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Posted by on in Taxation

Readers who are concerned that the new Statutory Residence Test (SRT) may have changed their status for UK tax purposes would be advised to consider how the new rules apply. If you are concerned, please contact us.

The rules that determine if you are resident in the UK for tax purposes, known as the Statutory Resident Test (SRT), changed from 6 April 2013 (subject to Finance Bill 2013 receiving Royal Assent). Historically, residence in the UK was determined by being in the UK in excess of 182 days in any tax year (6th April to 5th April) or by being resident in the UK for an average of 91 days in any tax year, taking the average of the tax year in question and the three previous tax years.

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Tagged in: Tax
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Posted by on in HMRC

HMRC taskforces are comprised of multiple teams from across HMRC including special investigations, local compliance and criminal investigation units for targeting specific sectors and locations where there is a high risk of tax evasion.

The taskforces use local knowledge and risk profiling to help create a list of businesses to target. The taskforces also use special software to uncover business areas where tax evasion is common place as well as to target specific businesses.

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Tagged in: HMRC Tax
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Posted by on in Other

HMRC’s task forces have targeted tax fraud and unpaid taxes in the restaurant trade at locations across the UK. Investigations are ongoing.

The task forces are comprised of multiple teams from across HMRC including special investigations, local compliance and criminal investigation units for targeting specific sectors and locations where there is a high risk of tax evasion. HMRC have confirmed that a Scottish businessman has recently been charged with tax fraud following an investigation of the fast food trade in Scotland. The targeting of restaurants is not an amnesty and unlike some previous initiatives which sought to tempt taxpayers to come forward under favourable terms there is no formal disclosure facility on offer.

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At Budget 2013, the Government announced a review of the rules governing the taxation of corporate debt (loan relationships) and derivative contracts with the aim of redesigning them to be simpler, clearer and more resistant to tax avoidance; this consultation forms part of that process.

The Government invites comment on the proposals made and on their commercial and fiscal impact on businesses.

©HMRC
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HM Revenue & Customs (HMRC) understands that the introduction of the new tax will be difficult for many customers, particularly smaller customers making their first return and payment. HMRC has also encountered some system issues which have confused some customers and made it more difficult for them to comply. 

Exceptionally, therefore, HMRC has decided not to apply penalties for the late submission of the first returns.  This only applies to these penalties.  No other penalties are affected.

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Repayments due for an earlier accounting period

If you’re claiming a loss carry back that reduces your Corporation Tax liability for an earlier accounting period, please remember to complete the repayment for an earlier period box on the CT600 form. This will allow HM Revenue & Customs (HMRC) to process your claim and make any appropriate repayment to you. If you’ve previously given HMRC your bank account details to enable repayments by Bacs, please remember to update them if they change.

How to claim for a trading loss to be carried back

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Provisions were published in the Finance Bill on 28 March to amend the qualifying conditions and allow clearer, more detailed, rules to be specified in secondary legislation following a public consultation. This consultation sets out proposals for those rules.

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Corporation Tax – Amendment to the Exchange Gains and Losses (Bringing into Account Gains and Losses) Regulations 2002 (PDF 99K) Technical note, which includes draft Regulations, Explanatory Note, Explanatory Memorandum, Tax Information and Impact Note. Comments or questions on this technical note should be sent by email to Richard Daniel by 2 July 2013.

Implementation of the UK-US Agreement: update HM Revenue & Customs (HMRC) has published regulations, a Tax Information and Impact Note and guidance.

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The aim of the consultation is to discover the extent to which manufacturers make such payments; to consider how UK law needs to change to accommodate them; what impact that may have and what administrative burdens it may give rise to.

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The Foreign Account Tax Compliance Act (FATCA), which is part of the US Hiring Incentives to Restore Employment Act of 2010, aims to combat tax evasion by US tax residents using foreign accounts. It includes certain provisions on withholding taxes and requires financial institutions outside the US to pass information about their US customers to the US tax authorities, the Internal Revenue Services (IRS). Failure to meet these new reporting obligations would result in a 30 per cent withholding tax on the financial institutions.

Draft US regulations setting out the implementation details were published in February 2012.

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