Corporation tax

2013

• Termination Payments – A refresher
• [21/05/2013] The taxation treatment of payments made to employees on the termination of their employment can be a tricky area in practice. It often is not just the simple tax free £30,000 that everyone remembers. Here we take a look at the current position regarding the taxation treatment of such payments.
• Company Buy-Back of Own Shares - Change in Legislation
• [21/05/2013] Following the Nuttall review, there have been changes to Companies act 2006 regarding company buy-back of own shares.
• Back to basics: Loan interest relief
• [20/05/2012] A look at the rules relating to tax relief on loan interest.
• Taking goodwill back to basics
• [10/05/2013] New standard FRS102 will return the issue of goodwill to its roots.
• Above the line credit
• [10/05/2013] Budget 2013 announced the introduction of an ‘above the line’ credit for research and development (R&D) expenditure incurred by large companies on or after 1 April 2013.
• IR35 and Sole Practitioner auditors
• [10/05/2013] Draft clause within Finance Bill 2013 a potential headache for sole practitioner auditors.
• General anti-abuse rule
• [09/05/2013] After much speculation a general anti-avoidance rule – the General Anti-Abuse Rule (GAAR) – has emerged within the Finance Bill 2013.
• General anti-abuse rule
• [09/05/2013] After much speculation a general anti-avoidance rule – the General Anti-Abuse Rule (GAAR) – has emerged within the Finance Bill 2013.
• HMRC Agent Updates
• [29/08/2012 HMRC issues regular updates for accountants, or tax agents. The latest (number 35, published in April 2013) and previous issues are available here.
• Finance Bill 2013
• [25/04/2013] A look at some of the highlights of the 2013 Finance Bill.
• Plant & Machinery: Comment on Fixtures
• [24/04/2013] HMRC are proposing to issue new guidance on Plant and Machinery Allowances for secondhand fixtures and are inviting comment by 15 May 2013.
• IR35
• Assuming the Finance Bill remains unchanged and receives Royal Assent, IR35 tax legislation will be extended to office-holders for the 2013-14 tax year.
• HMRC Employer Bulletins
• [22/04/2013] Access HMRC Empoyer Bulletins here. The latest edition, number 44, contains updates on PAYE, employer annual returns and report benefits in kind and expenses.
• RTI mandation date deferred until 6 October for small employers
• [05/04/2013] HMRC defer the mandation date for RTI for employers with fewer than 50 employees until 6 October 2013.
• Capital Reductions
• [22/04/2013 HMRC have issued guidance on the tax treatment of capital reductions.
• Charities Online
• [22/04/2013 From 22 April 2013, charities and Community Amateur Sports Clubs (CASCs) will be required to use HMRC’s charities online service to obtain repayment of gift aid.
• Budget 2013
• [21/03/2013] ACCA have produced a Guide to the 2013 Budget.
• HMRC Agent Account Manager service
• [22/04/2013] HMRC has set up a team of Agent Account Managers (AAMs) to assist agents and advisers to deal with HMRC more easily and effectively.
• Alternative dispute resolution (ADR) becomes permanent
• [22/04/2013] |ACCA| HMRC Alternative dispute resolution services becomes permanent from 2013/14.
• Finance Bill 2013 Published
• [28/03/2013] The Finance Bill 2013 has now been published.
• Draft Finance Bill 2013 - At a glance
• [15/02/2013] A summary of the key parts of the Finance Bill 2013.
• New PAYE RTI Engagement Letter
• [27/02/2013] ACCA have now produced a new engagement letter for PAYE real time information (RTI). Visit here to see the full text. Changes to the original letter are shown in bold and italics. You may now copy and paste the text of this article for your use.
• Tax Treaties
• [18/02/2013] Details of new tax treaties.
• Another HMRC campaign - Direct Selling
• [13/02/2013] HM Revenue & Customs (HMRC) are running a campaign for ‘Direct Selling’ until 28 February 2013.
• Understanding annual investment allowances
• [05/02/2013] Ten things you need to know about the new annual investment allowance.
• Special Relief - (The relief formerly known as Equitable Liability)
• [05/02/2013] Understand the concept of ‘special relief’, formerly known as ‘equitable liability’.
• HMRC agent strategy programme
• [04/02/2013] HMRC intends to introduce new online services for agents from March 2015.
• Patent Box
• [24/01/2013] The Patent Box regime comes into effect from 1 April 2013.
• RTI - Real Time Information
• [24/01/2013] RTI deadlines are approaching, with employers and pension providers being required to provide information under RTI commencing in the period April to October 2013.
• Business Record Checks are Back
• [24/02/2012] HMRC business record checks are revived from 1 November 2012.
• Boxing clever
• [29/01/2013] Examining the new Patent Box regime, which comes into effect from 1 April 2013.
• Compliance Check Factsheets
• [16/01/2013] HMRC have published a suite of compliance check factsheets.

