Tax

Tax / IRS misses out on $34bn in US corporate taxes

The US government has missed out on $34bn (£28bn) of tax revenues from large companies because of budget cuts at the Internal Revenue Service (IRS), according to academic researchers who warn the losses could rise steeply

Tax / One in 10 businesses miss MTD for VAT filing deadline

An estimated 120,000 businesses have missed the deadline to sign up for Making Tax Digital for VAT, meaning that technically they should be due a penalty from HMRC

Tax / Luxembourg moves to introduce hybrid mismatch tax clampdown

The  Luxembourg government is planning to tighten up the rules on use of hybrid mismatches in line with the EU Anti-Tax Avoidance Directive 2 (ATAD 2), which has to be adopted in EU member states by 2020

Tax / Call for tax regime to address air pollution concerns

In order to cut dangerous levels of air pollution in the UK, the government should lift the freeze on fuel duty, introduce a surcharge on diesel vehicles and exempt the most eco-friendly cars from VAT, according to research from think tank Bright Blue

Tax / Retailers demand fix to ‘broken’ business rates

The government is under pressure to take action on business rates, with over 50 major retailers supporting recommendations designed to fix what they describe as ‘the broken business rates system’  

Tax / The sale of a horse for VAT

Julie Butler FCA considers the VAT implications when selling a racehorse from shared ownership to applying the business economic activity test, particularly in light of the McMorris case

Tax / HMRC wins £15m Hargreaves Lansdown loyalty bonus case

HMRC has successfully overturned a ruling on the tax status of ‘loyalty bonus’ rebates made by fund management platform Hargreaves Lansdown, with the result that over 150,000 investors are no longer in line for a £15m repayment windfall

Tax / Government under pressure to launch loan charge review

MPs and contractors are intensifying pressure on the Chancellor to review the loan charge which has seen contractors paying retrospective tax bills on remuneration schemes which were outside PAYE, some dating back 20 years

Tax / Capital allowances under structures and buildings allowance (SBA)

The newly launched structures and buildings allowance (SBA) gives a 2% flat rate capital allowance tax break on expenditure incurred after 28 October 2018. Zigurds Kronbergs, tax writer at Croner-i, explains 

Tax / VAT Q&A: place of supply rules for intermediary services

In our regular Q&A series, Croner Taxwise VAT adviser Priyesh Mistry explains the VAT rules for third parties and whether VAT is charged at the standard rate when invoicing services from a non-UK based supplier

Tax / Brexit pressure forces one-year spending review

There will be a fast-tracked one-year spending review to ensure departments can focus on delivering Brexit by 31 October, the Chancellor has confirmed, as the normal three-year spending review is delayed

Tax / MTD for VAT trips up monthly taxpayers

Nearly 4,000 businesses who pay VAT monthly have missed the monthly Making Tax Digital VAT filing deadlines since April

Tax / UK continues to refuse to cut VAT on e-books

The UK continues to charge VAT on e-books, audio books and online newspapers despite changes to EU VAT rules introduced last year and since adopted by a growing number of member states

Tax / HMRC will not send out confirmation emails for MTD VAT returns

HMRC has issued a last-minute update to its guidance stating that it will not be sending out confirmation emails on receipt of Making Tax Digital for VAT submissions

Tax / Tax take from non-doms falls to near record low

The amount of tax paid by non-domiciled individuals has fallen dramatically since last year, clocking in at £7.54bn, down from a record high of £9.49bn last year
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