Accelerated payments "tax-follower" cases

New legislation will place greater emphasis on previously decided tax cases.

HMRC powers extended - Direct collection from bank accounts

The government plans to give HMRC the power to recover tax directly from debtors’ bank accounts.

All change for NNPs and high-value residential property

Taxation of high-value residential property held by non-natural persons extends to properties between £500,000 and £2m.

Starting tax rate for savings

From 6 April 2015, the starting tax rate for savings will be reduced from 10% to zero, and the limit will be increased from £2,880 to £5,000.

Upfront payment of tax associated with avoidance schemes

Taxpayers will be required to pay upfront tax disputed under schemes that fall within the DOTAS rules or are counteracted under the GAAR.

Transferable tax allowances

The transfer of a portion of personal allowances between spouses or civil partners has been announced.

Childcare boost for parents

The Tax-Free Childcare Scheme includes an increased costs cap and will support working families with children under 12.

New ISA

Changes will make ISAs more flexible and increase the annual subscription limit.

Income tax personal allowances

The personal allowance is increased. Higher rate threshold increased for the first time since 2009/10.

Defined contribution pensions advice

Government to introduce new guarantee offering free and impartial guidance on pension choices at the point of retirement.

Pension flexibility increases

Individuals will benefit from changes to withdrawals from registered pension schemes. Saving was a theme of this Budget and the reform of pensions was a headline measure.

Budget 2014 and capital gains tax

The main CGT changes arising from the Budget 2014.

Pensions Consultation: Freedom and Choice

On 19 March 2014 the government issued a consultation entitled 'Freedom and Choice in Pensions’...

LLPs in the spotlight

Under the Finance Bill 2014, salaried members of limited liability partnerships (LLPs) will become employees under certain conditions, while excess profits in mixed partnerships will be reallocated...

Multinational corporations, stateless income and tax havens

This report provides evidence to show that the corporate income tax system is not ‘broken’ and that the corporate income tax base is not being eroded. It offers a critique of the stateless income doctrine and the interaction between tax havens and multinational corporations.

Farmers: capital gains tax roll-over relief

New EU legislation was implemented in December 2013 to introduce a new agricultural subsidy, the Basic Payment Scheme.

Corporation tax: changes ahead

Continued reduction in the corporation tax rate, removal of associated company rules, creative industries tax relief and a tightening of group profits movement were Budget highlights.

Venture capital trusts: anti-avoidance

New legislation around VCTs will counter particular forms of share buy-back arrangements.

R&D Cashback for loss-making SMEs

Small and medium-sized enterprises that make a loss stand to benefit from an increase in research and development tax credits.

VAT Update - March 2014

This article details an update on the latest VAT briefs and notices.

Annual Tax on Enveloped Dwellings - A reminder

The Tax Return covering the period 1 April 2014 to 31 March 2015 and any payment are required by 30 April 2014

Global policy on taxation of companies: principles and practices

This paper outlines ACCA’s policy on the taxation of businesses, especially multinational corporations.

Customs Notices update

HM Revenue & Customs have updated three Customs notices that focus on importing and exporting reliefs.

National Insurance £2,000 set-off

Business and charities will be eligible for a new £2,000 Employment Allowance to set off against their employers’ (secondary) national insurance contributions.

Residence, domicile and the remittance basis

As business becomes ever more global and the workforce more mobile, accountants will often need to consider issues such as residence, domicile and the remittance basis: issues that would have been much rarer just a generation ago.

Tackling marketed tax avoidance

Comments from ACCA to HM Revenue and Customs

RTI penalties - HMRC announces a relaxation of penalties

Following feedback from taxpayers and the professional bodies, HMRC has decided to stagger the start of new, automated, in-year late payment and filing penalties, to give HMRC and employers more time to adapt to reporting in real time.

VAT Update - February 2014

Details of updated VAT briefs and notices.

Tax Information - HMRC and GOV.UK websites  

HMRC business and agent content is gradually being transferred to the Gov.UK site.

Let property campaign

The Let Property Campaign targets the residential property letting market and offers a chance for landlords in this sector to get up to date or put right any errors they have made.

RTI: reporting, payments and penalties  

HMRC has highlighted information that is now required for submissions

Pension transfer - QROPS

Draft guidance has been made available that is intended to apply from 6 April regarding the transfers of pension savings to qualifying recognised overseas pension schemes (QROPS).

Draft finance bill clauses

Comments from ACCA to HM Revenue and Customs.

