Weekly tax brief 9 February 2016

In this edition of RSM’s weekly round-up of the most important tax news, we cover the latest developments…

Tax transparency – what’s it worth?

09 February 2016

As Google and HMRC prepare to face the Public Accounts Committee on Thursday, there have been calls for businesses (and individuals) to make their dealings with the taxman more transparent. All this comes as MPs vote on whether to overturn their right to claim anonymity – much the same way that many businesses would like to if they could. Times they are a changin’….

Multinationals tax bills – should we see what they pay?

09 February 2016

Much has been made in the press this week about the EU considering whether multinationals should make public the details of how much tax they pay in each specific country. But the real question is whether this will make any difference at all?

Scotland's fiscal affairs - the search for an agreement continues...

09 February 2016

As yet another meeting at Holyrood to discuss the Scottish fiscal framework ends without agreement this week, the heat is on to make a final decision before the Scottish Parliament dissolves in just six weeks’ time…

Need a shoulder to cry on? Don't call the taxman...

09 February 2016

The tax treatment of employment termination payments is complicated. These payments are tax-free where made on account of disability or injury, but does this also cover ‘injury to feelings’? A recent tribunal has looked at this very issue, and the outcome certainly left one person broken hearted…

Pre-tax year end planning for property owners

09 February 2016

The end of the tax year is fast approaching and, with new rules coming into force from April, those thinking of buying a new home or becoming a buy-to-let landlord better get their skates on if they want to save themselves some tax…

Holding companies and VAT recovery

09 February 2016

A VAT decision this week by the Upper Tribunal has seen a holding company denied recovery of VAT incurred on its costs. And the decision could also have some wide-ranging implications for holding companies involved in M&A activity, company acquisitions and management buy-outs.