Law and regulation

Tax / Tax updates: January 2020

In this month’s tax review, Lloyd-Webbers win CGT case, dating site loses VAT fight, CEST revamp, HMRC call times cut, VAT receipts hit £133bn

Tax / Loan charge repayments deferred until September 2020

The government has agreed to defer loan charge repayment date to September 2020 in a move which will see 11,000 affected taxpayers removed from the tax clawback following the release of the Amyas review

Tax / Lloyd Webbers beat HMRC in £6m Barbados CGT case

Musical impresario Andrew Lloyd Webber has won a tax case against HMRC over a claim for a capital gains tax rebate over development of a luxury beachside mansion in Barbados which was never completed  

Tax / HSBC Swiss bank to pay $192m over US tax evasion

HSBC’s private Swiss bank is to pay $192.35m to settle charges brought by the US authorities that it conspired with US taxpayers to evade taxes over a period of ten years

Tax / PAYE compliance after business mergers clarified

HMRC has clarified the rules on the treatment of PAYE employees and full payment submissions (FPS) in the event of business merger or company change of ownership

Tax / Nunn: tax hazards of trivial benefits at Christmas

A rigid £50 cap on the trivial benefits exemption can catch out lucky staff who receive generous gifts from employers. Yvette Nunn CTA ATT MAAT, director of Berkeley Associates, warns of potential tax pitfalls if you receive a lavish Christmas hamper or a wedge of gift vouchers

Tax / HMRC manuals: challenging the guidance

HMRC’s internal guidance manuals have been available to taxpayers since 1994, but can still be challenged in the courts and can be wrong on occasion, warns Stephanie Webber, tax writer at Croner-i 

Tax / HMRC revamps CEST IR35 off payroll working tool

With four months to go until the IR35 off payroll rules start to apply in the private sector, HMRC has published its first update to its controversial check employment status for tax (CEST) tool since it was launched in 2017

Tax / Cross-border tax: are you ready for DAC 6?

The EU Directive on administrative cooperation in relation to tax, known as DAC 6, is out for a draft legislation consultation with the first reporting dates scheduled for August 2020. Meg Wilson CTA examines the impact on cross-border tax arrangements

Tax / Missing trader VAT fraud and input tax recovery

Croner-i tax writer Sarah Kay looks at cases of carousel fraud and what HMRC can do to clamp down on the issue of VAT evasion on goods, by either disallowing input tax recovery or enforcing the domestic reverse charge

Tax / SARs stop £131m money laundering

Criminals have been prevented from accessing £131.7m in the past year, as the number of defence against money laundering (DAML) requests rose sharply, the National Crime Agency (NCA) says

Tax / Property tax essentials: 30-day CGT deadline, PPR relief

Residential property owners and buy-to-let landlords face significant tax changes from April 2020, including the 30-day CGT payment deadline and an overhaul of principal private resident relief (PPR) and extra statutory concessions (ESC). Mercer & Hole's Alison Palmer and Alice Pearson examine potential pitfalls

Tax / HMRC discovery assessments - NEW CPD module

This month's exclusive Accountancy Daily CPD module focuses on HMRC discovery assessments, particularly focusing on when they can be issued and how to challenge them, taking into account the rules applying for income tax, capital gains tax and corporation tax.

Tax / Australian backpacker tax ruled illegal

Some 75,000 casual holiday-workers may be in line for payouts of thousands of dollars from the Australian Tax Office (ATO)

Tax / 1 in 5 law firms ignore money laundering rules

The Solicitor Regulation Authority (SRA) is planning to launch money laundering investigations into 7,000 law firms after they discovered that too many were not complying with anti-money laundering regulations
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