2012

• Transfer Pricing - HMRC Manuals
• [04/10/2012] HMRC's transfer pricing manuals have been re-ordered and re-written.
• HMRC Pilot to Improve Post Response Times
• [23/08/2012] HMRCis piloting a "signpost" scheme in an attempt to improve response times for incoming mail.
• HMRC Compliance Factsheets
• [18/09/2012] HMRC has updated its compliance factsheets. You can access them here.
• Reasonable Excuse - September 2012 Update
• [20/09/2012] An update on some recent reasonable excuse tribunal cases.
• An important tax case regarding penalties
• [20/09/2012] The First Tier Tribunal overturns a penalty for a "careless error" where the accountant was found to be to blame.
• HMRC - Tackling Tax Avoidance
• [17 September 2012] HMRC have issued a new short briefing on their anti-avoidance activities in relation to aggressive tax avoidance schemes.
• Ten things you should know about the directors' loan account
• [31/08/2012] Brush up on your knowledge of directors' loan accounts.
• Finance Act 2012
• [31/08/2012] The Finance Act 2012 received Royal assent on 17 July 2012 and contains 229 sections and 39 schedules.
• Working Together Groups - Your Communication Channel with HMRC
• [31/08/2012] Got an issue to raise with HMRC and fellow accountants? Contact your local Working Together group.
• IR35 consultation – is it really necessary?
• [29/06/2012] HMRC’s latest consultation aimed at tackling loss of tax from those working through an intermediary.
• Purchasing a company from an unconnected party
• [27/06/2012] A look at the comsiderations in buying a company from an unconnected party.
• IR 35 – new business entity tests
• [25/06/2012] HMRC publishes guidance on its new approach to dealing with potential IR35 cases.
• Seed enterprise investment scheme
• [20/03/2012] The Seed Enterprise Investment Scheme (SEIS) is to be introduced into UK tax provisions from 6 April 2012 to encourage investment in small businesses.
• Saying Goodbye to ESC C16
• [13/03/2012] From 1 March statutory instrument 2012 number 266 The enactment of extra-statutory concessions order 2012 comes into force. On the same date extra statutory concession (ESC) C16 is effectively withdrawn.
• Making a late tax appeal
• [29/06/2012] Madan Salhan looks at some of the issues and pitfalls to be considered in making a late tax appeal.
• Capital Allowances and Buildings
• [02/07/2012] The Finance Bill 2012 introduces new provions with regard to claiming capital allownces on integral features.
• CPD and tax relief
• [29/06/2012] A look at the rules around tax relief on your – and your employees' – continuing professional development.
• Auf Wiedersehen HMRC
• [28/06/2012] Actor successful in £32k accommodation expenses claim.
• New ways to register for taxes online
• [26/06/2012] HMRC has launched an online tax registration service to allow registration for all main business taxes (self assessment, corporation tax, PAYE for employers and VAT) in a single website visit.
• EIS/SEIS - Advance Assurance Application
• [25/06/2012] Detials on obtaining advance qualification assurance for investments under the EIS and SEIS schemes.
• HMRC iXBRL commitment
• [25/06/2012] HMRC agrees that no extension should be made to iXBRL tagging requirements in April 2013.
• Campaigns
• [25/06/2012] An update on HMRC campaigns.
• Consultations
• [25/06/2012] There a number of consultations closing in July and August.
• Alternative Dispute Resolution Service
• [25/06/2012] HMRC extends its ALternative Dispute Resolution service trial nationwide.
• Keith Gordon: Challenging Sharkey v Wernher
• [20/06/2012] Keith Gordon offer advice on challenging the Sharkey v Wernher principle of appropriations from trading stock at market value.
• Enterprise Investment Scheme - The Tax Reliefs Condensed
• [03/04/2012] EIS is an important investment incentives. The tax reliefs are highlighted here while the business rules can be found in Enterprise Investment Scheme (EIS) –The Rules Condensed.
• Research and Development - Useful Links
• [25/07/2011] Useful links for R & D tax relief.
• Research & Development Tax Relief
• [28/05/2012] An overview of the tax reliefs available on expenditure on Research and Development
• HMRC Telephone Service
• [28/05/12] - HMRC Agent Contact Numbers – ACCA WOULD LIKE YOUR FEEDBACK
• HMRC Toolkits
• [26/04/2012] HMRC Toolkits focus on areas which cause difficulty in practice and offer protection against penalties.
• Small Business Tax Dispute Service
• [16/04/2012] HMRC extend its Alternative Dispute Resolution (ADR) Scheme, following a successful initial trial period.
• New HMRC taskforces target tax evaders
• [20/03/2012] HMRC to launch 30 new taskforces to crack down on tax dodgers in 2012/13.
• HMRC's Litigation and Settlement Strategy (LSS)
• [16 March 2012] Details of HMRC's litigation and settlement strategy (LSS), which is their internal guidance to staff on dealing woth tax disputes.
• HMRC Agent Account Managers
• [19 April 2012] If HMRC's normal communication channels have left you frustrated and still needing an answer, the Agent Account Manager service may help.
• Finance (No.4) Bill 2010-12
• [25/04/2012] A bill to encourage investment in business, exports and to build the economy?
• A pub crawl around capital allowances
• [20/03/2012] The Upper Tribunal has recently issued its judgment in the case of J D Wetherspoon plc v The Commissioners for Her Majesty’s Revenue and Customs.
• Benefits in kind – reporting and dispensations
• [13/03/2012] Guidance on the annual reporting of benefits in kind and expenses payments.
• HMRC Penalties - Conspicuous Unfairness
• [27/02/2012] HMRC are slammed by tribunal judges in recent appeal cases against PAYE penalties.
• Finance Bill 2012
• [27/02/2012] Assessing the changes contained in the Finance Bill 2012, prior to Budget 2012.
• PAYE - Real Time Information
• [27 February 2012] Details of proposed forthcoming changes in PAYE reporting.

