Social investment tax relief

Following a consultation last year, Finance Act 2014 introduces a new form of tax relief onto the statute books, called social investment tax relief.

HMRC’s alternative dispute resolution

HMRC's Alternative Dispute Resolution Service has now been made nationwide and permanent and offers a simpler way of resolving tax disputes.

Construction industry scheme repayment

Guidance and information is being produced by HMRC to help ease the time and cashflow burden faced by subcontractors. ACCA and other professional bodies have provided input.

HMRC powers: pension schemes

HMRC gains new powers relating to pension schemes.

Employment Allowance

HMRC has issued further guidance following Royal Assent of the National Insurance Contributions Act 2014 on how employers may claim the Employment Allowance.

Unpaid Class 2 national insurance contributions

Unpaid Class 2 National Insurance Contributions to be collected from PAYE tax codes from 6 April 2014.

VAT: Distance Selling

The update below is a refresher on distance selling, highlighting the main rules that apply to distance sales from the UK.

VAT Update - April 2014

Update on VAT and Indirect Taxes - April 2014.

Limited liability partnerships - salaried members

Following the consultation and feedback the new LLP rules regarding disguised employment are now in force, with effect from 6 April 2014.

Year-end real time information (RTI) update

Employers need to ensure that HMRC receive the final FPS by 19 April...

HMRC Agents Blog

As part of its Tax Agent Strategy, HMRC has introduced a new agents blog, providing useful information for agents.

Partnership tax changes

Partnership tax is changing; Finance Act 2013 made some changes and Finance Bill 2014 is making further changes.

VAT Changes: Budget 2014

Changes to the VAT registration threshold and other business-related VAT matters.

Scottish rate of income tax

Legislative changes resulting from the introduction of the Scottish rate of income tax.

Artificial dual contracts of non-domiciles

New measures will tax the overseas employment income of non-domiciles on the arising basis, rather than on the remittance basis, in the case of artificially arranged contracts with the same or associated employers.

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.

Tackling marketed tax avoidance

Comments from ACCA to HM Revenue and Customs

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.

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.

RTI: reporting, payments and penalties  

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

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.

Tax Information - HMRC and GOV.UK websites  

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

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.

Long service award

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

Compensation and damages 

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

Autumn statement and corporation tax

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

VAT update - January 2014

Details of updated VAT briefs and notices.

Claiming relief for losses

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

Private residence relief - Reduction of relief

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

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.

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.

Personal service companies

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

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

[18/12/2103] 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)...

VAT Update - November 2013

[04/11/2013] Updated HMRC notices, information sheets, briefs and other updates.