The fight against tax crime and money laundering March 31, 2020 There is no such thing as a victimless crime. The devastation financial crime causes is real and often affects some of our country’s poorest and most vulnerable communities. Tax crime costs the UK economy tens of billions of pounds every year. In order to prevent this, HMRC works closely with UK law enforcement agencies and [...]
Business of Tax March 30, 2020 The Business of Tax report looks at the forever-changing tax system, with a focus on Making Tax Digital (MTD) and business productivity, tax reforms, taxing multi-nationals, and a look at tax incentives based on organisations sustainability. Business and tax landscapes have changed dramatically, and the pace and complexity of change continues to increase. Governments are [...]
Digital tax will unlock business productivity March 30, 2020 Unlocking UK business productivity, making it easier to get tax right and providing the catalyst needed to get UK business to adopt digital technologies; the goals of Making Tax Digital (MTD) are lofty. These are extremely difficult times for all of us and HMRC is committed to helping in every way possible all those businesses [...]
Overcoming the challenges of global tax regimes March 30, 2020 The number of global tax regimes are still increasing. As they are being implemented and refined at a jurisdictional level, they are becoming increasingly fragmented. Tax professionals have the challenge of monitoring and operationalising these requirements. The end goal of most of these regimes is the reporting of a wide range of tax-related data to tax authorities. [...]
One in five residential property sales could be affected by new tax laws this April March 30, 2020 From 6 April 2020, a major change to tax payment dates will come into force. It will apply to landlords, second home owners, divorcing couples – indeed any UK resident who sells or gifts a residential property situated in the UK, on which a capital gains tax (CGT) bill arises. At present, individuals who dispose [...]
Coronavirus: Government slams ‘breath holding’ advice amid fake news crackdown March 30, 2020 Specialist government units have been forced to rubbish claims that holding your breath for 10 seconds is a test for coronavirus amid a surge in misinformation about the pandemic. Number 10’s Rapid Response Unit identified the claim in posts circulating on Facebook and Whatsapp that claimed to come from a board member at Stanford Hospital. [...]
Coronavirus: The tax questions facing those stuck in the UK March 26, 2020 Covid-19 is impacting everybody in one way or another, including those who were not expecting to be UK tax residents but now find themselves unable to leave the country. City A.M. asks Helen Jones, a tax partner at BDO, the key questions that need answering for those stuck in Britain during the pandemic. What residency [...]
Deliveroo founder urges PM to back takeaway sector during coronavirus crisis March 23, 2020 The founder of the food delivery app Deliveroo has urged the government to relieve the pressure on supermarkets during the coronavirus crisis by funding a public information campaign explaining the safety of takeaway outlets. Will Shu has written a letter to the prime minister to say that the package of economic support announced by the [...]
HMRC to give ‘special treatment’ to expats stuck in UK due to coronavirus March 23, 2020 HM Revenue & Customs has issued advice to British expatriates stuck in the UK due to coronavirus over tax residence rules. The tax authority will allow special treatment to be given to expatriates that face risking their non-residence tax status through being stuck in the UK longer than anticipated. The Financial Times reported that British [...]
Coronavirus: What does the chancellor’s support mean for businesses and employees? March 22, 2020 The Chancellor Rishi Sunak announced an unprecedented package of measures on Friday to support businesses and employers coping with the economic shock of coronavirus. What is available to companies and employees? How do they access this support? And where are the gaps in provision? Coronavirus business interruption loan scheme Focused on smaller businesses with a [...]