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V@ update - July 2020
Welcome to RPC's V@, a monthly update on developments in the VAT world that may impact your business.
Read moreCorporate Tax update - July 2020
Welcome to the latest edition of our Corporate Tax Update, written by members of RPC’s tax team. This month’s update reports on some of the key developments from June 2020. Included in this update are a summary of a decision on the correct tax treatment of bonuses paid to members of an LLP, and an AG’s opinion on the VAT reverse charge position of services supplied for non-economic activity purposes. There’s also an update on HMRC guidance on “exceptional” circumstances in which anticipated losses can be used to claim back overpaid corporation tax. Finally, this update also reports on Covid-19 driven extensions to DAC6 reporting deadlines and to deadlines for notifying VAT options to tax. As ever we hope you, your family and friends are all staying safe.
Read moreTax Bites - July 2020
Welcome to the latest edition of RPC's Tax Bites - providing monthly bite-sized updates from the tax world.
Read moreCorporate tax update - June 2020
Welcome to the latest edition of our corporate tax update, written by members of RPC’s tax team. This month’s update reports on some of the key developments from May 2020. As well as some further COVID-19 related tax developments, this month’s report also has a bit of a sports theme with summaries of decisions involving an ex-England cricket captain and football referees. As ever we hope you, your family and friends are all staying safe.
Read moreV@ update - May 2020
Welcome to the first edition of RPC's V@, an update on developments in the VAT world that may impact your business.
Read moreTax Bites - June 2020
Welcome to the latest edition of RPC's Tax Bites - providing monthly bite-sized updates from the tax world.
Read moreCustoms and excise quarterly update May 2020
In this update we report on (1) temporary changes to customs authorisations during the coronavirus outbreak; (2) the government's plans to introduce 10 new freeports; and (3) a new liability for carrying out an operation or dilution on wine. We also comment on three recent cases relating to (1) refusal of permission to appeal an excise duty assessment out of time; (2) the customs classification of mobility scooters; and (3) liability to pay excise duty in relation to the movement of dutiable goods under a suspension regime.
Read moreCorporate tax update - May 2020
Welcome to the latest edition of our corporate tax update, written by members of RPC's tax team. This month's update reports on the key developments from April 2020. April was not a “bumper” month for corporate tax developments but (as you would expect) there have been some Covid-19 related developments of note. This month's report also includes a summary of the Supreme Court's decision in Zipvit (on input VAT recovery). We hope you, your family and friends are all staying safe
Read moreTax Bites - May 2020
Welcome to the first edition of RPC's Tax Bites providing monthly bitesized updates from the tax world.
Read moreVAT update - April 2020
In this month’s update we report on (1) the Value Added Tax (Finance) Order 2020 (SI 2020/209), which amends the fund management exemption; (2) HMRC’s guidance on the deferral of VAT payments due to COVID-19; and (3) HMRC’s guidance on how importers can pay no import duty and VAT on medical supplies, equipment and protective garments.
Read moreTax update - April 2020
In this month’s update we report on (1) HMRC’s updated guidance on certain arrangements which purport to avoid the ‘managed services companies’ legislation; (2) recently published draft legislation on voluntary restitution in the context of the loan charge; and (3) the Government’s decision to suspend the extension of IR35 to the private sector.
Read moreVAT update - March 2020
In this month’s update we report on (1) HMRC’s recently published policy paper in relation to the VAT liability of digital publications; (2) EU Council Regulation (EU) 2020/283 and Council Directive (EU) 2020/284 in relation to combatting VAT fraud; and (3) EU Council Directive (EU) 2020/285 in relation to the special scheme for small enterprises. We also comment on three recent cases which consider (1) whether a specific form is required for the notification of an assessment of VAT; (2) when VAT is collectable as a debt due; and (3) what constitutes a reasonable excuse for incorrectly issuing a zero-rating VAT certificate.
