Business tax

Tax / HMRC pulls in extra £10bn from large business tax probes

HMRC has collected almost £10bn in additional tax as a result of investigations into the UK’s biggest companies, with £6bn coming from VAT payments and £2.6bn in underpaid corporation tax, according to research by Pinsent Masons

Tax / US makes first move towards beneficial ownership register

The US House of Representatives has passed the Corporate Transparency Bill, marking the first stage in a bid to clamp down on shell companies with opaque ownership

Tax / EU push for public country-by-country reporting by multinationals

Members of the European parliament have adopted a resolution urging member states to agree to new rules obliging multinationals to disclose publicly what taxes they pay in each country

Tax / HMRC clarifies IR35 rules for off-payroll workers

With six months to go until the IR35 rules for off-payroll workers in the private sector come into force, HMRC has set out its approach to the operation and enforcement of the new regulations

Tax / 100 days to self assessment tax return deadline

With 100 days to go before the 31 January 2020 deadline, HMRC is warning taxpayers to complete their tax returns early to beat the Christmas and New Year rush

Tax / Scotland plans plastic drinks cup tax

The Scottish government is to introduce a charge on single-use drinks cups in a bid to reduce the amount of plastic used

Tax / Panama papers lawyers sue Netflix over film portrayal

The two partners of the offshore specialist law firm at the centre of the Panama Papers leak have launched a defamation action against Netflix over a film made about the scandal, which is scheduled to be distributed on 18 October 

Tax / Intercompany agreements and transfer pricing

HMRC’s greater focus on transfer pricing is testing intercompany agreements to breaking point, explains Paul Sutton, founder of LCN Legal 

Tax / Isle of Man cleared over private jet VAT avoidance

There is no evidence of aircraft VAT avoidance in the Isle of Man but further compliance checks should be implemented, according to a Treasury review investigating allegations made in the Panama Papers

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 / 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