Tax voice - October 2020

The latest edition of tax voice outlines a range of tax related issues including VAT policy and corporate criminal offence with a focus on how you can prepare.

International tax news update Oct 2020

17 October 2020

When it comes to the taxation of services provided digitally (usually remotely from territories away from the consumer), the spotlight has been on the OECD for some time, as it strives to find a consensus on the taxation of the digital economy – it previously committed to do this by the end of 2020. A failure to agree a consensus is likely to result in double taxation for affected taxpayers – including the likes of Amazon, Google, Airbnb, Facebook etc.

Are you ready for the transition from LIBOR to SONIA?

17 October 2020

The London inter-bank offered rate (LIBOR), a globally accepted key benchmark interest rate for over 35 years , is being replaced by the reformed sterling overnight index average (SONIA) from 31 December 2021.

HMRC makes backdated VAT policy change to termination fees

17 October 2020

In the past, HMRC has accepted that contractually agreed payments due in the event of a breach of contract, and thus amounting to compensation, were typically outside the scope of VAT, because they are not consideration for any supply of goods or services.

Are you guilty as charged without even knowing it?

17 October 2020

Following HMRC’s recent statistics on investigations relating to the corporate criminal offence (CCO), we discuss the potential affects for unsuspecting organisations.