Tax compliance

Tax / US opposes OECD plan to tax multinational digital giants

The US has signalled strong opposition to OECD plans to introduce a wide-ranging digital tax which would hit multinationals, particularly US IT giants

Tax / HMRC hauls in £3.9bn from sin taxes

There has been a 49% hike in the extra tax raised as a result of investigations into the underpayment of sin taxes, with HMRC collecting £3.9bn last year

Tax / Offshore fund investors warned to check tax reporting

With two months to go before the 2018/19 self assessment tax return submission deadline, offshore fund investors need to check their tax reporting, before HMRC does, to avoid penalties

Tax / Nunn: tax hazards of trivial benefits at Christmas

A rigid £50 cap on the trivial benefits exemption can catch out lucky staff who receive generous gifts from employers. Yvette Nunn CTA ATT MAAT, director of Berkeley Associates, warns of potential tax pitfalls if you receive a lavish Christmas hamper or a wedge of gift vouchers

Tax / Guidance on tax-free allowance for trusts revised

HMRC has updated the guidance about the tax-free allowance for trusts and how to report capital gains tax (CGT)

Tax / HMRC revamps CEST IR35 off payroll working tool

With four months to go until the IR35 off payroll rules start to apply in the private sector, HMRC has published its first update to its controversial check employment status for tax (CEST) tool since it was launched in 2017

Tax / Tax filing deadlines: Dec 2019

The key HMRC filing deadlines including corporation tax third quarterly instalment payment for companies with annual taxable profits exceeding £20m and corporation tax returns for accounting periods ended 31 Dec 2018

Tax / Gaines-Cooper and the implications for domicile

Dating back to the 1990s, the argument over Robert Gaines-Cooper’s domicile status is back in court, reminding high net worth individuals about the importance of keeping up to date with changes in tax avoidance legislation, warns international tax barrister Leon Fernando Del Canto

Tax / Tax updates: December 2019

In this month’s tax news, Gaines-Cooper returns to court, Higgins wins CGT claim, TV presenter Fospero and IT contractor in IR35 decisions, R&D tax credit claim fails and general election pushes back Finance Bill

Tax / VAT receipts hit record £133bn

The amount of VAT collected in the last year has risen by 5.3% to a record £133bn driven by the wholesale and retail sectors, despite widespread VAT evasion

Tax / Overseas requests to UK for tax crime help up 44%

Requests from foreign prosecutors to the UK for help with criminal tax investigations have gone up by 44% in the past year

Tax / Germany takes action over €440m tax fraud

The German finance ministry is to set up a new special unit to tackle large-scale tax fraud in the wake of the so-called Cum-Ex case, which has seen two British investment bankers on trial for their part in an alleged €440m fraud using complex financial transactions to engineer tax losses

Tax / Payroll complexity: avoiding the pitfalls

Convoluted payroll tax rules from compliance with national minimum wage to real time reporting and IR35 are making PAYE compliance increasingly difficult. Neil Cameron, payroll senior manager at Chiene + Tait, examines potential pitfalls and calls for higher standards of training for payroll teams

Tax / HMRC advisory fuel rates for company car users from 1 December

HMRC has published the latest advisory fuel rates (AFR) for company car users, effective from 1 December 2019 cutting standard 1600cc minus mileage rates by 1p per mile to reflect lower fuel costs

Tax / HMRC less ‘trigger happy’ on taxpayer arrests

The number of taxpayer arrests for suspected tax evasion has fallen to a five-year low, according to analysis by RPC which suggests a number of wrongful arrest claims against HMRC may be behind the decline
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