that simply do not pay

Tax / Consultation on possible new carbon emissions tax

The government is consulting on the operation of the new carbon emissions tax that could be introduced after the end of the Brexit transition period, in the event no linked UK Emissions Trading System (UK ETS) is agreed with the EU

Tax / HMRC wins IR35 appeal at Upper Tribunal

HMRC has won a significant Upper Tribunal appeal over the use of personal services companies (PSCs) by broadcasters, with the overturning of a previous ruling on the tax status of radio presenter and comedy writer Paul Hawksbee under IR35 regulations 
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