Tax compliance

Tax / Grandfathering for foreign service relief on overseas pension rights retained

The revised Finance Bill 2017 appears to have clarified earlier confusion on changes to overseas pension taxation and the employer-financed retirement benefits schemes (EFRBS), setting out grandfathering provisions, although there are still potential pitfalls

Tax / HMRC raids Newcastle and West Ham football clubs

Over a hundred HMRC officers have been deployed on early morning raids at two football clubs - Newcastle United and West Ham -  with several arrests made in connection with allegations of tax fraud

Tax / Making Tax Digital: accounting periods and reporting deadlines

With less than a year to go before quarterly reporting starts for unincorporated businesses, self employed and landlords over the VAT threshold in April 2018, Stephen Relf ACA CTA, specialist tax writer at Wolters Kluwer, has pulled together a handy guide to key reporting dates for accounting periods for HMRC's Making Tax Digital 

Tax / Irish tax policy: rate, regime and reputation

Irish tax policy coupled with one of the lowest EU corporation tax rates at 12.5% could be at risk after the Apple ruling and with wider plans to introduce a consolidated single corporation tax rate across the EU27, reports Jaimie Kaffash

Tax / HMRC penalties to net self-employed couriers and workers

The Low Incomes Tax Reform Group (LITRG) has raised serious concerns about the impact of new rules on tackling tax avoidance which could have an unexpected impact on ordinary workers, particularly those hired through umbrella companies or outside standard PAYE contracts, for example cab drivers or delivery couriers

Tax / Brexit and EU rules: Common Corporate Tax Base (CCTB) – part 3

In part three of our EU Directives series, Stefan Petrovski, accounting supervisor at Primexis, asks whether EU plans for a directive to introduce a consolidated European corporate tax base (CCTB) would work across disparate economic bases with individual tax codes, rules and rates

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 / 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 / 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 / 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 / FTT upholds APN non-payment penalty

A First Tier Tribunal (FTT) has dismissed an appeal from an investor in a film scheme against a penalty for failing to pay an amount specified in an accelerate payment notice (APN) by the due date because the sum he paid was allocated to a separate partner payment notice (PPN) for another scheme

Tax / US tax office extends filing deadline for overseas US residents

The Internal Revenue Service (IRS) has extended the 18 April filing deadline to taxpayers outside the US to 15 June

Tax / Pensioners advised to delay completing tax returns

The Low Incomes Tax Reform Group (LITRG) has advised pensioners to wait until the end of May before completing a tax return due to HMRC issuing notices despite introducing a new system which means that pensioners with a state pension exceeding their personal allowance may no longer have to file a return
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