Tax

Tax / HMRC consults on 20% VAT on non-EU mobile roaming charges

HMRC has opened a four-week consultation on plans announced at Budget 2017 to charge UK VAT on all telecommunication services, particularly mobile phone calls and internet browsing, used outside the EU by UK consumers

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 / President Trump signs executive orders on Dodd-Frank

The move towards an overhaul of the Dodd-Frank Act in the US is progressing with the issue of two executive orders following President Trump’s February announcement of a complete review of the effectiveness of the legislation 

Tax / Tax-free childcare scheme opens

The channels are now open for working parents to start applying for two new government childcare schemes launching this year – tax-free childcare which begins immediately and 30 hours free childcare which starts in September

Tax / Snap election kills off probate fee proposals

The snap general election has derailed controversial plans to increase probate fees, dubbed a ‘stealth death tax’, as the Ministry of Justice (MoJ) has said there is now insufficient time for the necessary legislation to pass through Parliament

Tax / ICAEW runs through charity rules on London Marathon donations

Ahead of this year’s London Marathon on Sunday, which holds the Guinness World Record for the largest single annual fundraising event, ICAEW has issued advice reminding accountants and others of the options to claim tax relief on any charitable donations for those taking part

Tax / IMF warning on Trump tax plan risks

President Trump’s plans for US tax reforms and a relaxation of some financial regulations risks destabilising corporate spending and could result in a return of the excessive financial risk taking seen in the run up to the 2008 crisis, according to the International Monetary Fund (IMF)

Tax / Pensions held overseas fully taxable from April 2017, HMRC confirms

From the new tax year 2017/18, the full amount of any foreign pension received by a UK resident will be taxable where no UK tax relief was given on the pension savings, replacing the old 90% limit

Tax / IRS spells trouble for US reality TV star

Tori Spelling, the daughter of late multimillionaire media mogul Aaron Spelling and star of the TV show ‘Beverly Hills, 90210’, has allegedly seen $700,000 drained from the family bank account by the Internal Revenue Service (IRS) in the latest episode in a long-running tax saga

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 / HMRC not doing enough to tackle £1.5bn online VAT losses

HMRC’s understanding of the amount of tax lost to online VAT fraud and error, which it says may be up to £1.5bn annually, and its efforts to tackle the problem, have been criticised by the National Audit Office (NAO) as lacking sufficient detail or urgency

Tax / George Osborne quits as MP

Former Chancellor George Osborne has announced that he is quitting as an MP ‘for now’ in a letter to his Tatton constituents, following the announcement of a snap election and only one month after he was announced as the new editor of the Evening Standard
Subscribe