Read moreTax update - March 2020
In this month’s update we report on (1) updated guidance provided in HMRC’s SDLT manual in relation to section 75A, Finance Act 2003; (2) a House of Commons briefing paper discussing insolvency and joint and several liability notices for directors; and (3) a Policy Paper concerning upcoming changes to the regulations for the Non-residents Landlord Scheme. We also comment on three recent cases relating to (1) capital gains losses incurred in respect of properties which were never completed; (2) a landfill “fluff” case; and (3) inheritance tax agricultural property and business property relief.
Read moreVAT update - February 2020
In this month’s update we report on (1) publication by the EU of the Implementing Regulation (EU) 2020/21; (2) publication by HMRC of letters to businesses regarding preparations for customs and border arrangements after the Brexit transition period; and (3) the new Value Added Tax (Miscellaneous Amendments, Revocation and Transitional Provisions) (EU Exit) Regulations 2019 (Appointed Day No. 1) (EU Exit) Regulations 2020. We also comment on three recent cases which consider (1) the application of the Halifax principle to what HMRC considered to be VAT avoidance arrangements involving supplies of winter sports training; (2) whether there is a private right of action to enforce the statutory duty to provide a VAT invoice; and (3) whether the general partner of a property fund was entitled to recover VAT incurred on set-up and operating costs.
Read moreCustoms and excise quarterly update February 2020
In this update we report on the government’s plans to (1) introduce 10 new freeports; (2) introduce import controls; and (3) its consultation into the UK’s tariff policy following the UK’s departure from the EU. We also comment on three recent cases relating to (1) time limits to issue a post-clearance demand under the Community Customs Code; (2) tariff classification of fluid and blanket warming cabinets used in hospitals; and (3) what constitutes “complicity” in the context of smuggling.
Read moreTax update - February 2020
In this month’s update we report on (1) HMRC’s Venture Capital Schemes Manual; (2) the review into the off-payroll working rules; and (3) a briefing paper regarding retrospective taxation put before the House of Commons. We also comment on three recent cases relating to (1) the meaning of “structure” for the purposes of capital allowances; (2) an HMRC challenge to carry-back loss relief claims; and (3) principal private residence relief.
Read moreVAT update - January 2020
In this month’s update we report on (1) changes to the rules relating to distance selling; (2) changes to VAT for intra-EU chain transactions and zero rated goods; and (3) HMRC’s guidance on proposed changes to the VAT treatment of call-off stock arrangements. We also comment on three recent cases which consider (1) whether VAT zero rating is available for electronic editions of newspapers; (2) the scope and meaning of “services of consultants”, for the purposes of Article 59(c), Principal VAT Directive; and (3) the deductibility of input tax on fees incurred in implementing a tax scheme.
Read moreTax update - December 2019
In this month’s update we report on (1) two recent decisions concerning insolvent companies and EBTs in the context of insolvency law; (2) proposed legislation on HMRC’s use of automated processes; and (3) the taxation of cryptoasset transactions using exchange tokens. We also comment on three recent cases relating to (1) legitimate expectation; (2) the payment of costs by HMRC due to its unreasonable behaviour; and (3) the meaning of ‘deliberate’ in the Taxes Acts.
Read moreVAT update - November 2019
In this month’s update we report on (1) the revocation of the Cross-border Trade (Public Notices) (EU Exit) Regulations; (2) the new VAT group provisions; and (3) the digitisation of the tribunal service. We also comment on three recent cases which consider (1) who the recipient of a supply is in circumstances where there is more than one potential recipient; (2) single purpose vouchers and the time of supply; and (3) inaccuracy penalties in the absence of any supply.
Read moreCorporate tax update November 2019
Welcome to the latest edition of our Corporate Tax Update, written by members of RPC’s tax team. This month’s update reports on the key developments from September and October 2019. No update would be complete in the current climate without a report on a recent IR35 decision (this month, we bring you two). This month’s update also includes summaries as to HMRC’s latest thinking on the regime for offshore receipts in respect of intangible property, as well as case summaries on the interpretation of the UK-Irish double tax treaty, cross-border loss relief and the effect of statements in HMRC’s published manuals.
