CCH Daily

Tax / US tax reform: Trump’s repatriation tax

US tax reform is closer than ever with President Donald Trump proposing a one-off 10% repatriation tax on offshore income. Michael Minihan, principal and Ian Boccaccio, principal and practice leader of international tax at Ryan provide key items for evaluating foreign earnings and profits

Tax / Defining workforce flexibility: employment status for tax purposes

As Matthew Taylor delivers his workforce review, Mazars head of employment tax Vaneeta Khurana examines the current tax rules for different types of workers and employees, and how to determine an individual’s employment status for tax purposes

Tax / Croydon regional hub for HMRC set to open this summer

HMRC has confirmed that it will move staff into its first regional hub in Croydon in south London this summer and plans to open the remaining 12 regional centres by 2022, although some staff will be based in six transitional centres until the final relocations are complete by 2026, reports Sara White

Tax / HMRC to phase out government cheques for VAT refunds

HMRC is looking to phase out repayments of VAT by payable order (government cheques) due to them being untraceable, with refunds to be straight directly into bank accounts

Tax / Tax rises and spending cuts needed to meet deficit goal, says IFS

The UK economy is growing too weakly to further bring down the deficit and reach a surplus by the next Parliament without tax rises and further spending cuts, according to the Institute for Fiscal Studies (IFS)

Insight / Premier League football clubs smash revenue records

Premier League clubs reported revenues up by 9% last season to hit a record of £3.6bn, in the final year before the start of the new broadcast deals in 2016/17, according to Deloitte’s annual review of football finance

Insight / Accessing pension pots early ‘new norm’

Accessing pension pots early has become ‘the new norm’ according to the interim findings of a review by the Financial Conduct Authority (FCA) into how the retirement income market is changing since the new pension freedoms were announced in April 2015

Insight / Accounting student numbers up while audit firm numbers fall

The number of audit firms is continuing to decline, as is the growth rate in audit fee income at the Big Four firms, but total fee income from auditing public interest entities (PIEs) is growing, according to the latest assessment of the accountancy sector from the Financial Reporting Council (FRC)

Tax / OECD consults on updated model tax convention

The OECD committee on fiscal affairs has released a draft of the planned 2017 update to the OECD model tax convention, and is seeking feedback solely on those elements which have not already been approved as part of its work on the Base Erosion and Profit Shifting (BEPS) project

Tax / Seattle launches first income tax on high earners

The US city of Seattle, home to Amazon, Starbucks and Microsoft, has set in motion plans to levy an income tax on wealthy residents with the aim of making the tax structure fairer to the lower paid

Technical Alerts

11 Jul 2017

Tax / Pension planning: lifetime allowance and final salary pensions - part 3

In part three of our series on pensions and the lifetime allowance, Kay Ingram, director of public policy at LEBC, finds the complex nature of the annual allowance recovery charge makes it a stealth tax for some final salary scheme members

Tax / Corporation tax online service will reflect loss relief rules by end autumn 2017

HMRC has confirmed that new rules on carried forward losses will not be reflected in the Corporation Tax online service and CT600 return form until the end of autumn 2017 as the measures were dropped from the truncated Finance Act 2017 enacted before the June general election

Tax / Rees-Mogg and Morgan frontrunners for Treasury Committee post

Ahead of the committee chair elections tomorrow, Conservative MPs Jacob Rees-Mogg and Nicky Morgan have been named as the frontrunners for the coveted Treasury Committee role, with Meg Hillier remaining head of the Public Accounts Committee (PAC)

Tax / Tips and advice: using the personal allowance in 2016–17

On 6 April 2017, the government introduced a tax-free personal savings allowance (PSA) for savings income and changed the tax-free dividend calcuations with the dividend tax allowance (DTA). This means that preparing year-end self assessments has become more complicated, says Stan Dencher FCA CTA, specialist tax writer at Wolters Kluwer

Insight / Taylor Review recommends additional protections for gig economy workers

The opportunities offered by the gig economy should be protected, while ensuring fairness for those who work in it, according to the Taylor Review into working practices

