Business tax

Tax / HMRC consults on draft guidance on enabler rules for tax advisers

HMRC is consulting on draft guidance covering new legislation on enablers of defeated tax avoidance schemes which will be introduced once Finance Bill (No.2) 2017 receives Royal Assent, and which could see accountants and lawyers liable for penalties as a result of providing contentious advice in this area

Tax / Amazon wants tax breaks for second US HQ

Amazon’s announcement that it is looking for a US city in which to set up HQ2 and its requirement that the chosen location is ‘business friendly’ has sparked controversy over whether the contenders should offer tax breaks and other financial incentives

Tax / OECD reports action taken to amend preferential tax regimes

Governments have dismantled, or are in the process of amending, nearly 100 preferential tax regimes as a result of the introduction of the base erosion and profit shifting (BEPS) standards to improve the international tax framework, according to a progress report from the OECD

Tax / Partnership taxation: chargeable tax and profit allocations

The imminent overhaul of tax rules for all types of partnerships will have a wide-reaching impact, particularly on the bare trust/beneficiary approach. Mark Cawthron LLB CTA outines the key changes and sets out potential pitfalls for partners to consider

Tax / Corporate tax evasion offences - what you need to know

Sophie Brookes, partner and professional support lawyer at Gateley plc, outlines the two new corporate tax evasion offences forming part of the Criminal Finances Act 2017, which make organisations liable for failing to prevent employees or agents from facilitating tax evasion

Tax / HMRC consults on simplification of group relief for carried-forward losses

HMRC has published draft regulations and a draft explanatory memorandum setting out how companies can enter into simplified arrangements in respect of claims and surrenders of group relief for carried-forward losses, which are designed to reduce the administrative burden

Tax / HMRC launches technical consultation on soft drinks levy

HMRC has announced a technical consultation on two draft statutory instruments regarding the soft drinks industry levy which is being introduced from April 2018

Tax / Sleight: Criminal Finances Act 2017 could affect any tax adviser

The Criminal Finances Act 2017 has a wide reach and the potential to net any accountant and tax adviser, warns David Sleight, partner at law firm Kingsley Napley 

Tax / Ebay pays £1.6m UK tax while revenues hit $1.3bn

Online platform eBay has found itself facing scrutiny over its tax policies, after its UK business paid £1.6m in tax last year, even though its US parent reported total revenues from its UK operations of $1.32bn (£1bn)

Tax / HMRC stops use of personal credit card to pay employer PAYE penalties

Employers will not be able to use personal credit cards to settle outstanding PAYE late payment penalties, PAYE settlement agreements or Construction Industry Scheme (CIS) late filing penalties from January 2018

Tax / Transfer pricing: intellectual property and intercompany charges

Companies risk millions in fines by not complying with transfer pricing rules on intercompany charges and licensing fees for intellectual property paid to local trading subsidiaries. Ken Almand, partner and UK head of transfer pricing at RSM and Paul Sutton, founder, LCN Legal, explain the essentials for TP tax compliance

Tax / MacKay: will HMRC's tax support service for mid-sized businesses work?

Businesses turning over upwards of £10m or with 20 or more employees will have access to help with tax queries about their growing business under HMRC's new plans. Jane MacKay, head of tax at Crowe Clark Whitehill, asks whether this growth support service targeted at mid-sized businesses will work

Tax / European Commission gets go-ahead to improve tax dispute rules

The European Commission has been granted permission from EU member states to introduce rules to improve tax dispute resolution as well as cover issues relating to double taxation which can be a major obstacle for businesses

Tax / Hyde: diverted profits tax and advance pricing arrangements

The diverted profits tax may have raised £281m in tax revenue in the first full year of operation, but it is proving a challenge for companies. Ian Hyde, tax partner at Pinsent Masons considers the interaction of DPT with advance pricing arrangements (APAs)

Tax / MPs call for protection of £30K tax-free redundancy bonus cap

MPs have laid an amendment to Finance Bill (No.2) to ensure that the Treasury will not be able to reduce the £30,000 cap on redundancy bonus payments without consultation