Read moreTax update - November 2019
In this month’s update we report on (1) the government’s response to the Treasury Sub-Committee’s conclusions and recommendations in “Disputing Tax”; (2) the outcome of the consultation into offshore receipts in respect of intangible property; and (3) HMRC’s briefing regarding reform of the off-payroll working rules. We also comment on three recent cases relating to (1) the meaning of “trading company” in the context of entrepreneurs’ relief; (2) whether HMRC can conduct informal enquiries; and (3) the disposal of a business with goodwill and the capital gains tax implications of that disposal.
Read moreVAT update October 2019
In this month’s update we report on (1) how businesses who have paid too much VAT, as a result of an error in the TOMS, can correct it; (2) delays to the introduction of the domestic VAT reverse charge on construction services; and (3) the OTS’s update on its VAT review. We also comment on three recent cases relating to (1) whether a charity’s supply of educational services was for “remuneration”; (2) salary sacrifice arrangements and their effectiveness; and (3) whether an assessment was made to “best judgement”.
Read moreTax update October 2019
In this month’s update we report on (1) the independent review of the disguised remuneration loan charge; (2) HMRC’s guidance on preparing for the off-payroll working changes which come into effect from April 2020; and (3) HMRC’s updated guidance on the tax registration of non-resident companies. We also comment on three recent cases relating to (1) an application for final and partial closure notices; (2) the validity of an enquiry; and (3) pre-entry loss rules.
Read moreCorporate tax update September 2019
This month’s update reports on the key developments from August 2019. Although this was a relatively quiet month in the corporate tax world, this update includes summaries of an important Upper Tribunal decision on the correct tax treatment of “trail commissions” and a First-tier Tribunal decision on the recovery of pre-incorporation input VAT.
Read moreVAT update September 2019
In this month’s update we report on (1) changes to the reduced rate for energy-saving materials; (2) the VAT rule changes for higher education; and (3) new regulations amending the rules on when VAT adjustments may be made following a change to the price of goods and services. We also comment on three recent cases relating to (1) the refusal of a claim for the repayment of under-recovered input VAT; (2) the repayment of input VAT charged on the acquisition of single farm payment entitlement units; and (3) a notice of security issued with no explanation for the demand.
Read moreTax update - September 2019
In this month’s update we report on (1) HMRC’s consultation on draft regulations implementing the requirement to disclose certain cross-border arrangements; (2) the Financial Secretary to the Treasury’s statement to Parliament on HMRC powers; and (3) the government’s response to the Joint Committee’s recommendations on the Draft Registration of Overseas Entities Bill.
Read moreCorporate tax update August 2019
Welcome to the latest edition of our Corporate Tax Update, written by members of RPC’s tax team. This month’s update reports on the key developments from July 2019 and includes a summary of the key business tax measures coming out of the publication of the draft Finance Bill 2020 legislation. There is also commentary on the draft regulations and consultation document published by HMRC on the UK’s implementation of DAC6 (mandatory disclosure of cross-border tax planning arrangements).
Read moreCustoms and excise quarterly update: August 2019
In this update we report on (1) revised guidance on the Customs Special Procedures for the Union Customs Code; (2) the consultation HMRC has opened into proposed changes to the rules for red diesel used in private pleasure crafts; and (3) the government’s programme to replace EU international agreements with bilateral agreements ready for the UK’s exit from the EU. We also comment on three recent cases relating to (1) whether HMRC has the power to permit temporary trading pending the determination of an appeal to the First-tier Tribunal; (2) excise wrongdoing penalties raised out of time; and (3) an appeal against an assessment for unpaid excise duty.
