Tax compliance

Tax / HMRC confirms end of traditional tax return

HMRC has provided more details of the new simple assessment system, designed to end the traditional tax return process, under which taxpayers who used to provide information under self assessment will no longer need to do so, as returns will now be pre-populated with existing data from other sources

Tax / Warning on potential rise in CGT avoidance

HMRC collected £124m last year from investigations into SMEs and wealthy individuals suspected of avoiding capital gains tax (CGT), according to analysis by law firm Collyer Bristow which says a clamp down on the use of entrepreneur’s relief could prompt a hike in the use of avoidance schemes

Tax / European Commission seeks action on digital economy taxation

The European Commission has set out its own path towards a new taxation policy for the digital economy which it wants all member states to endorse, saying the current framework does not fit with modern realities, and global progress on this issue is not adequate

Tax / Offshore penalties: how to avoid falling foul of strict tax rules

Severe penalties await those who fail to correct offshore tax non-compliance as the government firms up the rules for proposed ‘requirement to correct’ (RTC) and associated penalties applying to ‘failure to correct’ (FTC). Meg Wilson considers the implications for tax advisers and clients

Tax / Solicitors face scrutiny over tax planning advice

Solicitors providing tax planning services could face greater scrutiny from the Solicitors Regulatory Authority (SRA) and HMRC as government begins to clamp down on aggressive tax avoidance schemes

Tax / Future of capital allowances up for OTS review

The Office of Tax Simplification (OTS) is to review options for replacing the current capital allowances tax relief system with an accounts depreciation approach as the current model is too complicated and expensive for businesses to administer, reports Sara White

Tax / Simple assessment tax changes for state pensioners

For the 2016/17 tax year, pensioners who started to receive a state pension on or after 6 April 2016 and have no other taxable income will not be required to file a tax return, instead HMRC will send a simple assessment based on its own calculations

Tax / US set to lose $12bn in tax take by 2027 if multinationals relocate overseas

Tax inversions by US multinationals attempting to shift profits into lower tax jurisdictions could cost the US up to $12bn (£7.4bn) in lost corporate tax revenues by 2027, according to figures released by the US Congressional Budget Office

Tax / VAT: keeping to the rules for the flat rate scheme

Stanley Dencher, specialist tax writer at CCH, outlines the conditions for using the flat rate scheme for VAT, considering various First Tier Tribunal decisions on whether the flat rate scheme was applied in the right circumstances and at the correct rate

Tax / HMRC mid-sized business service to help 170,000 companies

As many as 170,000 mid-sized companies will benefit from extra help from HMRC tax specialists, under plans confirmed by the tax authority

Tax / Wetherspoons cuts food and drink prices today in protest over VAT

Wetherspoon’s pubs across England, Wales and Northern Ireland will be cutting the price of all food and drink by 7.5% on the 20 September, as part of national tax equality day to promote the benefit of a VAT reduction in the hospitality industry

Tax / Lib Dems call for tougher penalties on foreign property investors

In his first speech as Liberal Democrat leader, Vince Cable has called for ‘fierce’ tax penalties on overseas residents purchasing UK property for investment purposes and outlined plans to replace student fees with a graduate tax

Tax / US tax amnesties: fact or fiction?

Ephraim Moss and Joshua Ashman CPA, co-founders of Expat Tax Professionals examine whether IRS tax amnesty programmes such as the offshore voluntary disclosure programme (OVDP) offer safe disclosure arrangements for expat US taxpayers, and offer tips and advice on how the system actually works

Tax / Guidance on accounting officer assessments to scrutinise government projects

The Treasury has released guidance on the government’s commitment to publish a summary of the key points from an accounting officer assessment from April 2017, while providing advice on how accounting officers should assess a policy/project against four standards, including details on when to publish a summary

Tax / Accelerated payments to HMRC over disputed tax up 21% to £1.3bn

HMRC collected £1.3bn in disputed tax in 2016/17 through its use of accelerated payment notices (APNs), a 21% increase on the previous year when it received £1.07bn, according to Moore Stephens