Technology

Tax / HMRC revises guidance on tax treatment of cryptocurrencies

HMRC has listened to public concerns and published revised guidance setting out the tax authority’s approach to taxing individuals who buy and sell cryptocurrencies confirming that capital gains tax (CGT), income tax and national insurance contributions may apply

Tax / MEPs show support for EU digital services tax

A majority of MEPs in the European parliament have signalled support for amendments to the proposed tax on digital services to include companies such as Netflix and lower the taxable revenue threshold to include more companies

Tax / HMRC delays MTD for business due to Brexit

HMRC is to continue rolling out Making Tax Digital (MTD) for VAT but has warned that the wider extension of the MTD programme for businesses will be delayed as IT developers are refocused on Brexit customs delivery

Tax / Walker: cost implications of digital services tax

The digital services tax (DST) announced in the Budget will lay a heavy compliance burden on businesses, especially when it comes to UK profit margins, argues Eloise Walker, partner at Pinsent Masons

Tax / 37% of accountants stalling over MTD

A survey of tax professionals’ attitudes and company readiness for Making Tax Digital (MTD) for VAT shows that companies and accountants are lagging behind in their preparations and 70% are waiting for future announcements until they commit to a process

Tax / £8m fund for post-Brexit customs support

Ahead of the UK leaving the EU next March, HMRC and the Treasury have announced an £8m funding scheme for customs intermediaries and traders towards the cost of training and IT improvements required to handle imports and exports post-Brexit

Tax / EU council hears doubts over digital services tax

The EU Economic and Financial Affairs Council (ECOFIN) has discussed the implementation of a digital services tax, with representatives disagreeing on how such a tax would work in practice and some countries calling for a delay until the OECD reaches a solution

Tax / Ashley calls for immediate 20% tax on online sales

Sports Direct founder Mike Ashley has claimed that the high street is ‘already dead’ due to the impact of the internet on consumers, and that the only way to redress the balance would be to institute a 20% tax on online sales and massive cuts to business rates

Tax / Tech giants to fight EU ‘link tax’

Tech giants are redoubling their opposition to moves by the European Parliament to update online copyright laws, amid claims that some of the new provisions amount to a ‘link tax’ for providers like Google who republish content

Tax / Small businesses urged to apply for broadband vouchers

The government is strongly recommending that small and medium-sized enterprises (SMEs) make use of a £2,500 voucher to help with installing high-speed broadband and increase rural communities' access to the internet

Tax / 25% of companies missing out on patent tax relief

Research by tax specialist Catax indicates that one quarter of businesses are unaware that they are eligible to claim tax relief under the Patent Box scheme, which provides corporation tax relief to innovators

Tax / Treasury rolls out detailed plans for 2% digital services tax

The Treasury is going ahead with plans for a 2% tax on large online multinationals from 2020, including social media and search engine companies, to raise over £600m by 2022

Tax / HMRC to ramp up guidance on online platform tax compliance

Following a consultation on addressing tax compliance for those who use online platforms for selling, HMRC is to enhance its guidance and is working with international agencies to improve data collection from platforms hosted overseas

Tax / Williams: Making Tax Digital is a business opportunity for accountants

Making Tax Digital (MTD) should be seen as a chance for accountants to forge stronger links with clients, argues Nick Williams, head of UK accountants for Intuit QuickBooks

Tax / Denning: US may strike back at digital services tax

Chris Denning, head of international and corporate taxation at MHA MacIntyre Hudson, suggests that the US might retaliate against the UK’s digital services tax introduced in the Autumn Budget
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