Read moreTax update - August 2019
In this month’s update we report on (1) HMRC’s summary of responses to its ‘protecting your taxes in insolvency’ consultation; (2) HMRC’s policy paper on the misuse of company insolvencies; and (3) HMRC’s new guidance on loan relationships and derivatives regime anti-avoidance rules.
Read moreVAT update July 2019
In this month’s update we report on (1) the revocation of the VAT (Finance) (EU Exit) Order; (2) a recent HMRC Brief that clarifies HMRC’s policy on the scope of VAT for transport services; and (3) new regulations which amend the rules on when VAT adjustments may be made following a change to the price of goods and services.
Read moreCorporate tax update July 2019
Welcome to the latest edition of our Corporate Tax Update, written by members of RPC’s tax team. This month’s report includes summaries of the recent decision of the Upper Tribunal on corporate tax residence in Development Securities plc, two ECJ decisions on cross-border loss relief and yet another decision on the application of the ‘IR35’ rules.
Read moreTax update - July 2019
In this month’s update we report on HMRC’s updated guidance on the meaning of “ordinary share capital”, the Law Society’s response to HMRC’s off-payroll working rules consultation and changes to the principal private residence ancillary reliefs.
Read moreVAT update June 2019
In this month’s update we report on (1) amendments to the reduced VAT rate for energy-saving materials; (2) HMRC’s guidance on the VAT reverse charge on construction services; and (3) HMRC’s updated VAT Notice 700/1 – who should register for VAT.
Read moreTax update - June 2019
In this month’s update we report on HMRC’s guidance in relation to off-payroll working in the public sector and the intermediaries legislation (so-called IR35), the extension of late payment and repayment interest to penalties levied under the DOTAS, promoters, and enablers of tax avoidance, regimes; and HMRC’s guidance on the economic interest requirement for shareholders who wish to claim entrepreneurs’ relief.
Read moreCorporate tax update May 2019
Welcome to the latest edition of our Corporate Tax Update, written by members of RPC’s tax team.
Read moreVAT update May 2019
In this month’s update we report on (1) HMRC guidance on the correct treatment for the deduction of import VAT by non-owners of goods; (2) Regulations which introduce a VAT reverse charge on specified construction services; and (3) refunds of VAT in the UK for non-EU businesses.
Read moreTax update - May 2019
In this month’s update we report on HMRC’s consultation on private residence relief, HMRC’s revised guidance on agreeing the value of shares with HMRC Shares and Assets Valuation when operating an EMI or SIP and HMRC’s guidance on calculating tax and NICs due on the loan charge.
Read moreVAT update April 2019
In this month’s update we report on (1) HMRC’s updated guidance on intra-group VAT reverse charge; (2) draft regulations which will tighten the rules on when VAT adjustments may be made following a change to the price of goods and services; and (3) HMRC’s updated policy paper which provides an overview of Making Tax Digital for VAT.
Read moreIs it now inevitable corporates will face new “failure to prevent economic crime” offences?
Back in September 2014, the then Attorney General, Jeremy Wright QC MP announced that the Government was considering proposals to create a new corporate offence of failing to prevent economic crime. A change of corporate culture was sighted as being necessary to fully address the scale of fraud reported by the Global Economic Crime Survey.
Read moreTax update - April 2019
In this month’s update we report on (1) HMRC’s guidance on self-reporting failure to prevent the facilitation of tax evasion; (2) HMRC’s consultation on secondary preferential creditor status on insolvency of a business; and (3) a Parliamentary Select Committee’s call for a public register of beneficial ownership in each British Overseas Territory. We also comment on three recent cases relating to (1) the concept of “staleness” in discovery assessment appeals; (2) a failed DOTAS application brought by HMRC; and (3) the extra-territorial reach of HMRC information notices.