Business Income Manual - New UK GAAP

Just as the penalty regime commences, new information will need to be added to payroll submissions.

Benefit in kind: works bus

Tax legislation specifies that expenses payments reimbursed to an employee, eg travel expenses, courses, client entertaining, represent taxable earnings and need to be reported on the form P11D.

Autumn statement and corporation tax

HMRC have introduced changes to Extra Statutory Concession D33 (Capital Gains Tax on compensation and damages).

Compensation and damages 

HMRC have introduced changes to Extra Statutory Concession D33 (Capital Gains Tax on compensation and damages).

Long service award

This short article gives information on the taxable status of long service awards.

VAT update - January 2014

Details of updated VAT briefs and notices.

Private residence relief - Reduction of relief

The final period of private residence relief will be reduced from 6 April 2014.

Claiming relief for losses

Supreme Court case clarifies the correct procedures that clients seeking to claim relief on losses should follow.

High income child benefit charge

The 2012/13 self-assessment tax return for individuals includes, for the first time, a section in respect of the high income child benefit charge.

HMRC extends Real Time Information (RTI) holiday for micro-employers

HMRC has extended the RTI holiday for employers with 9 or fewer employees until 6 April 2016.

Inheritance tax and the Autumn Statement

How will inheritance tax change following the Autumn Statement?

Trading losses and how to utilise them

A review of how trading losses may be utilised for tax purposes.

Personal service companies

Expected changes to the rules affecting personal service companies will only affect persons working through an offshore agency.

Anti-avoidance and mixed partnerships

Draft legislation that counters excessive tax-motivated allocations of profits and losses in mixed partnerships and LLPs was published as part of the Chancellor’s Autumn Statement.

VAT, indirect taxes and the Autumn Statement 2013

The Autumn Statement resulted in a number of reforms, mainly aimed at specific business types or assets.

Income tax, national insurance, pensions and tax credits

What changes to personal taxes were announced in the Autumn Statement?

HMRC digital strategy – legislative changes to enable paperless self assessment

Comments from ACCA to HM Revenue and Customs.

Robert Smith v HMRC (TC2768) 2013

[20/12/2013] The recent tax first tier tribunal case has caused controversy in the professional press and calls into question whether the 'enquiry window' for opening an HMRC inquiry is still meaningful. Is it as bad as it seems?

Entertainers: national insurance contributions

Revenue & Customs Brief 29/13, National Insurance contributions: HM Revenue & Customs’ position following the Court of Appeal decision in the case of ITV Services Ltd v Commissioners for HMRC, states that the decision reached in earlier tribunals has been upheld by the Court of Appeal.

Limit on income tax reliefs from 6 April 2013

[03/12/2013] Legislation was implemented by the Finance Act 2013 to place a limit on income tax reliefs from 6 April 2013. Here we look at how this limit will operate.

Technical factsheet 184: Audited accounts for IATA agents: interim guidance

This technical factsheet gives a brief summary of the changes introduced by IATA Travel Agent’s Handbook 2013 (Resolution 818g edition)...

RTI and penalties

[01/11/2013] A look at the PAYE penalty regime under RTI.

VAT penalties

A summary of the VAT penalties currently applicable

Capital gains tax on property leases

[29/10/2013] The income and capital gains tax treatment for property leases can be complex and it is worth while considering the basic rules.

The taxpayer fights back

Taxpayers successful in fight against HMRC’s online filing requirements.

VAT Update - October 2013

Details of the latest changes to VAT from HMRC, along with changes to VAT Notices and VAT in the European Union.

Gifts and inheritance tax

[15/10/2013] Help clients understand the types of transfers which can be made under inheritance tax legislation.

Zero-rating for indirect exports

The VAT rating for goods exported outside the EU has changed

Refunds of Stamp Duty Land Tax (SDLT)

Charitable organisations should consider if they have overpaid SDLT following the decision of the Court of Appeal.

Employee ownership and employee shareholder status

Details of employee ownership and employee shareholder status

Inheritance tax - Scotland

HMRC has produced a suite of forms for dealing with inheritance tax on Scottish estates

Tariff Trade Agreement - Central America

[18/09/2013] Reciprocal Preferential Trade Agreement between EU and Central America came into force on 1 August 2013.

US tax residents

[18/09/2013] HMRC has issued an update on the Foreign Account Tax Compliance Act (FATCA).

