Business tax

Tax / HMRC raids Newcastle and West Ham football clubs

Over a hundred HMRC officers have been deployed on early morning raids at two football clubs - Newcastle United and West Ham -  with several arrests made in connection with allegations of tax fraud

Tax / Making Tax Digital: accounting periods and reporting deadlines

With less than a year to go before quarterly reporting starts for unincorporated businesses, self employed and landlords over the VAT threshold in April 2018, Stephen Relf ACA CTA, specialist tax writer at Wolters Kluwer, has pulled together a handy guide to key reporting dates for accounting periods for HMRC's Making Tax Digital 

Tax / Irish tax policy: rate, regime and reputation

Irish tax policy coupled with one of the lowest EU corporation tax rates at 12.5% could be at risk after the Apple ruling and with wider plans to introduce a consolidated single corporation tax rate across the EU27, reports Jaimie Kaffash

Tax / Trump plans to cut corporation tax to 15%

President Donald Trump has ordered aides to construct a draft tax reform plan which will see corporation tax cut to 15% from the current rate of 35% as part of plans to accelerate US growth by easing the burden on businesses, according to White House reports

Tax / Horse betters face gambling crackdown

The European Commission has approved the UK’s plans to reform the existing horserace betting levy scheme to include offshore bookmakers, which have been judged to be in line with EU state aid rules

Tax / Pressure to amend Making Tax Digital plans

Government departments and select committees have now entered a period of ‘purdah’ as the general election campaign gets underway, but there are signs that the two committees scrutinising HMRC proposals for Making Tax Digital are planning to work together to push for more changes and a slower implementation of the current plans

Tax / Making Tax Digital dropped from Finance Bill

Making Tax Digital has been removed from the Finance Bill 2017, as well as a majority of other tax measures such as corporate loss relief, the money purchase annual allowance for pensions and penalties for enablers of tax avoidance schemes, confirmed by government at the Finance Bill committee stage debate

Tax / Brexit and EU rules: Common Corporate Tax Base (CCTB) – part 3

In part three of our EU Directives series, Stefan Petrovski, accounting supervisor at Primexis, asks whether EU plans for a directive to introduce a consolidated European corporate tax base (CCTB) would work across disparate economic bases with individual tax codes, rules and rates

Tax / Updated guidance on HMRC compliance checks

HMRC has updated its guidance on what happens during compliance checks on businesses, including details of what constitutes a ‘reasonable excuse’

Tax / Conservative ‘tax lock’ could be unpicked

The Conservatives have yet to launch their election manifesto, but comments made so far on the campaign trail suggest the party is likely to consider abandoning its previous pledge not to raise income tax, VAT or national insurance taxes in the next Parliament

Tax / Treasury committee cancels Making Tax Digital hearing

The Treasury Select Committee has cancelled the two evidence sessions it had scheduled for this week, one on Making Tax Digital and the other with the Chancellor of the Exchequer, due to the upcoming snap general election

Tax / Tax guidance updated for companies entering liquidation

HMRC has published updated guidance on mandatory online filing at the end of a company’s life, outlining the risks for companies that seek informal striking off or enter a Members’ Voluntary Liquidation (MVL) and therefore do not qualify for exemption

Tax / Editor’s comment: no more scrutiny

Theresa May’s announcement of a snap general election comes at a critical time for the tax profession as the Finance Bill is set to face disruption. Sara White considers the risk of important tax measures being rushed through the legislative process without facing scrutiny beforehand

Tax / Potential traps to avoid in your VAT return - part 2

In part two of our series on VAT compliance, The Tax Guys managing partner Jonathan Amponsah outlines five potential pitfalls to avoid in making VAT returns from overseas transactions to whether to claim VAT on business entertainment

Tax / Making Tax Digital should be ‘put into cold storage’, say MPs

In the latest twist in the Making Tax Digital saga, the influential Treasury Committee is reviewing calls for the move to quarterly reporting to be parked until HMRC can provide more clarity on software and IT availability issues folowing the latest hearing on the plans, reports Sara White