Read moreVAT update March 2019
In this month’s update we report on (1) HMRC’s updated guidance on claiming exemption from Making Tax Digital for VAT; (2) the latest edition of HMRC’s impact assessment for the movement of goods if the UK leaves the EU without a deal; and (3) HMRC’s policy change on VAT treatment of personal contract purchases.
Read moreNew corporate criminal offence: Failure to prevent the facilitation of tax evasion
The Criminal Finances Act 2017, which received Royal Assent on 27 April 2017, introduces new strict liability corporate criminal offences of failure to prevent criminal facilitation of tax evasion. The legislation came into force on 30 September 2017.
Read moreTax update - March 2019
In this month’s update we report on (1) clarification from HMRC on time limits for discovery assessments into tax returns where the loss of tax is due to avoidance; (2) HMRC’s updated guidance for settling disguised remuneration schemes; and (3) confirmation in Spotlight 48 that taxpayers who have taken out disguised remuneration loans do not need to obtain a deed of release or exclusion of the loan from the lender before HMRC will agree a settlement.
Read moreVAT Update - February 2019
In this month’s update we report on (1) changes to the VAT IT system rules and processes if the UK leaves the EU without a deal; (2) EU exit legislation; and (3) revisions to HMRC’s Notice of Making Tax Digital for VAT.
Read moreCustoms and excise quarterly update: February 2019
In this update we report on the effect of a no deal Brexit in relation to (1) customs processes and procedures; (2) binding tariff information; and (3) changes to tax procedures. We also comment on three recent cases relating to (1) obtaining an injunction when HMRC revoke Authorised Warehousekeeper status; (2) the application of retrospective inward processing authorisation periods; and (3) the seizure of vehicles.
Read moreCorporate tax update Fourth quarter 2018
Welcome to the latest edition of our Corporate Tax Update, written by members of RPC’s tax team and published quarterly. In this final 2018 edition we highlight some of the key tax developments of interest to UK corporates from the fourth quarter of 2018.
Read moreTax update - February 2019
In this month’s update we report on (1) an Economic Affairs Committee report on treating taxpayers fairly; (2) HMRC’s extension of the deadline for responses to its consultation on the taxation of trusts; and (3) the Law Society’s practice note on the offence of failure to prevent the criminal facilitation of tax evasion. We also comment on three recent decisions relating to (1) the principles governing disclosure in the context of tax appeals;(2) business property relief under the Inheritance Tax Act 1984; and (3) the closure of an HMRC enquiry which was “drifting aimlessly”.
Read moreVAT update - January 2019
In this month’s update we report on (1) refunds of VAT in the UK for non-EU businesses; (2) changes to the VAT treatment of retained payments; and (3) revised HMRC guidance on when and how to account for VAT when you transfer a business as a going concern. We also comment on three recent cases involving (1) irrecoverable output tax; (2) the deductibility of a repayment supplement from an interest award; and (3) whether a taxpayer had a legitimate expectation that HMRC guidance could be relied upon.
Read moreTax update December 2018
In this month’s update we report on (1) the published response to the consultation on creating a “fund structure” within the Enterprise Investment Scheme for investment in innovative knowledge-intensive companies; (2) the published response to the consultation on extending the IR35 rules to the private sector; and (3) the published response to HMRC’s tax abuse and insolvency discussion document. We also comment on three recent decisions relating to (1) penalties attaching to employment intermediaries returns (2); penalties for failing to file tax returns; and (3) CGT holdover relief where the transferor was a foreign controller of the transferee.
Read moreVAT update November 2018
In this month’s update we report on new regulations adopted by ECOFIN which are intended to combat VAT fraud, infringement proceedings brought against Italy and the UK following publication of the so-called “Paradise Papers” and publication of the response to HMRC’s consultation on the “split payment” method of VAT collection. We also comment on three recent decisions relating to the scope of the FTT’s jurisdiction in relation to public law issues, input tax recovery by a student union shop and application of the reverse charge rules to investment management services received from outside the EU.
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