Tax voice - July 2021

The latest edition of tax voice outlines a range of tax related issues including the UK possibly changing its tax year, tax return issues for crypto investors, significant global tax change following the meeting of the G7 finance ministers and the importance of correctly valuing management charges to connected entities for VAT purposes.

Could the UK really change its tax year?

24 July 2021

It is safe to say the fact that the UK income tax year ends on 5 April makes it unique internationally. It is also safe to say that this choice of year end creates all sorts of problems every year, and for this reason the Office of Tax Simplification (OTS) is looking at the possibility of changing the tax year end to something more closely aligned to other countries.

G7 paves the way for significant global tax change

24 July 2021

The communique issued on 5 June 2021, following the meeting of the G7 finance ministers in London signals another potentially significant shift in the global tax landscape to address the tax challenges arising from globalisation and the digitalisation of the economy.

VAT: Jupiter Asset Management

24 July 2021

A recent tribunal decision has highlighted the importance of correctly valuing management charges to connected entities for VAT purposes, especially when the recipient is not entitled to recover VAT in full on the cost.

Tax return pain awaits crypto investors

23 July 2021

Cryptocurrency investors are likely to be in for a shock when preparing their tax returns this year, as they may need to undertake complex calculations and disclose details of all their crypto transactions to HMRC, even if no tax is due.