General Taxation

Cross-party opposition to extending time limits in ‘offshore matters’

It is not often that amendments to the annual Finance Bill make headline news, and rarer still that they are forced on the Government by cross-party groups of MPs. In the past week, the Bill was amended to prevent the making of certain regulations to smooth the process of EU withdrawal unless Parliament has approved. Read more

There’s No Time Like the Present To Get Prepared for Making Tax Digital (MTD)

Making Tax Digital (MTD) will become effective from 1 April 2019. It’s a government initiative that requires businesses with an annual turnover above the VAT threshold (£85k) to submit their accounting information digitally every quarter and means that all VAT returns, and the digital records of the VAT return, will need to be submitted via MTD. Read more

The Finance Bill: here we go again!

Mark McLaughlin highlights some important provisions in the latest Finance Bill and notes some other measures still to come. Another cycle of new tax legislation has begun. The latest Finance Bill was published on 7 November 2018. Its official title is Finance (No. 3) Bill 2017-19, but it could perhaps be less confusingly described as. Read more

Courts and Tribunals: September 2018

Class 1A NIC: repaid private fuel constituted a benefit for company fuel card holders Extended periods of time allowed for a company’s fuel card holders to provide details to the company of their private mileage expenses and repay the fuel provided constituted a benefit to the holders both in the ordinary sense of the word. Read more

The Busy Practitioner: Pay up …sooner!

The government has made no secret of its approach that ‘sooner is better’ when it comes to tax receipts into the Exchequer. In particular, legislation is to be introduced (in Finance Act 2019) requiring UK residents to make a payment on account of capital gains tax (CGT) following the completion of a residential property disposal. The. Read more

One Month in a Minute: September 2018

PERSONAL TAXATION ATT update on SA filing exclusions and ‘specials’ The Association of Taxation Technicians (ATT) has published an article, to follow up on a ‘Talking Points’ webinar from HMRC in early August. HMRC runs two lists: Exclusions – where HMRC’s tax calculator algorithm will not calculate the liability correctly. In some cases, the return will be. Read more

Tax Planning for Farm & Land Diversification

Tax Planning for Farm & Land Diversification

The publication of the fifth edition of Tax Planning for Farm & Land Diversification is extremely timely as the farming world approaches the uncertainties of Brexit and pure farming profits continue to struggle. There is thus clearly a need for diversification and alternative land use but the resultant tax position must be considered. Agricultural tax. Read more

Scottish taxes are far from simple

Scottish taxes are far from simple

Striving for simplicity Professional bodies such as ICAS have long campaigned for taxes to be simplified. But while taxpayers in Scotland pay a wide variety of disparate taxes, simplification is a concept that means different things to different audiences. Some taxes – such as inheritance tax, capital gains tax and (if you call them a. Read more

Successor company could only claim trading losses sustained by predecessor’s business after the succession

Successor company could only claim trading losses sustained by predecessor’s business after the succession

When a company purchased the share capital of another company in which losses had been incurred, ICTA 1988, s 343(3) provided that the purchasing company was only entitled to set those losses against trading income derived from the former business, not against the trading income of the entire enlarged trade. The appellant company ran department. Read more

There is no need for an Employment Status

There is no need for an Employment Status

I recently attended an ICAEW Tax Faculty debate on ‘Employment Status – what’s the answer’. As I listened to the debate, I began to wonder whether in fact there ought to be an answer. The concept of employment arises in three distinct areas, employment law, social security and tax. But it does not work satisfactorily. Read more

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