Tax planning

Tax / Tyrie calls for probe into real cost of Making Tax Digital

Andrew Tyrie MP, chairman of the Treasury Committee, has called for further analysis of the projected costs to small businesses of complying with quarterly reporting under Making Tax Digital as the Federation of Small Businesses (FSB) and HMRC’s estimations of the administrative burden differ immensely 

Tax / Warning to SMEs over hike in winding up applications

Last year saw a 12% hike in HMRC applications to wind up businesses in order to recover unpaid tax, up to 3,906 in 2016 from 3,485 in 2015, according to analysis by Funding Options, which says SMEs are at particular risk

Tax / Scottish government needs ‘more work’ on financial management

The Scottish government needs to do more work if it is to be successful in managing public finances, according to an assessment by Audit Scotland which says it must build a clearer picture of how much financial devolution will cost and how staffing challenges will be addressed

Tax / US grassroots coalition calls for end to FATCA

A coalition of 23 US taxpayer protection and grassroots organisations is campaigning for the repeal of the Foreign Account Tax Compliance Act (FATCA), labelling the regulations 'unacceptable and un-American’ on the grounds they fail to tackle tax avoidance by US citizens based overseas while making it harder for them to live and work abroad

Tax / Charities removed from scope of 45% tax on restitution interest

HMRC has published draft legislation in relation to changes to the existing rules which apply a special corporation tax at 45% to any restitution interest payable by HMRC following a claim for a mistake, which are designed to benefit charitable and life insurance companies

Tax / Tax-free childcare rollout from 28 April

The government’s tax-free childcare scheme will begin for parents of the youngest children on 28 April with general rollout for parents with children under 12 throughout 2017, as government launches a Childcare Choices website allowing parents to pre-register to join the scheme

Tax / Landfill tax to be extended to illegal waste sites

HMRC is consulting on whether to extend the scope of the landfill tax to include material disposed of at illegal waste sites, as announced at Budget 2017, in a bid to tackle criminal activity

Tax / Publishing tax strategies - what you need to know

Large businesses are now required to publish their tax strategy online, with smaller businesses looking to follow suit. FD Recruit outlines the new ruling coming into effect this year, who is affected and why smaller businesses might voluntarily join in

Tax / Potential tax rule changes for late-life oil and gas assets

The Treasury has now published the discussion paper on the tax treatment of late-life oil and gas assets, first announced at Budget 2017, which considers potential changes to the tax rules to facilitate the transfer of such assets to new investors, in a bid to support economic recovery in the sector

Tax / HMRC mulls ‘split payment’ approach to online VAT collection

HMRC has issued a call for evidence on an alternative method of collecting VAT for online business to consumer sales, in a bid to tackle the growing problem of tax losses on sales via online marketplaces made by businesses based overseas

Tax / HMRC to crack down on fraud in construction industry

HMRC is consulting on proposals to combat organised fraud in labour provision within the construction sector, which include introducing a VAT reverse charge and changes to the qualifying criteria for gross payment status (GPS) within the construction industry scheme (CIS)

Tax / Tax break on employee costs in legal cases

HMRC has published draft guidance on changes to tax rules where an employer funds costs or pays for legal indemnity insurance for employees for proceedings related to their employment, with the aim of making them simpler to operate

Tax / Rules introduced on cash equivalent of assets as benefits

HMRC has set out details of new rules for calculating the taxable value of the benefit of an asset provided to an employee, member of their family or household, for private use, in circumstances where ownership of the asset is not actually transferred

Tax / Lewis: probate fees set to hit £20k for larger estates

The government recently announced that probate fees will rise, in some cases by substantial amounts, with the stated aim of helping to fund the modernisation of the courts and tribunals service. Anne Lewis, partner at Cripps, considers the potential pitfalls for high net worth individuals

Tax / SDLT payment window cut delayed until April 2018

The implementation of the 14-day window for filing and payment of stamp duty land tax (SDLT), reduced from 30 days, has been delayed to April 2018 after conveyancers expressed concerns over dealing with complex transactions while complying with the new time frame
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