News Archive

New Bill to end EU-derived law in UK

The UK government has introduced a new Bill which aims to end the status of retained EU law from the end of 2023, and enable the government to amend, repeal and replace retained EU law via secondary legislation.

HMRC updates TRS manual in advance of 1 September deadline

HMRC has made several important updates to its trust registration service manual including adding new sections on penalties, data requests and discrepancy reporting. ICAEW’s Tax Faculty highlights the key changes.

Draft Finance Bill 2022-23: enactment of OECD rules into UK law

The draft legislation, announced on 20 July, includes the introduction of a top-up tax applicable to multinational business alongside changes to the UK transfer pricing documentation requirements.

European Commission to consult on regulatory framework for tax intermediaries

On 25 April 2022, the European Parliament's Permanent Subcommittee on Tax Matters held a hearing on regulation of the provision of tax advice across the European Union. During the hearing, the Commission announced that there will be a public consultation on the broader issue of regulating tax advisers.

Consultation on EU-wide system for withholding tax on dividends and interest payments

The European Commission is considering three options and seeking opinions and experience on problems caused by the existing withholding tax systems, operated by individual member states.

HMRC updates tax guidance to include electronic payment of tips

HMRC has updated its guidance on tax treatment of tips, gratuities, service charges and troncs to include details on how to handle electronic payments.

UK Delays Overhaul To Tax Non-Compliance Penalties

HM Revenue and Customs is reforming late-filing and payment penalties to make them fairer and more consistent across taxes. The first stage of these reforms was set to come into effect early this year. However, on January 13, 2022, HMRC postponed the effective dates by nine months to one year.

Two million people miss tax return deadline

More than two million people missed a self-assessment tax return deadline, but still have a month to file before they are hit with a penalty.

UK Announces Tax Breaks For Businesses In 2022 Budget

With the UK corporate tax rate set to rise 25 percent from April 2023, the UK Government has announced various tax proposals that are intended to support businesses and the UK economy, in the newly released 2022 Budget.

Businesses under Seychelles' Companies Act must register beneficial owners

Businesses registered under Seychelles' Companies Act of 1972 have to register persons classified as beneficial owners through a portal set up on the website of the Financial Intelligence Unit (FIU), a top official said on Wednesday.

Others that will also need to register are Partnerships registered under the Civil Code of Seychelles Act and associations registered under…

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