Tax compliance

Tax / Goals Soccer Centre accounting ‘black hole’ deepens

Goals Soccer Centre plc, which de-listed from AIM following the discovery of irregularities in its accounts, has warned the VAT misdeclarations could be ‘materially higher’ than the £12m originally announced

Tax / Tax filing deadlines: Oct-Dec 2019

The key HMRC filing deadlines from October to December 2019 including notification of chargeability for income tax/capital gains tax for 2018-19 if not registered for self assessment, loan charge payment deadline and Making Tax Digital for VAT reporting for deferred entry businesses

Tax / Tax data: CGT data, HMRC rates of interest - Oct 2019

Download the current HMRC CGT indexation allowance unchanged since December 2017, RPI index for August 2019, HMRC rates of interest, and property tax rates including SDLT, Scottish LBTT and Welsh LTT

Tax / Lack of understanding about tax spurs call for education

Accountancy professionals are calling for more education about tax, after research suggested most of the general public do not understand personal tax affairs, with young people in particular having only a very limited grasp of basic principles

Tax / Tax inspectors without borders campaign brings in $500m

Developing countries have collected almost $500m (£401m) in additional revenues as a result of an international programme to tackle multinationals' tax compliance, the OECD reports

Tax / Corporate trade and asset sales: intangibles – part 2

Croner-i tax writer Paul Davies FCA CTA examines the tax consequences of the disposal of asset types, including intangible fixed assets and capital allowance assets

Tax / VAT Q&A: renovation of an empty dwelling

In our regular VAT Q&A series, Croner Taxwise VAT adviser Tony Chamberlain examines whether reduced rate VAT is chargeable on renovation work on a bungalow which has lain empty for more than two years

Tax / BBC presenters lose in IR35 ‘chaos’

HMRC has won a First Tier Tribunal (FTT) case concerning the employment status of three BBC presenters who used personal service companies (PSCs), in an IR35 ruling involving over £300,000 in tax which threatens to add to the ‘chaos’ around how the employment rules should be applied

Tax / HMRC warning on double NICs' liability if no-deal Brexit

In the event the UK leaves the EU without an agreement, HMRC has warned that the current agreements to avoid double payment of the equivalent of national insurance contributions (NICs) in member states will be voided, affecting seconded employees

Tax / Ireland loses €10m aluminium EU state aid tax argument

Ireland and Italy have lost a lengthy battle to overturn an EU demand for the recovery of millions of euros in taxes from two aluminium metal manufacturers, following a judgment that a tax exemption amounted to illegal state aid

Tax / US regulator slams Prudential over $200m tax reorganisation

Two US subsidiaries of financial services giant Prudential Financial have been censured by the US Securities and Exchange Commission (SEC) for failing to disclose conflicts of interest and making misleading disclosures, after they were reorganised so that Prudential received over $200m (£160m) in tax benefits to the detriment of funds they advised

Tax / NZ move highlights cryptocurrency PAYE risks

In a first for a global tax authority, New Zealand has clarified the guidance for companies who pay staff in cryptocurrency and need to complete tax returns. Peter Stewart, associate at Cooke, Young & Keidan assesses the risks and compliance issues

Tax / Time to reform Gift Aid tax relief for charities

The Charity Tax Commission’s latest review of the charity tax system criticised the lack of accountability over Gift Aid which is costing taxpayers £5bn a year in tax breaks to charities. Croner-i lead tax writer Stephen Relf CTA FCA explains why Gift Aid reform is overdue

Tax / Q&A: hire purchase contract and capital allowances

In our regular Q&A series from Croner Taxwise, Alexander McCarthy explains when a claimed capital allowance is allowable in the event that a hire purchase agreement on a car has not been paid off

Tax / Mazars USA ordered to hand over Trump tax returns

Mazars USA has been issued with a court subpoena requiring the firm to supply details of Donald Trump’s personal and business tax returns covering an eight year period, in the latest stage in a lengthy legal battle to obtain information about the president’s tax affairs