Business tax

Tax / Early tax planning vital for those fleeing Hong Kong for UK life

Navigating the UK tax system for Hong Kong investors, immigrants and BN(O) passport holders can be very complex, as rules change and poor planning create extra tax bills, says Alfred Liu, senior associate at law firm Forsters

Tax / Finance Bill 2020-21: amendments to HMRC’s civil information powers

HMRC is to be given new powers to issue a financial institution notice (FIN) requiring financial institutions to provide information about a specific taxpayer when requested, without the need for approval from the tax tribunal, in a bid to bring the UK into line with international standards on the quality and speed of exchange of tax information

Tax / Finance Bill 2020-21: Making Tax Digital to be extended

HMRC’s flagship Making Tax Digital online quarterly reporting is to be significantly extended, with legislation in the Finance Bill 2020-21 bringing all VAT-registered businesses into the system from April 2022, and plans to include income tax self-assessment from April 2023

Tax / Finance Bill 2020–21: tax checks on licence renewal applications

The government is introducing new tax checks on licence renewals in the taxi and private vehicle hire and scrap metal sectors, in a bid to address issues with the hidden economy, and expects to see a £155m increase in tax paid over the next four years

Tax / Finance Bill 2020–21: digitisation of tax administration is key

The government has published Finance Bill 2020–21, which includes significant extensions to the Making Tax Digital regime, tougher action on tax avoidance promotors, additional stamp duty land tax (SDLT) charges and action on the hidden economy, alongside details of a ten-year tax administration strategy

Tax / MPs call for closer monitoring of tax reliefs

The Public Accounts Committee (PAC) is calling for much closer and more systematic monitoring and evaluation of tax reliefs, claiming that the government does not know enough about their cost, whether they work, or if they offer value for money

Tax / World’s millionaires offer extra tax for Covid-19

Over 80 millionaires from around the world, including British film director Richard Curtis, have signed a pledge asking to pay more tax, as their contribution to fund the economic recovery from coronavirus

Tax / Apple wins EU £11.6bn tax battle

The Irish government and Apple have won a landmark appeal at the European Central Court which means the US tech giant will not have to pay Ireland €13bn (£11.6bn) in back taxes, in a major blow to the European Commission’s bid to challenge the tax arrangements of multinationals

Tax / Office of Tax Simplification to review CGT

The Chancellor has asked the Office of Tax Simplification (OTS) to undertake a review of capital gains tax (CGT) and aspects of the taxation of chargeable gains, in relation to individuals and smaller businesses

Tax / Blick Rothenberg: Bleak winter to follow summer statement

The chancellor’s moves on job retention bonuses and VAT cuts could be delaying the inevitable failure of many companies, says Blick Rothenberg’s Nimesh Shah

Tax / Q&A: is VAT recoverable from electric cars?

In our regular Q&A series from Croner Taxwise, VAT advice consultant, Sally Atkins explores whether VAT is recoverable on the purchase of an electric car, and the input tax implications on usage of a green vehicle

Tax / Tax gap of £31bn shows downwards trend

The tax gap, which is the difference between tax that should be paid and what is actually paid, has fallen to 4.7%, its lowest recorded rate, according to HMRC estimates

Tax / Chancellor urged to go further with Covid-19 support

Early reaction to the Chancellor’s summer update of measures to combat the economic challenges posed by Covid-19 has been largely positive, although there has been surprise at the lack of support for some badly affected sectors such as retail and aviation

Tax / Summer update: Chancellor offers job funding, VAT cuts and eat out discounts

Just four months after his first Budget, Chancellor Rishi Sunak has unveiled a summer economic update designed to mitigate the impact of the Covid-19 pandemic, with a commitment to encouraging job creation through a government ‘plan for jobs’ and stimulus for consumer spending

Tax / Chancellor’s plans to reset economy post-Covid

Chancellor Rishi Sunak is to deliver a ‘summer economic update’ tomorrow, 8 July, outlining the government’s plans to support the economy through the first phase of recovery from the coronavirus crisis, with likely options including temporary tax cuts, funding for green projects, and job creation schemes
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