I’ve been thinking recently about writing a screenplay. This one’s a 3 part Sunday night courtroom drama that I reckon the BBC’s a sure thing to snap up.
There was in an interesting article in the Sunday Times that suggests UBER’s business model leads to a multi-million VAT loss to the Treasury annually.
In February 2019 HMRC issued Spotlight 47, aimed at dealing with perceived circumventions of the Targeted Anti-Avoidance Rule (TAAR) introduced in 2016 to tackle tax avoidance using phoenixism. The ICAEW and CIOT recently met HMRC to get a better understanding of the Spotlight.
For decades, the treasury has benefited from measures designed to encourage the right behaviours in society through the so-called ‘sin taxes’.
The changes will impact the Capital Gains Tax position where a property which was formerly the landlord’s home but has also been rented out gets sold.
The domestic reverse charge ‘DRC’ will only affect supplies at the standard or reduced rates where payments are required to be reported through the Construction Industry Scheme ‘CIS’. The domestic reverse charge was first proposed and consulted on in 2017 and aims to combat missing trader fraud in the construction sector (similar to computer chips and mobile phones).
Prior to 6 April, it was only employees that had the right to receive an itemised payslip, disclosing not only the amount of monies to be received but also the number of hours worked. This right is, from 6 April extended to all workers.
Even as the deadline for Making Tax Digital approaches, less than one month away, there is still an alarming number of myths and misconceptions regarding MTD which make the implementation process a mind field for most businesses.
One of the problems for the small business owner is the tendency to treat the family company as a family money-box and anything taken out other than salary is, by default, a dividend.
Tax avoidance and evasion have been hot topics with HMRC over the last few years. As part of their mission to crack down on lost revenues, HMRC has severely tightened up the rules around engaging workers on a self-employed basis.