2011

• Badges of trade
• [22/08/11] A simple concept but despite its simplicity it causes many taxpayer problems clearly indicated by the plethora of case law.
• Extra Statutory Concession C16
• [31/12/2011] A look at ESC C16 as things currently stand, together with a look at the new proposals.
• Associated Companies Rules - Changes
• [31/10/2011] The rules for establishing whether two or more companies are associated for corporation tax purposes has changed for accounting periods ending after 31 March 2011.
• Seed Enterprise Investment Scheme (SEIS)
• [31/12/2011] The government have included proposals for the new Seed Enterprise Investment Scheme (SEIS) in the draft Finance Bill 2012.
• Disguised Remuneration
• [07/12/11] New regulations have been introduced to charge national insurance contributions to income chargeable to tax under the disguised remuneration provisions with effect from 6 April 2011.
• Employment Manual Update
• [07/12/2011] Technical guidance on the Finance Act 2011 rules on employment income provided through third parties has been updated.
• HMRC Clearances and Approvals
• [01/12/2011] Details of business and non-business clearance procedures.
• Professional Subscriptions
• [01/12/2011] Details of Professional Subbscriptions which are allowable for tax purposes.
• Tribunal decisions reflecting business life
• [25/11/11] The First-Tier Tribunal has made a number of decisions lately which have shown an appreciation of the reality of business life, as this example highlights.
• Furnished Holiday Lettings Changes from April 2011 and 2012
• [14/11/2011] A review of the FHL regime together with details of changes from April 2011 and April 2012
• Reasonable Excuse - Recent Tribunal Action
• [09/11/2011] There has been some important tribunal action recently regarding HMRC's interpretation of reasonable excuse.
• Incorporation
• [4/11/2011] A look at some of the taxation aspects of Incorporation.
• IR35 - An Update
• [16/11/2011] Another look at IR 35 in light of some recent cases.
• CIS Penalties - Changes from 1 November 2011
• [08/11/2011] The CIS penalty regime has changed with effect from 1 November 2011.
• Capital Allowances Update
• [8/11/2011] Guidance on the changes in the capital allowances regime from April 2012.
• Double tax treaty passports
• [27/10/11] Details of the new streamlined and quicker double tax treaty passport scheme.
• Company losses
• [14/09/11] Understanding the different types of company losses and how to utilise these.
• VAT Registration Clampdown
• [31/05/2011] HMRC has announced that its latest campaign will target individuals and businesses who have income above the VAT threshold but who have not registered for VAT. This campaign will start in June/July 2011.
• Reasonable excuse
• [23/06/11] Reasonable excuse: argue your case.
• Budget 2011
• Budget 2011 Newsletter and CPD Article.
• Tax and other deadlines
• [01/07/2011] A comprehensive round up of filing and other legislative deadlines.
• Corporation tax: online filing, XBRL and iXBRL
• [01/02/11] Comprehensive guidance on the introduction of online filing for corporation tax, XBRL and iXBRL.
• Business Payment Support Service
• [06/06/2011] Business Payment Support Service (BPSS) update.
• Finance Bill 2011 - CPD Article
• [02/06/2011] Read the article on the 2011 Finance Bill and answer the CPD questions to earn verifiable CPD points.
• Penalties - Vodcast
• [25/05/2011] HMRC Vodcast on penalties for inaccuracies in documents and returns.
• Office of Tax Simplification
• [23/03/11] - The Office of Tax Simplifications reviews tax reliefs and small business taxes.
• Loan Relationships - Updated HMRC Manuals
• [25/05/2011] HMRC Updates Corporate Finance Manuals re amounts not fully recognised for accounting purposes.
• IR35 - definition and case studies
• [24/03/11] - A detailed look at this legislation's history and case studies.
• Double tax agreements
• [20/01/11] The UK has a number of double tax agreements (also known as double tax treaties) with many states.
• HMRC compliance checks
• [25/05/2011] HMRC has published factsheets to help taxpayers understand the new framework for compliance checks.
• HMRC excise power update
• [24/03/11] - From 1 April 2011 HM Revenue & Customs (HMRC) will strengthen its powers to tackle Excise fraud with a sensible safeguard.
• Finance Bill 2011
• [31/03/11] - Draft clauses and explanatory notes for the 2011 Finance Bill, published on 31 March 2011.
• Regional corporation tax rates – Northern Ireland
• [24/03/11] - In Budget 2011, the government published a consultation paper on rebalancing the Northern Ireland economy, including looking at mechanisms for devolving the rate of corporation tax to Northern Ireland.

