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More on Making Tax Digital, trusts, business rates and IR35 in TAXtalk February 2019

Tax Faculty Team

The February edition of TAXtalk will be available from 12:30 on Wednesday 13 February. Anita Monteith will be joined by Sarah Ghaffari, SME Business Tax Manager and Sue Moore, Private Client Tax Manager, for this month's discussion on topical tax iss...
- 5 Feb 2019
Getting employees’ pay and tax details from HMRC

Tax Faculty Team

Agents may not be aware that HMRC will provide details of clients’ pay and tax to an authorised agent over the telephone on request, as long as that agent holds one of the following for the taxpayer: an employment history letter; other H...
- 4 Feb 2019
MTD for VAT notice has been revised

Tax Faculty Team

A revised version of the Making Tax Digital (MTD) for VAT notice 700/22 was published on 18 January 2019. The changes, which are relatively minor, include: Clarification of who is within the scope of MTD for VAT (Paragraph 2.1). The erroneous...
- 4 Feb 2019
VAT Mini One Stop Shop

Tax Faculty Team

Making Tax Digital (MTD) for VAT services will be closed from 17:30 on Friday 8 February until 08:30 on Tuesday 12 February 2019. During this period, there will be no access to any elements of the service. This includes signing up to MTD ...
- 4 Feb 2019
MTD for VAT services: scheduled maintenance

Tax Faculty Team

Making Tax Digital (MTD) for VAT services will be closed from 17:30 on Friday 8 February until 08:30 on Tuesday 12 February 2019. During this period, there will be no access to any elements of the service. This includes signing up to MTD ...
- 4 Feb 2019
Record number of self assessment returns filed by the deadline

Tax Faculty Team

HMRC has revealed that a record number of self assessment returns were filed by the 31 January 2019 deadline. 10,833,177 out of a total of 11,564,363 returns issued were filed by the deadline (94%). 10,129,234 returns were filed online (9...
- 4 Feb 2019
Taxing the digitalised economy – what principles should underpin any internationally coordinated solution?

Tax Faculty Team

OECD through its Task Force on the Digital Economy (TFDE) has identified possible approaches that could lead to a solution to the acceptable taxation of (global) digitalised businesses. Read our report by clicking here. The OECD Inclusive Framework o...
- 31 Jan 2019
How to tax the worldwide digitalised economy? – OECD raises the ante!

Tax Faculty Team

There is a clear public perception, of which politicians are well aware and to which they are paying careful attention, that highly digitalised businesses are often extremely profitable while at the same time they are able to organise their affairs i...
- 30 Jan 2019
Spring Statement will be on 13 March 2019

Tax Faculty Team

The Chancellor of the Exchequer, Philip Hammond, has announced that the Spring Statement will be published on Wednesday 13 March 2019. In the Statement, the government will respond to the latest forecast from the Office for Budget Responsibilit...
- 29 Jan 2019
Tax Faculty weekly news update No. 946

Tax Faculty Team

Download a copy of this week's news bulletin below: ion.icaew.com/.../946-Tax-Faculty-weekly-news-update-No-946.pdf
- 29 Jan 2019
Deemed domicile trust protections - HMRC response

Tax Faculty Team

As we have previously reported, new rules for foreign domiciliaries and non-UK resident trusts were introduced from April 2017 by Finance (No 2) Act 2017 and Finance Act 2018. The rules, which contain anti-avoidance provisions, also include protectio...
- 29 Jan 2019
Tax simplification and technology

Tax Faculty Team

The Office of Tax Simplification (OTS) recently published a discussion paper on the implications of using technology to simplify tax: Technology Review: a vision for tax simplicity Technological advances are bringing new products and services f...
- 29 Jan 2019
Access to ICAEW engagement letters

Tax Faculty Team

Further to our recent news item ICAEW publishes MTD for VAT guidance on engagement letters, we have had a number of enquiries from non-ICAEW members about how they can access this content. Although there is an ICAEW member restriction on this documen...
- 28 Jan 2019
NAO reports on HMRC’s preparations for Welsh income tax

Tax Faculty Team

The NAO has published a report The administration of Welsh income tax 2017/18 which reviews the preparations that HMRC has made in advance of the partial devolution of income tax to Wales with effect from 6 April 2019. The title of the report is some...
- 28 Jan 2019
Devolved income tax coming to Wales

Tax Faculty Team

HMRC has published Tax is changing in Wales reminding people about the forthcoming partial devolvement of income tax to Wales with effect from 6 April 2019. From that date, all taxpayers resident in Wales will become Welsh taxpayers and have the suff...
- 28 Jan 2019
Trust consultation deadline extended

Tax Faculty Team

As reported in our news item Government seeks views on how trusts are taxed, the trust consultation promised in the Autumn 2017 Budget was published on 7 November 2018. As noted in the earlier article the consultation is a root and branch revie...
- 28 Jan 2019
Disguised remuneration loan schemes – time is running out to engage with HMRC

Tax Faculty Team

If clients have been involved in a disguised remuneration loan scheme, and have not paid back the loan, time is running out to contact HMRC to arrange a settlement to avoid being charged to tax on the value of loans outstanding at 5 April 2019. ...
- 24 Jan 2019
Digitalisation of tax – international perspectives

Tax Faculty Team

ICAEW publishes the updated, 2019, edition of Digitalisation of tax – international perspectives. The study was based on a desk top review of published material and interviews with experts in the relevant countries. The experts included tax off...
- 24 Jan 2019
Tax Faculty weekly news update No. 945

Tax Faculty Team

Download a pdf copy of this week's news bulletin below: ion.icaew.com/.../2867.945-Tax-Faculty-weekly-news-update-No-945.pdf
- 22 Jan 2019
Tax Faculty weekly news update No. 945

Tax Faculty Team

Download a pdf copy of this week's news bulletin below: ion.icaew.com/.../8688.945-Tax-Faculty-weekly-news-update-No-945.pdf
- 22 Jan 2019
Deemed domicile trust protections – January 2019 update

Tax Faculty Team

We have previously reported on developments regarding the trust protection rules and offshore income gains, most recently in our December news item Deemed domicile trust protections – an update. Here we provide a further update and some informa...
- 22 Jan 2019
OECD Tax Talk – Tuesday 29 January 2019

Tax Faculty Team

OECD will host its next Tax Talk at 2 pm UK times (3pm CET) on Tuesday 29 January. You can register to listen to the Tax Talk, and view the accompanying slide presentation, or you will be able to do so in the future. Whatever you choose to do you can...
- 22 Jan 2019
Measurement of BEPS (Base Erosion and Profit Shifting) – a new OECD source of data

Tax Faculty Team

Action 11 of the BEPS Action Plan was designed to work out how much tax was being lost as a result of Base Erosion and Profit Shifting. The answer, not surprisingly, in the final BEPS Action 11 report was quite a lot: the range in the estimates was f...
- 22 Jan 2019
European Commission – making tax policy by majority vote rather than unanimity

Tax Faculty Team

The European Commission (Commission) can, currently, only change tax policy in all the member states if every single member state agrees to the change. Or, to put it another way, every member state has a veto over each and every EU-wide tax proposal....
- 22 Jan 2019
2017-18 self assessment problems

Tax Faculty Team

Members have alerted the Tax Faculty to a number of problems with the processing of 2017/18 self assessment (SA) returns including: Payments on account for 2018-19 not being generated (SA189). HMRC has been unable to introduce a general fix for this...
- 22 Jan 2019