‘It’s believed that less than half of UK businesses are ready for Making Tax Digital and many are not even aware of the changes taking place for VAT returns submitted after April 1,’ said Alan Pearce, partner at Blick Rothenberg.
Source: International Tax Review
You can beat the surcharge by buying a plot of land and building your own home...However, Nimesh Shah of Blick Rothenberg, warned buyers to “be careful” with this approach. A plot of land that a previous owner had developed could be taxed at the higher residential rate.
Source: The Sunday Telegraph
Heather Self, partner at Blick Rothenberg, said, ’I would expect Amazon's UK tax rate to rise as a result of this change, and quite possibly its overall tax bill. It has reported a growing deduction to its corporation tax bill in recent years thanks to the strong share price of Amazon US. Phasing out its share-based awards scheme for workers should mean a less complicated tax picture with a tax bill closer to the UK statutory rate.’
‘Many investors will be unaware that they have a taxable event because they logically believe HMRC taxes them only on income they receive,’ said Nimesh Shah, partner at Blick Rothenberg.
Source: Financial Times
Nimesh Shah, partner at Blick Rothenberg, said the surcharge was always designed to raise money, not to help first time buyers. He added, ‘At the end of the day, a lot of these measures have been for revenue generation purposes because the Treasury needs the money.’
Source: The Daily Telegraph
'In my view, what may come to Philip Hammond’s rescue is the promise of an extra £20bn for the NHS. While paying more tax or NICs may be a bitter pill to swallow, the idea that it is helping to fund the NHS may make the medicine go down more easily’, said Heather Self, partner at Blick Rothenberg.
Source: The Tax Journal
Gary Gardner, a partner at Blick Rothenberg, said, ‘The decision is more important in the context of how HMRC applies its statutory discretion enshrined in the Commissioners for Revenue and Customs Act 2005 than it is for the actual EIS relief rules, though it does highlight the importance of carefully following the requirements necessary for claiming EIS and other reliefs.’
Source: Financial Times
Fiona Fernie, partner at Blick Rothenberg, said ‘ This means that the ‘nudge letters' and the leaflet may be insufficient to ensure that taxpayers review and make any amendments to their tax reporting prior to 30 September. After all, many of the letters we are seeing have been issued in recent weeks - at the height of the holiday period. By the time taxpayers return from vacation and realise that they may have an issue, there may not be enough time left to carry out the necessary review and make a disclosure to HMRC before the deadline.’
Source: Money Age
‘The world of work is changing rapidly, including the proliferation of platform workers, gig economy workers and the like. I think the next two years will see some substantial changes for employers and contractors, as the tax legislation on employment status and engaging workers generally catches up’, said Lee Hamilton, partner at Blick Rothenberg.
Source: Tax Journal
Fiona Fernie, partner in Blick Rothenberg's tax disputes team, said 'The aspect of these cases, which worries me, is if someone takes a plea deal, when they haven't committed fraud, to avoid a heftier sentence. There is something wrong with a system if you can't appeal your innocence. It feels wrong.'
Source: International Adviser