HMRC

Tax / Proposals to widen HMRC’s information gathering powers ‘flawed’

Plans to increase HMRC’s civil information powers have been sharply criticised as ‘flawed’ in a House of Lords report, which also calls for tougher action on a ‘hardcore’ of tax avoidance promotors

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 2020, cutting mileage rates for 1400-2000cc petrol vehicles by 1p per mile

Tax / Don’t get caught by tax on virtual Christmas parties

With the festive season upon us, the annual company Christmas party will look very different, but will the tax implications be the same? SJD Accountancy’s Joanne Harris unwraps HMRC’s approach to staff celebrations and gifts

Tax / Bounce Bank Loan Scheme risks up to £26bn of fraud

UK taxpayers stand to foot a bill of £26bn to cover potential losses from loans made via the bounce back loan scheme (BBLS), which was rushed out too quickly and with insufficient checks, the Public Accounts Committee (PAC) is warning

Tax / Tax updates 2020 part 2: business

In a round-up of the major business tax stories of the year, we look at non-coronavirus tax news, including SME R&D tax relief cap, IR35 reporting delay, Making Tax Digital (MTD) timetable for corporation tax, carbon emissions review and digital services tax

Tax / HMRC penalty payments increase by 62%

HMRC penalties for taxpayers’ compliance failings are on the rise once more, following a sharp drop at the start of lockdown, according to research by UHY Hacker Young

Tax / Tax updates 2020 part 1: personal

In a round-up of the biggest personal tax stories of the year, we look at all the non-coronavirus news, including a potential wealth tax, CGT charges on second home sales, ‘deliberate’ errors, fall in IHT receipts, buy-to-let tax hikes and pension tax relief admin discrepancy

Tax / IR35 tool fails to deliver result in 19% of cases

With reforms to the off payroll working regulations set to be introduced to the private sector in April next year, HMRC’s online tool for determining IR35 status has failed to produce a definite answer in almost one in five cases over the past year

Tax / HMRC eases deadlines for non-EU VAT refund claims

HMRC has published details of the actions it is taking to enable overseas (not established in the EU) businesses to claim VAT refunds in cases where the necessary paperwork has been delayed because of Covid-19 restrictions

Tax / Call for one-off £260bn wealth tax

The government could raise £260bn to help pay for the costs of the Covid-19 crisis by implementing a one-off wealth tax, according to the findings of a research team of over fifty international experts on tax policy and practice

Tax / CGT: don’t hit entrepreneurs with tax rate hike

The OTS capital gains tax reveals where there can be an arbitrage between CGT and income taxes, but the government should think carefully before introducing measures which significantly hurt the entrepreneur, argues Gary Ashford, tax partner at Harbottle and Lewis

Tax / Q&A: post-cessation expenses for a company

In our regular Q&A series, Croner Taxwise, tax adviser, Marsha Haywood, explores whether a company can claim relief from corporate tax on expenses incurred after the company ceases to trade

Tax / Move to make HMRC preferential creditor ‘ill timed’

Accountancy firms are warning that the reintroduction of HMRC’s status as a preferential creditor at the beginning of this month could have a significant impact on businesses’ ability to obtain finance, and risks compromising the economy’s recovery from the current pandemic

Tax / Total tax take for UK’s largest companies hits £84.1bn

The UK’s biggest companies paid £84.1bn in tax during the 2019/20 financial year, the largest amount for a decade, in the run-up to the start of the Covid-19 crisis, according to research by PwC for the 100 Group of finance directors

Tax / Calculating capital gains tax losses - CPD module – NEW

This month's exclusive Accountancy Daily CPD module acts as a guide to the effective use of capital losses, covering what losses are allowable, their restrictions, tax efficiency and more
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