Mazars tax news covers everything tax related in the UK from, VAT to the latest HMRC rulings.
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Mazars attends OECD consultation on BEPS Action 7
On January 21st, Mazars’ Global Tax Policy Team attended a public consultation meeting, held by the Organization for Economic Co-operation and Development (OECD) in Paris, representing Mazars’ comments on the Discussion Draft on Action 7 of the Base Erosion and Profit Shifting (BEPS) Action Plan.
Draft clauses for the 2015 Finance Bill
No Christmas schedule is complete without a load of dreary repeats, and that’s what we’ve got with the draft Finance Bill clauses, a repeat of the Autumn Statement with little added to it. So we’ve selected areas that justify more detailed coverage and squeezed the elves, sorry, experts for that little bit more commentary. More will follow as we carve up and digest this year's turkey to test how sage its stuffing is and pull on the consultations to see if they're crackers.
Autumn statement 2014: more than an awards ceremony?
George Osborne delivers the Coalition’s final Autumn Statement in the House of Commons on 3 December. We reckon he’ll use this opportunity to remind us of the economic achievements of the Coalition, but will there be carrots promising reductions in future tax bills?
Update on Skandia – HMRC issues its response
On 13 October 2014, HMRC issued Revenue and Customs Brief 37 on their position following the Skandia case. The brief points out that the UK’s VAT grouping rules are different from the Swedish VAT grouping rules considered by the ECJ in Skandia and consequently HMRC are going to consider what impact, if any, the Skandia decision has on the UK rules and whether any changes to legislation are required as a result.
New Scottish taxes coming
The referendum is now behind us but the level of Scottish autonomy looks set to increase, as evidenced by the introduction of three “tartan taxes” that were not dependent on the outcome of last week’s vote.
VAT on Cross border internal recharges
The ECJ has released its decision in the Skandia American Corporation Case. It is a decision that could have a significant impact on the Financial Services sector.
‘Tax free’ childcare moves closer
At Budget 2013, the Government announced its intention to introduce a new Tax-Free Childcare scheme. The scheme will launch in autumn 2015 and will be available for children up to the age of 12 (or 16 if the child is disabled). To qualify parents need to be working and earning just over an average of £50 per week up to a maximum of the additional rate threshold, currently £150,000 per annum.
Follower notices and accelerated payments
HMRC issued guidance dated 17 July 2014 on their website in respect of the above on 21 July 2014. The guidance is important as it gives more details on how HMRC will approach these cases and the basis on which penalties will be charged.