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Jan 13, 2025 | 
fleetnews.co.uk | John Messore
By | 13 January 2025 By John Messore, freelance tax expert on company cars, vans and fuel cardsHaving worked in tax for 40 years and specialised in cars, vans, fuel cards etc. for the last 20 years I am concerned about the constant tinkering when it comes to benefit in kind (BIK) legislation, albeit it also creates opportunities. My analysis, when you look at the Government’s justification, is that HMRC is targeting all employee car ownership schemes (ECOS) and not just ‘contrived’ ECOS.
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Nov 9, 2023 | -law&sz=64)
taxjournal.com | David Whiscombe |Nick Thornton |Heather Self |John Messore
Revocation/reform of retained EU (VAT) law © Copyright LexisNexis 2023. All rights reserved. 9 November 2023 Speed read Far from replacing VAT with ‘a lower, simpler, sales tax’ on Brexit as some have suggested, the government in fact legislated for continuity on the interpretation of VAT, incorporating EU VAT law into UK VAT law by way of the European Union (Withdrawal) Act 2018.
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Nov 9, 2023 | 
taxjournal.com | David Whiscombe |Nick Thornton |Heather Self |John Messore
The professional bodies, including the CIOT, have raised various concerns in relation to the proposed new criminal offence of failing to comply with a stop notice – principally that a stop notice is issued at the discretion of HMRC without external or judicial oversight which effectively means that, under the proposals, HMRC would determine whether or not a criminal offence had been committed. The CIOT had also expressed its concerns direct to HMRC.
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Nov 9, 2023 | 
taxjournal.com | David Whiscombe |Nick Thornton |Heather Self |John Messore
Mineral pricingThe OECD is consulting on a draft toolkit to help developing countries address base erosion and profit shifting risks when pricing minerals. Closes: 2 February 2024. Electronic sales suppression penaltiesHMRC is consulting on draft regulations which would introduce interest charges on the late payment of electronic sales suppression (ESS) penalties.
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Nov 9, 2023 | 
taxjournal.com | David Whiscombe |Nick Thornton |Heather Self |John Messore
Manual Page Comments Corporate Finance Manual Updated: CFM64120 Guidance updated to remove last paragraph entitled ‘Sterling presentation currency different functional currency’. New: CFM98258 In the context of the corporate interest restriction (CIR) new guidance has been added on the carry forward of interest disallowance and interest allowance for companies that prepare their accounts in a currency other than sterling.
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Nov 8, 2023 | 
taxjournal.com | David Whiscombe |Nick Thornton |Heather Self |John Messore
The CIOT has welcomed changes to the Economic Crime and Corporate Transparency Bill which close a perceived ‘loophole’ in the way in which beneficial owners of companies are required to be identified in the register of overseas entities. The final version which was given royal assent on 26 October 2023, inserts new definitions around beneficial ownership into the Economic Crime (Transparency and Enforcement) Act 2022 (the primary legislation which introduced the register).
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Nov 8, 2023 | 
taxjournal.com | David Whiscombe |Nick Thornton |Heather Self |John Messore
Home >Articles > ICAEW CPD changes from November 2023
ICAEW CPD changes from November 2023
8 November 2023
The CIOT has highlighted changes to the ICAEW’s continuing professional development (CPD) regulations which apply from 1 November 2023. Members covered by the regulations will be required to complete the following each year:a minimum number of CPD hours;a number of CPD hours that are verifiable; and a minimum one hour of ethics training aligned to the ICAEW code of ethics.
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Nov 8, 2023 | 
taxjournal.com | Nick Thornton |Heather Self |David Whiscombe |John Messore
The Low Incomes Tax Reform Group (LITRG) has concluded that employees can claim tax relief on ultra-low emission zone (ULEZ) charges, if they are undertaking qualifying business travel when the charges are incurred. LITRG summarises its view as follows: ‘If your employer reimburses a charge that you incurred whilst on business travel, there is no tax or National Insurance to pay on the reimbursement.
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Nov 8, 2023 | 
taxjournal.com | Nick Thornton |Heather Self |David Whiscombe |John Messore
Home >Articles > Scottish Budget expected on 19 December 2023
Scottish Budget expected on 19 December 2023
8 November 2023
Scottish government ministers have announced that the Scottish Budget for 2024/25 will be presented to the Scottish Parliament on 19 December 2023. The date was confirmed several times in a Parliamentary session on 1 November 2023.
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Nov 8, 2023 | 
taxjournal.com | Nick Thornton |Heather Self |David Whiscombe |John Messore
The case of P Gopaul v HMRC [2023] UKFTT 728 (TC) was in many ways a routine one. HMRC alleged that a company operating a fast-food business had deliberately understated its takings and the First-tier Tribunal (FTT) broadly agreed, upholding additional assessments for VAT and corporation tax and associated penalties. Nothing particularly out of the ordinary there.
