Law and regulation

Tax / HMRC urged to act on online VAT fraud by overseas sellers

HMRC has been too slow to address the problems of online VAT fraud by overseas sellers and its estimates of the tax loss are ‘out of date and flawed’ according to a report from the public accounts committee (PAC), which says the current uncertainty over the terms of the UK’s withdrawal from the EU risks making the problems worse

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 wins on non-notification of £110m tax avoidance scheme

HMRC has won a landmark Alchemy case against a tax avoidance scheme promoter who failed to meet the Disclosure of Tax Avoidance Scheme (DOTAS) rules in a tribunal ruling that could lead to the recovery of £110m

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 / 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 / CJEU issues ruling on VAT status of Mercedes leasing agreement

The Court of Justice of the European Union (CJEU) has found in favour of Mercedes-Benz Financial Services UK Ltd (MBFS) in a case concerning the VAT treatment of a specific type of car leasing agreement, in a decision which is likely to have significant ramifications for the automotive finance sector

Tax / Tax strategy reporting: compliance issues for big business

As requirements for businesses with a turnover above £200m and/or a balance sheet total over £2bn in their previous financial year to publish their tax strategies loom, Pinsent Masons partner Catherine Robins outlines the key issues to consider

Tax / Criminal offences for tax evasion now in force

The Criminal Finances Act 2017 has come into effect as part of tougher government action on corporate fraud, with the introduction of two new criminal offences which mean corporations and partnership are now criminally liable when they fail to prevent their employees, agents, or others who provide services on their behalf from criminally facilitating tax evasion

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 / Corporate loss tax rules could be double edged sword

Menzies tax manager Natasha Spicer and tax director Lucy Mangan consider the impact of changes to the tax regime for corporate losses with the introduction of rules to curb corporate use of interest deductibility

Tax / Master Trust pension schemes to be targeted by taxman under new powers

The government is giving HMRC new powers to refuse to register and to de-register master trust pension schemes and schemes for dormant companies which are not authorised by The Pensions Regulator in a bid to curb pension scams

Tax / Knight Wolffe slated over ‘misleading’ tax avoidance scheme ad

HMRC has had a complaint upheld by the Advertising Standards Authority (ASA) over misleading income trust advertising by tax and wealth advisers Knight Wolffe, including the use of HMRC's logo, which it says sets a precedent for other tax avoidance scheme advertisers

Tax / Government sets out plans for Making Tax Digital for VAT in Finance Bill (No.2)

The latest draft Finance Bill sets out the framework for VAT reporting under Making Tax Digital, confirming that the rules will not be in place before April 2019 while those who fall below the VAT threshold, currently £85,000, will not have to digitally report 

Tax / Draft Finance Bill (No.2) 2017 published

The government has published the draft Finance Bill (No.2), which will have its second reading in the House of Commons on Tuesday 12 September, the first time that MPs will be able to debate the proposals