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Computers can't do everything

16 May 2017

Most commentators would accept that if a tax return is submitted late then – unless there is a genuine reasonable excuse – HMRC should quite rightly be able to impose a penalty. However, what happens if a computer makes this decision?

'Software glitches' doesn't bode well for Making Tax Digital

16 May 2017

We commented recently on problems with HMRC’s tax return software for 2016-17 and the fact that tax was wrongly calculated for certain combinations of income. The issue has come up again following a recent tax tribunal, but what does this mean for the digital future for tax?

Weekly tax brief - 16 May 2017

16 May 2017

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

The tax gamble at the heart of the Labour Party manifesto

16 May 2017

At the heart of the Labour Party manifesto is the gamble that the top 5 per cent of British taxpayers and larger companies can and will pay an extra £48.6bn per year without undermining the economic health of the nation. The Labour Party is hoping that, even though it plans to increase tax by around 7 per cent of GDP, it can bring about economic growth, social justice and a better life for all. For these taxpayers, Tax Freedom Day will be postponed to October!

Construction sector | Building the future

16 May 2017

After recovering well from the global economic crash, construction firms now face new uncertainties.

Apprenticeship Levy in construction sector
Kelly Boorman

16 May 2017

The construction sector is in the midst of a skills crisis. Over 400,000 workers are expected to retire over the next 10 years. A restriction on the availability of EU labour can potentially have a significant impact and there are fewer apprenticeships available now to train new talent than before the crash.

Tackling cyber crime complacency

15 May 2017

Cyberattacks are disruptive at their most basic, so why aren’t organisations doing all they can to prevent them?

Proposed substantial shareholding exit rules changes offer interesting tax planning options

13 May 2017

For some time the UK tax system has afforded a tax exemption – called the substantial shareholding exemption (SSE) – to provide a complete exemption from tax on profits made by corporate shareholders on the disposal of shares in trading companies.

Country by country reporting wake up call

13 May 2017

It has been five years since George Osborne and his G7 counterparts kick-started the overhaul of the international tax system, leading to the OECD’s base erosion and profit shifting (BEPS) action plan. Companies that are part of multinational groups now need to take action to comply with updated UK legislation concerning perhaps the most far reaching consequence of BEPS – country by country (CbC) reporting

Tax voice May 2017

13 May 2017

This month’s tax voice features investment funds, a country by country wake up call, substantial shareholding exit rule changes and HMRC tax penalties not as straightforward as it seems.