Business tax

Tax / Trump inauguration: US tax reform tops agenda

Ahead of president elect Donald Trump’s inauguration tomorrow, his victory in the US presidential election has given people reason to start talking seriously about a real possibility of a long awaited comprehensive US tax reform, explains Jeff Whener, Jon Traub and Natalia Mityaeva at Deloitte

Tax / BEIS launches review of Scottish limited partnerships

The Department of Business, Energy & Industrial Strategy (BEIS) is to undertake an official review of limited partnerships in the UK, focusing particularly on alleged 'criminal' exploitation of Scottish limited partnerships (SLPs)

Tax / Register of people with significant control will not affect Crown territories

The government has quashed calls to look at extending the requirement to publish a public register of people with significant control to companies incorporated in the Crown dependencies and overseas territories, as part of a bid to increase tax transparency, saying new rules on the automatic exchange of information are sufficient to address the issues

Tax / HMRC plans ‘year-long’ Making Tax Digital pilot

HMRC has confirmed plans to undertake a year-long pilot of Making Tax Digital for ‘hundreds of thousands’ of taxpayers following criticism at the hands of MPs in the Treasury Committee

Tax / Government plans to reform horserace betting levy

The government has confirmed it is to reform the horserace betting levy in order to bring offshore gambling companies within its remit, in a bid to boost funding for the sport and the equine industry in general

Tax / EU criticises Hammond's proposed UK tax plans

Ahead of a key speech by Prime Minister Teresa May tomorrow, in which she will indicate how the UK intends to approach negotiations to leave the EU, the Chancellor’s suggestion of a possible cut in the corporation tax rate if there is a ‘hard’ Brexit has attracted strong criticism

Tax / Five-year tax break for digital cable suppliers

Telecoms network suppliers are to be offered a £60m tax break for creating new infrastructure for full fibre broadband, as part of the government’s plans to boost the UK’s digital revolution and switch to online services

Tax / BREAKING: MPs call for immediate delay to Making Tax Digital

HMRC's Making Tax Digital programme has the potential to be an expensive disaster unless plans for the national rollout are delayed, according to MPs in the Treasury Committee, who are calling for a one to two year delay to the introduction of quarterly reporting, which is being rushed through to meet a 2018 kickoff date

Tax / Better scrutiny of Finance Bill needed, says Tyrie

Finance Bills should be subject to more rigorous scrutiny, particularly tax measures, according to the chairman of the Treasury Select Committee Andrew Tyrie

Tax / Fishermen triumph over accountants when filing returns on time

Accountants should come out on top when it comes to filing a tax return on time however, accountants and lawyers have once again missed out on first place to the agriculture, fishing and forestry industry, according to HMRC

Tax / Self-assessment awareness grows to record levels

Latest HMRC research has found that the tax authority’s 2015/16 self assessment marketing campaign, urging taxpayers to file their return early, has been successful with overall awareness growing to highest levels, yet communications still lack around Making Tax Digital (MTD) which is scheduled to begin in 2018

Tax / HMRC consults on ending four extra-statutory concessions

HMRC has announced a technical consultation on plans to withdraw four extra-statutory concessions (ESCs), three of which concern VAT rates for computer systems and for sports clubs, while the fourth relates to accounting periods for retail co-operative societies

Tax / Tech start-up Snapchat picks UK for international HQ

US tech company Snap, which supplies the popular Snapchat app, has announced it is to establish its international headquarters in the UK and will be billing all non-US revenue via this office

Tax / HMRC updates money laundering registration fees

HMRC has updated the initial fee paid when registering for anti money laundering supervision under the money laundering regulations, setting a fee of £115 to be paid yearly for each premises registered

Tax / Irish tax authorities tighten offshore disclosure regime

The Irish tax authorities have issued new guidance on the disclosure of foreign income and assets, outlining changes to the voluntary disclosure rules that will prevent individuals from benefitting from lower penalty rates when the disclosure relates to offshore matters