Tax compliance

Tax / Capital gains tax on property: 6 April changes

From April 2020 an overhaul of capital gains tax (CGT) will see payment deadlines shortened, reduction of final period exemption and reform of lettings relief. Stephanie Webber CTA, tax writer at Croner-I, analyses the key changes in the context of relevant rulings at tax tribunal

Tax / Covid-19: non-essential shops closed but not exhaustive list

The Prime Minister has announced the early steps towards mandatory lockdown with all non-essential shops closed and provision for unlimited penalites for business owners who breach the rules. Sara White reports

Tax / Anti-forestalling rule added to entrepreneurs’ relief reform

HMRC has updated its technical note on the changes to the lifetime limit for entrepreneurs’ relief, which has been cut to £1m, detailing an additional anti-forestalling rule

Tax / HMRC cuts interest rate for late/early payments

Following the Bank of England’s base rate cut, HMRC has cut the interest rates charged on underpaid corporation tax quarterly instalments and interest paid on overpaid quarterly payments

Tax / Covid-19: expats and non doms can claim ‘exceptional circumstances’

Expats and non doms who find themselves stuck in the UK as a result of the coronavirus pandemic will be able to claim ‘exceptional circumstances’ with regard to their current tax residency status, in cases where they have to stay here for more than the 183 days permitted

Tax / Coronavirus Business Interruption Loan Scheme open for applications

Businesses will be able to access government support valued at £330bn through the Coronavirus Business Interruption Loan Scheme for SMEs and Covid Corporate Financing Facility for the largest corporations from 23 March

Tax / Government to pay 80% of salary for furloughed workers

The Chancellor has set out plans for a Coronavirus Job Retention Scheme to underwrite 80% of the salaries of workers if they have to be temporarily laid off, but the system could be open to abuse and details are limited, reports Sara White

Tax / Chancellor sets out radical employment support package to protect jobs

The Chancellor Rishi Sunak has set out a multibillion pound package to protect jobs with a government commitment to pay 80% of salaries for private sector employees who are furloughed during the coronavirus crisis, a three-month deferral of VAT payments until the end of June and self employed will be eligible for statutory sick pay (SSP). Sara White reports

Tax / HMRC needs to ramp up covid-19 time to pay guidance

With monthly PAYE payments deadlines falling due, HMRC is facing calls for more detailed guidance on the time to pay arrangements for taxpayers who are unable to pay their tax due to coronavirus, reports Pat Sweet

Tax / HMRC pledges ‘step change’ in tackling tax avoidance schemes

HMRC has published details of its strategy to tackle the promoters and enablers of mass-marketed tax avoidance schemes, which includes proactively contacting individuals who enter into such arrangements

Tax / Making Tax Digital serviceability levels too low

HMRC has released a slew of research reports on progress with its flagship Making Tax Digital (MTD) online reporting regime, suggesting that businesses which have fully automated are seeing some benefits, but those with a hybrid approach are finding the transition more challenging

Tax / Taxpayer loses 120k expenses claim

A taxpayer who claimed self employment expenses of £120,000 against income of £5,000 has lost a First Tier Tribunal (FTT) appeal against HMRC’s refusal to allow the deductions

Tax / HMRC consultation aims to improve standards of tax advice

HMRC is seeking views on how to raise and maintain high standards of competence and behaviour in the tax advice market in order to protect consumers and improve compliance

Tax / Consultation on tightening construction industry scheme (CIS) rules

HMRC has launched a 10-week consultation on ways to tackle abuse of the Construction Industry Scheme (CIS) to prevent tax loss, including new powers to correct deductions

Tax / HMRC wants large businesses to notify if tax arrangements legally questionable

HMRC is consulting on proposals, first advanced in the Budget, that the UK’s largest businesses will be required to notify HMRC where they have adopted an uncertain tax treatment, in a bid to close the £6.2bn legal interpretation tax gap
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