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 / Consultations: Jan - Mar 2017

A roundup of current consultations from HMRC, including Apprenticeship Levy, VAT grouping, offshore tax evasion, reducing money purchase annual allowance for pensions

Tax / EU set to overhaul SME VAT scheme to simplify rules

The EU has launched a trio of VAT consultations including proposals to simplify the SME VAT scheme for small businesses, attempts to harmonise EU VAT rates and measures to improve intra-EU transactions

Tax / Further technical consultation on apprenticeship levy regulations

HMRC has published a follow-up technical consultation on draft regulations for the apprenticeship levy which comes into effect in April 2017, and is seeking feedback on amendments introduced in response to comments received during an earlier consultation in autumn of this year

Tax / HMRC consults on hybrid mismatch guidance

HMRC is consulting on draft guidance designed to assist understanding of the application of the hybrids mismatch legislation, introduced as a result of the OECD’s Base Erosion and Profiting Shifting (BEPS) project, which takes effect from 1 January 2017

Tax / Lower tax bands for cleaner company cars from 2020

Following consultation, the Autumn Statement announced that government will legislate in Finance Bill 2017 for ultra-low emission vehicles (ULEVs) for 2020-21, to focus incentives on the cleanest cars

Tax / HMRC plans to simplify clearances for EIS and venture capital schemes

HMRC is consulting on ways to streamline clearances for companies using the tax-advantaged venture capital schemes and EIS/SEIS, as the number of applications has increased threefold creating problems with service levels at the tax authority

Tax / Consultation on changes to UK VAT grouping

HMRC is to consult on whether to make changes to UK VAT grouping following decisions of the Court of Justice of the European Union (CJEU)

Tax / HMRC demands notification of ‘complex’ offshore financial arrangements

HMRC has announced plans to toughen its stance on businesses, agents, advisers or others who enable tax avoidance schemes, and is to consult on a proposed new legal requirement that intermediaries notify HMRC of the creation of certain complex offshore financial arrangements and provide a list of clients using them

Tax / Autumn Statement 2016

Summary and analysis of Autumn Statement 2016 including salary sacrifice clampdown, pensions money purchase annual allowance, flat rate VAT rise, alignment between NICs and income tax

Tax / AS2016: key tax changes and implementation dates

Our essential snapshot of the key measures announced in Autumn Statement 2016 and Finance Bill 2017, including salary sacrifice, disguised remuneration, NIC for self employed, reduction in MPAA limit and flat rate VAT scheme

Tax / Editor’s comment: HMRC remains quiet over MTD

HMRC has kept a low profile in the Making Tax Digital campaign with a lack of communications to the actual end users, bar a deluge of technical consultations, something HMRC may grow to rue in the future, says Sara White, editor, Accountancy

Tax / Nunn: HMRC Making Tax Digital plans fail to meet needs of business

Yvette Nunn, director at Berkeley Associates, calls for significant changes to HMRC’s Making Tax Digital plans if businesses are going to be able to conform with quarterly reporting requirements with major cost and disruption

Tax / AS2016: tax policy consultation to be strengthened

Part of the rationale behind the decision to drop the Autumn Statement was acceptance by the government that continual changes to the tax code are damaging for business, so it has now streamlined the Budget process and committed to an improved consultation process

Tax / AS2016: flat rate VAT for limited cost traders rises to 16.5%

The VAT flat rate scheme (FRS) for limited cost businesses is set to increase to 16.5% from the current rate of 14.5%, effective from 1 April 2017 based on defined criteria for a limited cost trader