Technology

Tax / Making Tax Digital: where are we now?

Making Tax Digital (MTD) for VAT, which goes live in April 2019, has left accountants confused and businesses struggling to keep up. James Bunney examines the current situation and what MTD means for the future of business tax

Tax / £200m extra VAT recovered from online sellers

HMRC has collected over £200m in unpaid VAT from overseas sellers using online marketplaces in the past two years, since the introduction of a new regime to tackle tax avoidance which enables it to flag up those who are not registered for VAT

Tax / MTD pilot extended to all eligible businesses

The pilot programme for Making Tax Digital (MTD) for VAT has been extended by HMRC to all businesses that meet the requirements, giving those affected time to test their systems and train staff ahead of the April deadline

Tax / Tribunal confusion over BlackRock VAT for financial services case

A dispute between investment management firm BlackRock and HMRC over VAT on financial services has seen the case referred to the European Court of Justice (CJEU) after the Upper Tribunal failed to reach a verdict, reports James Bunney

Tax / Making Tax Digital is an opportunity, not a threat

Kim Hau, senior proposition manager for Onesource Indirect Tax, explains the benefits of different Making Tax Digital (MTD) for VAT software solutions and why companies should embrace a comprehensive approach rather than a quick fix

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
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