Inheritance tax – gift schemes

[16/09/2013] Discounted gift schemes can exist where a gift or gifts are made by an individual whose estate is likely to face an IHT charge and where the gift or gifts are structured to ensure that the value of the gift is less than the value of the assets being removed from the individual’s estate. The most common schemes are insurance product based.

Applying capital gains tax in divorce cases

[12/09/2013] Divorce often results in the transfer of assets between spouses. Understand how and when CGT applies.

Disincorporation relief

[12/09/2013] Disincorporation Relief is available to small businesses looking to convert from being a corporation subject to the regulations of the Companies Acts to the flexibility of being unincorporated.

Benefits in kind

A detailed look at income, in the context of employment.

International standard for public benefit entities

Details of CCAB research into the need for not-for-profit organisations.

Gift aid

HMRC has published detailed guidance on The Gift Aid Small Donations Scheme (GASDS)

VAT update: August 2013

A number of VAT consultations were announced in the Budget 2013.

Tax avoidance schemes

HMRC, as part of its 'Spotlights' updates, has issued warnings on two types of tax scheme.

Withholding tax rates

Maximum rates of tax those countries with a Double Taxation Agreement with the UK can charge a UK resident on payments of dividends, interest, royalties and management/technical fees.

HMRC campaign targets tax return catch-ups

HMRC has launched its latest campaign entitled 'My Tax Return Catch-Up'

The UK General Anti-Abuse Rule

Chas Roy-Chowdhury, August 2013. This article considers tax avoidance and the possible effects of the UK General Anti-Abuse Rule (GAAR), which came into effect in July 2013.

HMRC enquiries – reopening earlier years

Tribunal case reveals that HMRC’s method of calculating income for earlier years on the basis of spreading is open to challenge where a more reasonable and accurate method is appropriate

Remittance basis 2011-12: HMRC exercise

HMRC announce an "educational exercise" aimed at taxpayers taxed on the remittance basis due to a perceived lack of understanding of what constitutes a remittance.

Cash accounting - the pros and cons

Arguments in favour of and against the cash accounting regime for small businesses, which is optional for small unincorporated businesses from 6 April 2013.

Defined benefit plans: employee contributions, proposed amendments to IAS 19

Comments from ACCA to the International Accounting Standards Board (IASB), 25 July 2013

FRSSE 2015 amendments under UK GAAP framework

The new UK GAAP framework, mandatory from January 2015, does not dispense with the FRSSE

iForm problems and P11D, P11D(b), and P9D

We have been informed by HMRC that it will accept that there are problems with the iForm (P11D, P11D(b), and P9D which are all part of the same i-form release) and these will be treated as ‘reasonable excuse’ if reliance on the iForm results in delays in filing.

VAT: single or multiple supplies

Subjective judgement required to apply the basic principles and guidance, as a recent tax case illustrates.

Loan relationships - common problems demystified

Understand the basics of the loan relationships legislation and some of the more common real-life scenarios that crop up.

Annual tax on high-value enveloped dwelling properties

Prepare clients with high-value properties for returns due in October.

Loans to directors, trusts and LLPs

Anti-avoidance legislation aimed at loans to directors to be extended.

Partial exemption - education

A framework that provides guidance on Partial Exemption (PE) for Higher Education Institutions (HEIs) has been made available by HMRC.

Seed enterprise investment scheme - HMRC guidance

Several changes to the SEIS were announced in this year’s Budget.

Updated HMRC notices

HMRC updated a number of notices in April.

Termination payments - a refresher

The tax consequences of termination payments on cessation of employment

Accession of Croatia to the European Union

HMRC has issued Excise Information Sheet (13) 04 Accession of Croatia to the European Union

Stamp duty land tax - Transfer of going concern claims

HMRC inviting claims following Robinson Family TOGC case.

Class 2 NIC

HMRC are sending payment requests for outstanding Class 2 National Insurance contributions.

Insolvency

HMRC have re-issued Notice700/56 Insolvency.

Carrier bag levy

HMRC have issued Revenue and Customs Brief 07/13 VAT: Introduction of a levy on 'single-use' carrier bags in Northern Ireland.

Inheritance tax and quoted securities

The list of recognised stock exchanges for post-death IHT revaluations has been updated.

Disclosure facilities and campaigns

A summary of the current HMRC campaigns and disclosure facilities that are currently running

Repairs and renewals

HMRC have issued Revenue and Customs Brief 05/13 Direct tax: Guidance on repairs and renewals of assets, its draft guidance on what is a repair for direct tax purposes.

Pension and employer benefit consultants

HMRC issue briefing relating to pension and employee benefit consultants.