Weekly tax brief |12 July 2022

In this edition of RSM’s weekly round-up of the most important tax news, we cover the latest developments. Please feel free to share this update with any of your colleagues.

Is it fair to trigger such uncertainty over corporation tax when it raises relatively little revenue?
Hannah Lloyd
The competition to be the Conservative party’s next leader, and consequently our next Prime Minister, stepped up a gear over the weekend, with several new candidates throwing their hats into the ring and tax being deemed a key point of difference between them. Tax is an important part of any political manifesto, but with outlined proposals for corporation tax ranging from 15% to 25%, is it fair to corporate taxpayers to trigger such uncertainty over a tax that raises relatively little revenue?

The cost of the personal tax cuts
Chris Etherington
The various candidates for the Conservative leadership have made pledges on changes to income tax but what will they cost the Exchequer and how much better off will the average taxpayer be

Tribunal looks behind the façade of VAT rules on home conversions
Sarah Halsted
For most homeowners, handling a major construction project at their private home is challenging enough, but, as a recent tribunal case shows, many also find themselves tangled up in complex and sometimes conflicting VAT and statutory planning rules. 

HMRC continues hunt for offshore tax evasion
Paul Marcroft and Justin Stevenson
Earlier this month, HMRC announced that an international investigation had led to the deregulation of the Euro Pacific Bank in Puerto Rico, with the bank accused of facilitating global tax evasion and money laundering. So, what are the implications for UK taxpayers? 

How can an early tax return become a late tax return?
Sarah Saunders
After a company received a series of fines for late submission of Real Time Information PAYE returns, despite submitting early and having confirmation of ‘success’ from HMRC, we consider the consequences of submitting tax returns too far in advance.

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