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Costs against HMRC

Costs were awarded against HMRC in a tribunal case even though only one of the two arguments advanced by the taxpayer succeeded. The case concerned an income tax refund claimed by a German pension fund. The case report can be downloaded from here. BAV-TMW-Globaler-Immobilien-Spezialfonds [2019] TC 7080 [19.04]
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Child benefit and Brexit

Some technical amendments are made to the rules regarding child benefit and child tax credit as a consequence of the UK leaving the EU. The changes are effective from 5 May 2019. The statutory instrument can be downloaded from here. Child Benefit and Child Tax Credit (Amendment) (EU Exit) Regulations SI 2019 No 867 [19.04]
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Class 2 on tax returns

Keen taxpayers who filed their 2018/19 tax returns on the first two days may not have their class 2 national insurance properly prepopulated on the return, the Chartered Institute of Taxation (CIOT) noted in April 2019. The issue has been resolved for tax returns filed from 8 April 2019. The CIOT statement can be accessed from here. [19.04]
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HMRC updates phishing guidance

On 17 April 2019, HMRC updated its guidance on how to spot genuine communications from HMRC as against phishing expeditions from fraudsters pretending to be HMRC to obtain financial details. The guidance can be downloaded from here. [19.04]
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Women in accountancy

Women comprise 44% of all accountants but only 25% of executive boards of the top 25 accounting firms. This is according to research by employee recruitment firm Real Links. The full survey can be downloaded from here. [19.04]
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Loose Women presenter wins IR35 case

Kaye Adams has won her IR35 case against HMRC. Adams is a presenter of the television programme Loose Women. The issue was whether she comes within the scope of IR35 which would tax her as an employee or, as she asserted, she supplies her services on a freelance basis. The case report can be downloaded from here. Atholl House Productions Ltd [2019] TC 7088 [19.04]
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Criminal rules on tax evasion

HMRC is targeting more than 100 businesses by 2022 under its new powers in Criminal Finances Act 2017, it was revealed in April 2019. This allows a business to be prosecuted for "facilitating" tax evasion. A business can no longer escape prosecution by turning a blind eye to activities of staff. A business must have procedures for ensuring tax compliance. A survey by HMRC found that only 24%...
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CMA and audit market

The Competition and Markets Authority (CMA) published its final summary report on the statutory audit market on 18 April 2019. The CMA report has four recommendations: robust regulatory oversight of audit committees mandatory joint audits of bigger companies, involving accounting firms (referred to as challenger auditors) outside the Big Four an operational split between the Big Four...
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NGFS warns of climate change

The Network for Greening the Financial System (NGFS) warns of the financial risks of climate change in an open letter of April 2019 The letter says, "if some companies and industries fail to adjust to this new world, they will fail to exist." NGFS is a coalition of 34 central banks, including the Bank of England as a founder member. It was formed in 2017. [19.04]
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