Tax planning

Tax / Government set to review NHS pension taxation stranglehold

In response to concerns that changes to pension taxation due to reductions in the tapered annual allowance has resulted in highly paid NHS medial staff cutting their hours or retiring early, the government is to consult on way to make pensions more flexible for senior clinicians delivering frontline care, reports Pat Sweet

Tax / UK overseas territories top tax haven risk list

The UK’s overseas territories and crown dependencies have been accused of harbouring tax havens and accounting for nearly a third of corporate tax avoidance risks globally, according to analysis by Tax Justice Network

Tax / Machinations of follower notices and accelerated payment notices

As part of the government’s clampdown on aggressive tax avoidance schemes, HMRC was given powers to issue follower notices and accelerated payment notices (APNs). Meg Wilson CTA, specialist tax writer at Croner-i, examines their effectiveness and the grounds for cases won by taxpayers

Tax / Inheritance tax reliefs save UK’s richest £666m a year

Some of the wealthiest families in the UK are benefiting from up to £666m a year in inheritance tax (IHT) reliefs on agricultural land and business property, according to HMRC data obtained by Tax Justice UK

Tax / Q&A: paying VAT on a garden office construction

In our regular VAT Q&A series, Sally Atkins, VAT advice consultant at Croner Taxwise, examines the underlying principles of whether VAT can be reclaimed on construction of a garden office, bearing in mind the strict rules on business use only

Tax / Disincorporating a business - CPD module

This month’s exclusive Accountancy Daily CPD module will look at the tax pros and cons of disincorporating a business

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

Download the current HMRC CGT indexation allowance applicable from December 2017 onwards, RPI index for April 2019 and HMRC rates of interest, and the current stamp duty land tax (SDLT) and land and buildings transaction tax (LBTT) rates, and more

Tax / HMRC cracks down on fake phone calls spoofing taxman

HMRC has deployed new defensive controls to protect abuse of its phone lines in a bid to put an end to fraudster’s spoofing the tax authority’s most recognisable helpline numbers

Tax / Tax updates: June 2019

In this month’s tax updates, cases include tax return uncertainty over 'discovery' decision in Tooth case, DIY housebuilder wins VAT refund case in Swales, managed service company status in Costelloe Business Services, plus lifetime giving rules for inheritance tax and HMRC ordered to delete illegally held voice records

Tax / Multinationals face global digital tax rules to collect missing $240bn

The OECD has set a timetable to develop a global framework for the digital taxation of multinationals with 2020 set as a deadline to finalise the rules, which are likely to include a wider remit than just digital tax to capture intangibles and IP

Tax / France tops list for providing unlawful tax breaks using state aid

The European Commission has issued warnings about more than 380 potentially unlawful tax breaks in the last five years, with France being singled out for contravention of state aid rules, as well as low-tax jurisdictions like Ireland, Netherlands and Luxembourg

Tax / Shell plans to publish global tax strategy to assuage criticism

Multinational oil giant Shell has told members of the Dutch finance committee that it plans to publish details of its global tax strategy following criticism of how the multinational uses the tax system to minimise tax liability and pays zero tax in the Netherlands, where it is headquartered

Tax / CIOT publishes update on rules on taxation of non-doms

The Chartered Institute of Taxation (CIOT) has published further comments from HMRC on the taxation of non-doms, rebasing and the foreign capital losses election rules to clarify complexities over interpretation of the rules

Tax / Funding for EIS and SEIS tax reliefs hits £2.1bn

The number of companies applying to use tax reliefs such as the enterprise investment scheme to attract investors has risen slightly in the last 12 months with over £2.1bn in funding approved as investors look to maximise returns

Tax / Tax filing deadlines: Jun - Aug 2019

The key HMRC filing deadlines from June to August 2019 including deadline for corporation tax first quarterly instalment payments for £20m turnover companies, forms P46(Car) for quarter ended 5 April, P60 payroll reporting to employees and confirmation statements showing benefits that have had tax collected through payroll in 2018/19