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Blogs

VAT liability on bicarbonate of soda

Tax Faculty Team

HMRC has issued Revenue and Customs Brief 8 (2018) to set out its position following the decision of the First-tier Tribunal in Phoenix Foods Ltd v HMRC. The issue in this case was whether bicarbonate of soda sold in small tubs to supermarkets qualif...
- 26 Jul 2018
VAT on damp-proofing products

Tax Faculty Team

HMRC has issued Revenue and Customs Brief 9 (2018) to clarify its policy on the VAT liability of damp-proofing products like paints, creams and gels, which are typically applied to the exterior walls of houses to prevent damp. Some businesses a...
- 26 Jul 2018
Requirement to correct – extension to 30 September deadline in certain circumstances

Tax Faculty Team

The ‘requirement to correct’ (RTC) is a legal obligation for anyone who has undeclared UK tax liabilities relating to offshore matters to disclose this to HMRC by 30 September 2018. Tough new penalties will apply from 1 October 2018 to th...
- 26 Jul 2018
Volunteers needed for HMRC workshops on new agent services

Tax Faculty Team

HMRC is currently designing a “front door service” which will enable agents to register, authorise and authenticate once, and enrol for all tax regimes from within this single portal. The portal is likely to be a further-developed agent s...
- 25 Jul 2018
Tax Faculty weekly news update No. 921

Tax Faculty Team

Download a copy of this week's news letter below: ion.icaew.com/.../921-Tax-Faculty-weekly-news-update-No-921.pdf
- 24 Jul 2018
Contractor loan settlements – option to spread payment over five years

Tax Faculty Team

HMRC has announced an update to the terms of its contractor loan settlement opportunity, which will help people pay their tax arrears. The opportunity is aimed at people who were paid through “disguised remuneration” schemes –...
- 23 Jul 2018
Gig workers and online platforms – is there a simple way to tax them?

Tax Faculty Team

The Office of Tax Simplification (OTS) has published a paper – Platforms, the Platform economy and Tax Simplification – which looks at possible ways to tax gig workers who engage via online platforms. The taxation of labour is clear...
- 23 Jul 2018
Small business lifecycle review – more work to be done

Tax Faculty Team

The Chancellor has written a letter to the Office of Tax Simplification (OTS) asking that further work be carried out on the business lifecycle review, a report which the OTS first published in April 2018. The OTS report initially considered th...
- 23 Jul 2018
Making Tax Digital – new VAT notice published

Tax Faculty Team

There were few surprises when VAT Notice 700/200: Making Tax Digital for VAT was published recently. Published at the same time were the list of software suppliers HMRC is currently working with on Making Tax Digital (MTD) for VAT and a Making ...
- 23 Jul 2018
Brexit white paper sets out UK’s proposals

Tax Faculty Team

The UK government has published a white paper, The future relationship between the United Kingdom and the European Union, setting out its aspiration for Brexit. In the words of the Prime Minister, “Our proposal is comprehensive. It is ambitious...
- 19 Jul 2018
GAAR Advisory Panel issues its seventh Opinion Notice

Tax Faculty Team

The GAAR (General Anti Abuse Rule) was enacted in FA 2013 following a long period of consultation, between 2010 and 2013, in which ICAEW was actively involved. The GAAR is designed to bring to an end abusive tax arrangements which fall foul of a doub...
- 19 Jul 2018
HMRC Report and Accounts 2017-18

Tax Faculty Team

HMRC’s annual report and accounts 2017-18 has been published and, at just under 300 pages, is lengthy and very detailed. The executive summary is only available in html format but if you print it out it comes to 16 pages. The headli...
- 19 Jul 2018
HMRC customer service performance 2017-18

Tax Faculty Team

HMRC has (somewhat belatedly) published statistics on its customer service performance for quarter 4 (January to March 2018) and for the whole 2017-18 year. Telephone calls The average time taken to answer a call increased from 3 minutes 54 seconds i...
- 17 Jul 2018
VAT reverse charge for construction services draft legislation

Tax Faculty Team

ICAEW Tax Faculty has submitted ICAEW REP 80/18 in response to the consultation VAT reverse charge for construction services draft legislation published by HMRC on 7 June 2018. We have no comments on the draft legislation itself, but are very concern...
- 17 Jul 2018
Tax Faculty weekly news update No. 920

Tax Faculty Team

Download a copy of this week's newsletter below: ion.icaew.com/.../920-Tax-Faculty-weekly-news-update-No-920.pdf
- 17 Jul 2018
Adjudicator’s Office – 2018 Annual Report

Tax Faculty Team

The Adjudicator’s Office has published its Annual Report 2018. This report covers the period 1 April 2017 to 31 March 2018, the second year under the present Adjudicator, Helen Megarry. It also marks 25 years since the Adjudicator’s Offic...
- 17 Jul 2018
Latest HMRC Talking Points schedule includes sessions on MTD for VAT and self assessment exclusions

Tax Faculty Team

The schedule of HMRC Talking Points webinars for agents is shown below and includes sessions on Making Tax Digital (MTD) for VAT, the importance of accurate employer payroll data and the impact on employees and the 2017/18 exclusions from online fili...
- 17 Jul 2018
Tax Conference 2018 - Deconstructing Tax

Tax Faculty Team

The Tax Faculty conference returns on Friday 28 September 2018 with a line-up of expert speakers including Rebecca Benneyworth, Peter Rayney, John Cassidy and ICAEW President Paul Aplin. Chaired by the Tax Faculty’s new chairman Mary Monfries, ...
- 16 Jul 2018
Tax Club: do you STAND OUT?

Tax Faculty Team

It is easier than you may think! Join us at Tax Club, the ICAEW discussion group for young professionals interested in tax, on Wednesday 18 July 2018 to hear from Mark Lee, a mentor, speaker and debunker ...
- 16 Jul 2018
HMRC seeks changes to information powers

Tax Faculty Team

HMRC has launched a consultation on Amending HMRC’s Civil Information Powers. The consultation focuses on HMRC’s powers to obtain information, which are in Sch 36, Finance Act 2008, and specifically on powers to obtain information ...
- 16 Jul 2018
Rent a room relief – a new rule from April 2019

Tax Faculty Team

The draft legislation for the next Finance Bill announced a change to the rules for rent a room relief. The change has been widely reported as targeting property letting via Airbnb and similar platforms. Rent a room provides up to £7,500 ...
- 16 Jul 2018
Property taxes webinar now available online

Tax Faculty Team

The Tax Faculty presented a ‘Property taxes update’ on 9 July 2018, focusing on property letting and investment. The recording and slides are now available online. Presented by Sue Moore, technical manager at the Tax Faculty, the to...
- 15 Jul 2018
HMRC and Alexa provide help with tax credits

Tax Faculty Team

On 10 July, an HMRC press release reminded people about the tax credits renewals deadline and also announced a new service through Amazon Alexa for those seeking help with their renewals. HMRC explained: “Customers with Amazon Alexa-enabl...
- 15 Jul 2018
Tax credits renewals – what to do before the 31 July deadline

Tax Faculty Team

The deadline for renewing tax credits is 31 July 2018. All those claiming working tax credit (WTC) and/or child tax credit (CTC) should check what action they may need to take. The renewal process does two things: it gives HMRC the information ...
- 15 Jul 2018
EU Tax Policy in the first half of 2018

Tax Faculty Team

CFE Tax Advisers Europe, where Ian Young has been chair of the Direct tax Fiscal Committee for the past ten years, has published a review and résumé of tax developments, direct and indirect, in the first half of 2018. EU Tax Policy Repo...
- 14 Jul 2018