Tax

Tax / One in five businesses borderline for VAT actively avoid registration

One in five businesses which are operating just below the VAT registration limit admit to taking deliberate action to remain under the threshold, even if it means turning down work, according to research commissioned by HMRC

Tax / US tax reform passes through House in milestone vote

The US House of Representatives has passed a bill opening the way to a major reform to the US tax code, including slashing the corporate tax rate, in a milestone vote which means the focus for President Donald Trump’s promised tax overhaul now moves to the Senate

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 / Glassey: Paradise Papers put spotlight on offshore financial centres

The revelations and hyperbole around the Paradise Paper undermine the value of using offshore financial centres, where levels of transparency are arguably no worse than elsewhere in the world, despite the efforts of governments to demand more openness, argues Will Glassey, partner at Mayer Brown

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 / Deliveroo wins case confirming riders are self-employed

In the latest challenge to the employment status of ‘gig economy’ workers, Deliveroo riders have been ruled self-employed by labour law body the Central Arbitration Committee (CAC), in a move which runs counter to other recent rulings

Tax / MPs push for better Finance Bill scrutiny

MPs are challenging the Treasury to adopt a more strategic approach to tax policy making, calling for greater consultation over Finance Bills, clearer information about consultations and improvements to costing and impact assessments

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 / HSBC to pay €300m to settle tax evasion charges

HSBC has agreed to pay €300m (£266m) to the French authorities to settle a long-running investigation into tax evasion by French citizens via its private bank in Switzerland, details of which were first leaked by one of the bank’s former IT employees

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
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