Law and regulation

Tax / Buy to let landlords and second home owners face tax hikes from 6 April

Second home owners and buy-to-let investors face significant tax changes from the new 2020-21 tax year on 6 April with the 30-day CGT payment window and end of mortgage interest rate relief, in the works since first announced at Summer Budget 2015, reports Sara White

Tax / Covid-19: Coronavirus Act 2020 allows for HMRC extended powers

The Coronavirus Act 2020 allows the Treasury to extend HMRC’s powers - described as 'functions' - as and when required while the Act is in force, with little indication of any control measures, reports Sara White

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 / 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 / IR35 private sector reforms delayed until 2021

The government has announced a one year delay to controversial changes to the off payroll working rules, due to be enacted next month, amid concerns about their potential impact during the coronavirus pandemic, reports Pat Sweet

Tax / FTT refuses vegan truffle VAT appeal

The manufacturer of a range of vegan truffle balls has failed in a bid to have the product zero rated for VAT as food, with the First Tier Tribunal (FTT) ruling they are a sweet treat for occasional enjoyment rather than a meal replacement

Tax / VAT updates: March 2020

In this month’s VAT updates, Graham Elliott considers charity construction relief in Marlow Rowing Club, HMRC’s reaction to the News Corp decision and the supply of medics in Archus Trading Ltd

Tax / Accountant loses appeal over £1.2m goodwill claim

An accountant has been left facing a potential £431,400 tax bill after losing a case at First Tier Tribunal (FTT) over a claim for goodwill on the sale of his business, with HMRC arguing it did not exist

Tax / Termination payments – changes to NICs from 6 April 2020

The twice-delayed changes to national insurance contributions (NICs) on termination payments are finally scheduled to come into effect in April. Martin Jackson ATT, head of employment taxes at Croner-i, explains

Tax / Q&A: CGT and gifts

In our regular Q&A series from Croner Taxwise, tax adviser, Ibrahim Nalla explores the implications of capital gains tax on gift giving after compliance changes which will apply from April 2020

Tax / OECD releases guidance on transfer pricing on financial transactions

The OECD has released the first detailed guidance on use of the arm's length principle for transfer pricing on financial transactions as part of its base erosion and profit shifting (BEPS) clampdown

Tax / Naming and shaming rules for NMW breaches overhauled

The threshold for being named and shamed for flouting national minimum wage (NMW) rules has been raised to £500, while salary sacrifice schemes will no longer be taken into account

Tax / IR35 rules for private sector will not be retrospective

IR35 contractors mid-way through a contract when the off-payroll working rules for the private sector come into force in April will only go on payroll from the new 2020-21 tax year, reports Sara White

Tax / VAT updates: February 2020

In this month’s VAT updates, Graham Elliott considers digital newspapers in News Corp v HMRC, ongoing DIY housebuilder time limits cases and new regulations relating to call off stocks

Tax / NICs threshold increases by £104 from April

Changes to national insurance contributions (NICs) will see the threshold rise by 10% in the new tax year with a maximum tax cut of £104
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