Accounting / PRA warning on banks’ accounting risks

The Bank of England (BoE) has voiced concerns about banks and other lenders adopting what it views as high risk accounting practices which could potentially lead to a further financial crisis

Tax / OECD publishes updated transfer pricing guidelines

The OECD has released the 2017 edition of its transfer pricing guidelines, which have been updated to reflect the work carried out as part of its Base Erosion and Profit Shifting (BEPS) project to ensure that multinationals’ taxable profits are not artificially shifted out of some jurisdictions, and that their tax base reflects the economic activity undertaken in a particular country

Insight / Administration flushes out deal for poker players

Thousands of poker players look set to be on a roll, after administrators from RSM sold the assets of collapsed online gaming website PKR.com to another operator, opening the way for punters to recoup the losses they incurred when the business failed

Insight / Half of ACA students leave accountancy after a year

Almost half of ACA students are looking to move jobs a year after qualifying and most plan to leave the accounting sector to work in business, according to research by CABA which says employers need to look at ways of encouraging newly trained accountants to stay with them

Insight / Online seller sentenced for £323k VAT fraud

An online seller who hid auction sales worth more than £2.6m from HMRC has been given a suspended prison sentence for a £323,000 VAT fraud

Insight / Begbies Traynor reports static results

Revenues and profits have remained largely flat at Begbies Traynor, the business recovery financial advisory and property services consultancy, which has announced its final results for the year ended 30 April 2017 and signalled its intention to grow its property-related business

Tax / OTS call to digitise paper stamp duty

The Office of Tax Simplification (OTS) is calling for the government to reform and digitise the current regime for paper stamp duty on some share transactions, describing the current approach as ‘outdated and cumbersome’

Technical Alerts

10 Jul 2017

Audit / Evans: more transparency needed on FRC fines

Helen Evans, barrister at 4 New Square Chambers, examines the recent acceleration of fines imposed by the FRC Disciplinary Tribunal, and what it means for the future

Audit / Higgins: FRC dropping Tesco probe not a sign of weakness

The Financial Reporting Council (FRC) may have called off its investigation into PwC’s audit of Tesco accounts, but as the regulator's investigation into the audit of BT illustrates, it should not be seen as a let-up of the its focus on the larger accountancy firms, says Jenny Higgins, senior associate at law firm Kingsley Napley 

Tax / Rise in number of foreign government requests for HMRC tax evasion assistance

HMRC received 2015 requests for help with investigations into taxpayers from foreign governments in 2016, up 24 % on the 1619 requests received in 2015, as authorities step up efforts to stop tax evasion, according to research from Pinsent Masons

Insight / Pound coin hits one billion milestone

The one billionth new £1 coin passed through the Royal Mint’s production line today, as the UK gets ready to bid farewell to the old round pound in favour of a 12-sided replacement designed to deter counterfeiters

Insight / KPMG latest signatory to Women in Finance charter

KPMG is amongst a cohort of financial services firms to sign up to the Treasury’s Women in Finance Charter, leaving Deloitte as the only one of the Big Four not to have made a public commitment to four industry actions in order to increase female representation

Tax / Property business tops tax defaulter list owing £4.5m

The updated list of major tax defaulters has been published by HMRC with a property development and hotel business topping the list owing £4.5m in penalties, while less serious offenders include a range of cafés, takeaways and restaurants among others

Insight / HMRC investigation nets £490k VAT fraud

A Scottish businessman who faked paperwork for his fisheries supply business in a £490,000 VAT fraud has been jailed for 32 months following an HMRC investigation

Insight / UK business optimism below global average

At a time when business optimism globally is hitting record highs, the outlook in the UK is noticeably more subdued and out of step with improving expectations across the EU, according to research by Grant Thornton

Tax / Messi tax fraud sentence reduced to fine

Barcelona football star Lionel Messi has had his 21-month prison sentence for tax fraud scrapped and replaced with a €252,000 (£222,000) fine by the Spanish courts

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