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Autumn Budget 2017 – VAT registration threshold frozen and online VAT fraud targeted

carolineheath 22 November 2017 No comments

Today Chancellor Philip Hammond presented his first Autumn Budget.  The main VAT-related measures announced were: VAT registration thresholds In response to the Office of Tax Simplification’s report Value Added Tax: Routes to Simplification, the government will consult on the design of the threshold. In the meantime the registration threshold will be maintained at the current level…

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Taxation of the digital economy back on the international tax agenda

Gareth Bevan 29 September 2017 No comments

Over the past week both the European Commission and OECD have announced that they are looking to move forward on the issue of taxation of the digital economy. The issues The main issue centres around the fact that international tax rules are outdated and not designed for a digital world.  The result is that there…

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New Corporate criminal offence of failure to prevent the facilitation of tax evasion comes into force on 30th September

Gareth Bevan 27 September 2017 No comments

From 30 September 2017 it will be a criminal offence in the UK if a business fails to prevent its employees or any associated person from criminally facilitating tax evasion. An offence will be committed under the Criminal Finances Act 2017 whether the tax is evaded in the UK or a foreign country. Our earlier…

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HMRC are consulting on Making Tax Digital

Gareth Bevan 22 September 2017 No comments

HMRC have launched a further consultation on Making Tax Digital (MTD).  They have made available for comment secondary and tertiary legislation on Income Tax and VAT and have also published a document “Making Tax Digital for VAT: legislation overview”. The deadline for all responses and comments is Friday 10 November 2017. Primary legislation                                                                                          The Autumn…

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Government publishes proposal for post-Brexit customs arrangements

Gareth Bevan 16 August 2017 No comments

The Government has published its long-awaited proposals for future customs arrangements after the UK leaves the EU in March 2019. In the future partnership paper the Government outlines customs arrangements which it believes will facilitate “the freest and most frictionless trade possible in goods between the UK and the EU”, but which would also enable…

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vat avoidance scheme

HMRC issues new VAT avoidance scheme guidance

Gareth Bevan 4 July 2017 No comments

New VAT avoidance scheme guidance HMRC has published new VAT avoidance scheme guidance.  Spotlight 38 covers the subject of VAT: supply splitting tax avoidance schemes. The aim of the Spotlight series is to alert taxpayers to tax avoidance schemes HMRC is aware of and currently investigating.  The intention is to warn businesses against using the…

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e-book

E-publications VAT proposals stalled

Gareth Bevan 23 June 2017 No comments

The European Commission’s proposal to enable Member States to align the VAT treatment of e-publications with printed ones has hit problems following a Council of Economy and Finance Ministers (ECOFIN) meeting on 16th June 2017 . The proposal which was a key element of the VAT Digital Single Market Package had seemed to be progressing smoothly…

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Hung Parliament

What does a hung parliament mean for Brexit?

Gareth Bevan 9 June 2017 No comments

Hung Parliament The fact that Theresa May failed to secure an increased majority and ended up with a hung parliament in yesterday’s General Election has resulted in even more uncertainty as we head towards the start of Brexit negotiations.  Theresa May had hoped that calling a snap election, with the aim of increasing her majority,…

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Most businesses unaware of the new corporate offence of failing to prevent the facilitation of tax evasion

Gareth Bevan 7 June 2017 No comments

New criminal corporate offence against tax evasion to be introduced In the Government’s ongoing crackdown against tax evasion a new corporate offence is to be introduced by September 2017.  The Criminal Finances Act, which received Royal Assent on 27 April 2017, contains legislation for the new corporate offence of failure to prevent facilitation of tax…

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Investment

New HMRC guidance on VAT recovery for holding companies

Gareth Bevan 27 April 2017 No comments

New holding companies guidance HMRC have now updated their internal guidance on holding companies.  Our earlier blog article outlined some of the recent VAT cases concerning the VAT recovery position of holding companies.  The new guidance brings HMRC policy into line with the decisions in these cases, helping to reduce the uncertainty there has been…

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