UK: HMRC issues a list of 10 things to know about tax avoidance
On 5 November 2014 HM Revenue and Customs (HMRC) issued a list of 10 points that it suggests taxpayers ought to know about tax avoidance schemes. The list sets out the risks that people face when they sign up to a tax avoidance scheme. These include
See MoreUK: No paper tax returns from November 2014 otherwise a penalty of £100
The deadline for filing paper tax return has passed on 31 October, 2014. HM Revenue and Customs (HMRC) will not receive any paper tax returns from November 2014. Even if you have no tax to pay, or you eventually pay your tax on time, a late paper
See MoreUK: Tax avoidance demands top £250m
HM Revenue and Customs has sent notices to tax avoidance scheme users to pay over £250 million of disputed tax under the Accelerated Payments regime introduced in this year’s Finance Act. Accelerated Payments are changing the economics of
See MoreUK-Netherlands Double Taxation Convention
The competent authorities of the United Kingdom and the Netherlands have reached the following mutual agreement regarding the application of the Convention between the Government of the Kingdom of the Netherlands and the Government of the United
See MoreUK: Amended corporation tax regulations enters into force
According to the corporation tax regulations SI 2014/2409, from 1 April 2015 all companies will be subject to the 15% rate. The small profits rate and the marginal relief will no longer be applicable, except for companies with ring-fenced profits
See MoreThe HM Revenue And Customs (HMRC) Considers Draft Regulations For The Purposes Of The Promoters Of Tax Avoidance Legislation
The HMRC is working on draft regulations to exclude two types of persons from the definition of "promoter" for the purposes of the Promoters of Tax Avoidance legislation. The regulations will exclude from the definition of "promoter" a company that
See MoreRegister for and use the VAT Mini One Stop Shop
If your business has supplied digital services to consumers in the EU, you can register for HM Revenue and Customs’ (HMRC’s) VAT MOSS scheme if your business is: based in the UK (union VAT MOSS scheme) a non-EU businesses (non-union VAT MOSS
See MoreUK will begin to register digital firms under its Mini One Stop Shop (MOSS) special scheme
New and amended legislation will come into effect on 1 January 2015 which effectively expands the scope of the previous VAT on e-Services (VoeS) special VAT scheme. The new voluntary VAT Mini One Stop Shop (MOSS) will allow businesses to account for
See MoreUK: Pension statements and the annual allowance to be sent soon
Pension providers will soon be sending annual allowance pension statements for the 2013 to 2014 tax year to all pension scheme members contributing more than £50,000 per year to a pension scheme. Finance Act 2011 legally requires pension providers
See MoreHMRC will introduce Penalties For Real Time PAYE Errors from October 2014
HMRC will introduce penalties for late real-time pay-as-you-earn (PAYE) returns from October, 2014. Companies employing 50 or more people will face penalties from October 6, 2014 and the companies with fewer than 50 employees will be subject to the
See MoreUK: ‘Deemed Consent’ Regime To NICs has been extended by HMRC
A change of policy from HM Revenue and Customs (HMRC) will enable informal representatives of elderly and disadvantaged taxpayers like family and friends to deal with tax issues like National Insurance Contributions on their behalf under the
See MoreUK Pension scheme administrators: New requirements to be fit and proper persons
HM Revenue & Customs (HMRC) is committed to combating pension liberation activity. To build on a number of recent changes to existing legislation and processes, HMRC has introduced new legislation relating to the fit and proper status of scheme
See MoreEmployee Benefit Trust Amnesty has been withdrawn by HMRC
HMRC will withdraw a tax dispute settlement facility for businesses that used an Employee Benefit Trust (EBT) and from April 1, 2015 this facility will no longer be available. Employers those have notified their intention to HMRC to settle before
See MoreUK: Certificates of residence for registered pension schemes changes
The process for applying for a certificate of residence for a registered pension scheme changes from 4 August 2014. If you’re the owner of the pension scheme assets, or an authorized third party, and want to request a certificate of residence for
See MoreCanada–UK Income Tax Treaty Protocol Amendments
Recently, Canada has accepted to amend the Income Tax Treaty protocol with the United Kingdom that was signed July 21, 2014. The Protocol initiates a deadline to introduce transfer pricing assessments and changes the time frame for searching
See MoreCanada-UK DTA revises
The Double Tax Agreement (DTA) protocol between Canada and the UK has signed on July 21, 2014 that amends its withholding tax and information exchange provisions. This contains a release from withholding tax for payments of interest made subject to
See MoreCanada-UK Income Tax Treaty protocol signed
The Income Tax Treaty (1978) protocol between Canada and the United Kingdom has signed on July 21, 2014. Details will be reported
See MoreUK: HMRC publishes A list of tax avoidance schemes
A list of tax avoidance schemes with“accelerated payments"power has been published by HM Revenue and Customs (HMRC) and users may receive a notice to make upfront tax payment. Taxpayers must disclose if they are using an avoidance scheme as per
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