2010

• IR35 - ten years on and quiz
• [17/12/10] A look at IR35 - ten years since it was introduced - plus a related quiz.
• Annual investment allowance and taxi cabs
• [17/12/10] A common question on the Technical Advisory helpline is 'My client is a taxi driver and has bought a new cab during the year. What is the capital allowances position?'
• Goodwill on Incorporation
• [27/03/08] - The Finance Act 2002 changed the treatment of goodwill amortised by companies. It does not apply to goodwill acquired prior to 1 April 2002 which continues to be treated within the capital gains regime, neither does it apply to internally-generated goodwill.
• The New Penalty Regime and Reasonable Care
• [20/01/10] - Guidance on the important concept of reasonable care under the new HMRC compliance regime.
• New PAYE Penalties
• [18/03/10] - A new regime of 'in-year' PAYE late payment penalties under which HMRC may charge penalties on any late-paid PAYE is to be introduced for 2010/11 onwards.
• Changes to time limits for tax claims and assessment
• [18/03/10] - As part of HMRC's new compliance regime, the time limits for making tax claims (e.g. error or mistake claims) and raising assessments have been aligned IT, CGT, CT, VAT, PAYE and NIC.
• Guidance from HMRC on record-keeping
• [29/03/10] - HMRC has issued guidance on Record-keeping in light of the requirements under Finance Act 2008, Schedule 37.
• CT Online Filing – software compatibility update
• [31/03/10] - HMRC lists commercial software suppliers
• HMRC compliance factsheets
• [30/05/10] - HMRC has produced a number of factsheets providing guidance on various aspects of the new compliance regime.
• Business Payment Support Service (BPSS) and Communication with Agents
• [04/08/10] - Guidance for members experiencing difficulties with HMRC regarding the BPSS

2009

• The new compliance regime
• [24/09/09] - Penalties, record-keeping, compliance checks and HMRC Powers Taxpayer safeguards
• New penalties and appeals regime
• [24/09/09] - A collection of resources from ACCA UK looking at the new penalties and appeals regime.
• Residence and Domicile
• [14/11/09] - A case looking at company residence
• Keeping safe online
• [30/06/09] - HMRC publish new online security guidance.
• Employer-provided medical check-ups
• [22/01/09] - Employees will be exempt from tax and NIC on employer-provided medical check-ups.
• Crown dependencies
• [04/11/09] - Guernsey drops zero-ten corporate tax regime and IOM conducts public consultation
• Tax: Why it Pays to be Organised
• [01/01/2009] - A new system of penalties for errors and omissions on tax returns has been introduced by HM Revenue & Customs (HMRC). Although the penalties themselves won’t be levied until after 1 April 2009, you need to act now to help your clients get organised and avoid a potential penalty.
• Advance thin capitalisation agreements
• [22/01/09] - Revenue and Customs Brief 01/09 on the process for entering into advance thin capitalisation agreements.
• Withdrawal of 10 Extra Statutory Concessions
• [15/10/09] - HMRC has identified 10 ESCs that will be withdrawn

2008

• Advance Thin Capitalisation Agreements
• [16/04/08] - HMRC has commented that despite concerns expressed in a number of enquiries, the guidance in Statement of Practice (04/07) still reflects its continued position on Advance Thin Capitalisation Agreements (ATCAs).
• Associated Company Rules
• After lengthy discussions between HMRC and the accountancy profession it has been agreed that S 35 FA 2008 will apply to corporation tax periods after 1 April 2008. For periods before 1 April the law as it previously stood should apply.