Tax / Requirement to Correct tax due on offshore assets

HMRC has issued guidance on how to comply with new Requirement to Correct rules designed to clamp down on individuals with undeclared offshore assets and highlighting the penalties for non-compliance

Tax / Car tax evasion triples since paper disc abolished

The abolition of the paper car tax disc has resulted in a tripling of the number of drivers evading car tax and now represents a loss to the Treasury of around £107m a year, according to statistics from the Department for Transport (DfT) and the DVLA

Tax / HMRC loses further tour operator VAT case at FTT

HMRC has lost its appeal at First Tier Tribunal (FTT) over its claim that an online ‘bedbank’ supplier of hotel rooms via a bookings website should have been paying VAT on its services, after arguing that in this particular instance foreign law applied

Tax / Kavanagh: De Silva case brings clarity over schemes involving partnerships

The Supreme Court’s verdict in the De Silva tax dispute could have far-reaching consequences for tax schemes involving partnerships says UK Tax Consulting director John Kavanagh

Tax / HMRC’s tax-free childcare scheme delayed

The full rollout of tax-free childcare has been delayed to March 2018 with the scheme opening to parents whose youngest child is under six from next week, as part of a phased approach to rolling out the online service, which has experienced teething problems

Tax / Supreme Court rules on validity of claim in De Silva case

HMRC should be relieved with the Supreme Court’s decision in the De Silva case as if the outcome had been different the tax authority may have had to repay the many accelerated payments already collected, says Michael Avient, consultant at JS&Co

Tax / HMRC wins landmark De Silva film scheme case in Supreme Court

A £50m tax avoidance scheme which used reliefs put in place to encourage film productions has been defeated in the Supreme Court

Tax / £100,000 tax exemption for sporting testimonials

HMRC has published updated guidance on the tax treatment of income from sporting testimonials, which confirms there will be a new ‘one-off’ exemption of £100,000 designed to ensure that employed sportspeople on modest incomes are protected from the recent changes to the rules

Tax / The practicality of publishing tax strategies for multinationals

As rules stating large companies must disclose their tax strategies commence, Calum Fuller speaks to companies including SSE and Informa about how they are interpreting the requirements

Tax / HMRC consults on company car reporting under PAYE regulations

HMRC has lanched a brief two-week consultation on draft PAYE regulations regarding company car reporting under salary sacrifice schemes, which will allow employers to submit data via real time information (RTI) rather than in a separate end of year return

Tax / Warning of potential ‘catastrophic’ problems with HMRC’s customs system

HMRC has been told it must do more to ensure its new customs system, the Customs Declaration Service (CDS) is ready in time for Brexit, or face ‘catastrophic’ consequences, according to a report from the public accounts committee (PAC) which warns the department is facing an overload of development work in the run up to the UK quitting the EU

Tax / Small businesses face digital filing early if VAT threshold drops

Proposals put forward by the Office of Tax Simplification (OTS) suggesting a potential reduction in the VAT registration threshold could impose digital record keeping requirements on small businesses earlier than expected, as well as increasing costs and administrative burdens, the Association of Taxation Technicians (ATT) is warning

Tax / HMRC smashes £108m fake eco-investment scam

Six men have been jailed for a total of 45 years for a £107.9m tax crime, which HMRC says is one of the UK’s biggest, based on a fake eco-investment scheme they sold as a tax break for wealthy investors

Tax / No inflation increase to HMRC worldwide subsistence rates

HMRC has confirmed that worldwide subsistence rates for expenses claims for employees travelling outside the UK will not be increased to account for post Brexit currency depreciation or inflation

Tax / Taxpayers warned to check HMRC repayment arrangements

In the run up to January’s online self assessment tax return deadline, the Low Incomes Tax Reform Group (LITRG) is warning of the risk that HMRC will issue any repayments due to last used debit or credit card, rather than the bank payment instructions entered on the forms