Law and regulation

Tax / Making Tax Digital for VAT registration takes seven working days

HMRC has warned that the registration process for Making Tax Digital for VAT, due to come into effect from 1 April, will take seven days to complete, and will not be a real time service

Tax / April payslip changes: are you ready?

Richmal Price, payroll expert at employment law specialist Peninsula, answers five of the most frequently asked questions about payslip changes effective from 6 April 2019

Tax / One in four businesses aware of corporate criminal offence for tax evasion

Just a quarter of businesses are aware of tough new corporate criminal offences relating to activity which is seen to facilitate tax evasion and only 8% have carried out training in this area

Tax / PAYE tax codes for 2019-20 confirm £12.5K personal allowance

HMRC has issued the latest PAYE tax codes for tax year 2019-20 effective 6 April highlighting the increase in the tax-free personal allowance to £12,500

Tax / Making Tax Digital: tips and advice

The introduction of Making Tax Digital for VAT will transform the way VAT is reported with a requirement to use digital records, but there is some respite as the first filing date is no earlier than 1 July and there is a soft-landing penalty regime in year one. Emma Chesson, head of online at Kreston Reeves, explains how to get started

Tax / HMRC’s first probes into corporate tax evasion facilitation

HMRC has confirmed that it has opened its first investigations into the corporate criminal offence of failure to prevent the facilitation of UK tax evasion, using new powers to tackle corporate fraud contained in the Criminal Finances Act, introduced in the wake of the Panama Papers leaks

Tax / HMRC sets out rules for postponed VAT accounting if no deal Brexit

With weeks until Brexit, HMRC has finally issued guidance for importers and exporters on how a postponed VAT accounting system would work in the event of no deal scendario to prevent businesses having to immediately pay UK VAT on imports from the EU

Tax / Editor’s comment: 25 days and counting

The deadlines for Brexit and the overhaul of VAT reporting under Making Tax Digital are uncomfortably close, while the risk of reverting overnight on 29 March to third country status for exports and audits, are just some of the bigger unknowns for business, tax advisers and accountants, says Sara White, editor of Accountancy Daily

Tax / Stamp duty land tax payment window cut to 14 days

The payment window for stamp duty land tax (SDLT) has been halved to 14 days affecting commercial and residential property transactions while a new penalty system will also come into force with immediate effect

Tax / Group action on £1bn tax avoidance 'E' Share losses scheme

Over a thousand business owners who are caught up in a tax avoidance scheme involving 'E' shares and are facing £1bn in losses are being invited to join a group action against the accountants and IFAs who provided them with advice, over claims of mis-selling

Tax / Cryptocurrency, CGT and the tax conundrum

Acquiring cryptocurrency and assets raises a host of complex tax issues, but starting with accurate, up-to-date records and times of purchases can help ease tax reporting. Michelle Robinson, associate director at Deloitte, unpicks the essential CGT compliance issues for crypto miners and investors

Tax / What you need to know: loan charges and disguised remuneration

A retrospective overhaul of the tax rules on loan charges from disguised remuneration schemes come into force from the new tax year on 5 April 2019, resulting in potentially huge tax bills for anyone who has not settled early. Julie Clift CTA, tax writer at Croner-i Tax and Accounting, examines the implications for taxpayers with outstanding loans

Tax / Record €3.7bn fine for UBS tax fraud

UBS has been fined a record €3.7bn (£3.2bn) by a French court on tax evasion and money-laundering charges, after allegations the Swiss bank illegally helped French clients hide assets worth €10bn from the tax authorities between 2004 and 2012

Tax / Clarification of settlement terms for disguised remuneration liabilities

HMRC has issued updated guidance to clear up a misunderstanding about the arrangements for settlement of disguised remuneration liabilities for loan charges in relation to inheritance tax (IHT)

Tax / Indirect disposals of UK land bring non-residents into CGT

Changes to the capital gains tax (CGT) rules on sales of land mean that non-UK residents will be captured by the CGT regime for the first time from April 2019, raising complex tax compliance issues, explains Stephanie Webber CTA, tax writer at Croner-i