Law and regulation

Tax / HMRC sets out format for country-by-country reporting

HMRC has published guidance setting out the process for multinationals in line with OECD requirements for country-by-country reporting (CBCR), with the first reports due by 1 September 2017

Tax / Reporting requirements for employment intermediaries

Sarah Bradford ACA CTA director of Write Tax Ltd, assesses the various reporting requirements for employment intermediaries delving into the implications of agency rules alongside IR35 and managed service company rules

Tax / HMRC loses first senior accounting officer appeal

HMRC has lost the first appeal to be heard at tribunal in relation to the senior accounting officer (SAO) regime, with the First Tier Tribunal (FTT) cancelling two penalties against a finance director on the basis that he had taken reasonable steps to ensure the company established and maintained appropriate tax accounting arrangements, as required

Tax / Hike in HMRC’s dawn raids to counter tax evasion

Dawn raids by HMRC on businesses and individuals are up by a third and are likely to remain high following the entry into force of new corporate criminal tax offences, according to analysis by Pinsent Masons

Tax / Tax avoidance using gold bullion slated

Following the resurgence of a questionable gold bullion remuneration scheme, Tim Walford-Fitzgerald, private client partner at HW Fisher & Company, says it is bound to fall foul of HMRC 

Tax / Dodwell: watch and wait for HMRC's post-Rangers action

Bill Dodwell, partner and head of tax at Deloitte, considers the fallout from the Rangers employee benefit trust (EBT) case as it is likely to have ramifications in other EBT/loan scheme cases

Tax / Finance Bill (No.2) 2017 briefing confirms retrospective tax rules

The Treasury has issued a briefing note on Finance Bill (No.2) 2017 setting out the key legislative changes with a very brief description of each measure and clarifying whether measures will be retrospective from non-doms to loss relief reform, but hints that changes to the dividend nil rate could be delayed

Tax / Top tips for surviving an HMRC tax investigation

Any company facing an HMRC investigation needs to make sure they are prepared for an unwanted escalation to a criminal probe in the worst case scenario. Mark Wilson, partner at Richard Nelson LLP, provides tips and advice from identifying any actual or potential criminal element, the different courses of action available to taxpayers and explains HMRC's powers

Tax / Deadline looms for client notification letters about offshore tax compliance

Anyone with offshore bank accounts, overseas income and assets needs to get up to speed with the new rules on international tax compliance, which will see accountants and tax advisers liable to notify clients about automatic exchange of financial information and disclosure rules by 31 August, says Meg Wilson CTA

Tax / Second Finance Act pushed into autumn but measures effective April 2017

All measures dropped from the Finance Act including loss relief and non dom changes in the run-up to the election will be reinstated in a Second Finance Bill which will be introduced as soon as possible after the summer recess when MPs return to parliament 

Tax / Making Tax Digital delayed until 'at least' 2020 except for VAT

The government has caved into pressure over Making Tax Digital and has delayed rollout by 'at least' two years until 2020 with the deferral confirmed by the Treasury, although quarterly VAT reporting using the system will be mandatory from 2019, reports Sara White

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 / HMRC ups requests to foreign governments for tax evasion assistance

HMRC has almost doubled its number of requests to foreign governments for assistance in cases of suspected tax evasion over a five-year period, according to figures obtained by law firm Pinsent Masons

Tax / MEPs pass country-by-country reporting rules

The European parliament has passed a directive requiring multinationals to publicly disclose information about the tax they pay in each country they operate, in a measure aimed at tackling tax avoidance and profit shifting

Tax / HMRC claims victory in Rangers EBT ‘big tax case’

HMRC has won a seven-year legal battle over the use of employee benefit trusts (EBTs) as a means of paying players and staff at Rangers football club, with the Supreme Court handing down a ruling that the payments should be classed as ‘earnings’ rather than loans, and are therefore taxable under PAYE