Weekly tax brief - 27 June 2017

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

Wider tax implications for Conservative Party/DUP agreement?

27 June 2017

This week saw the Conservatives striking a deal with the DUP, but what does this mean for tax in Northern Ireland, and what will be the knock on effect for the rest of the UK?

Is HMRC keeping up with tax evaders?

27 June 2017

At the start of the year tax evasion and avoidance featured in the news agenda on a regular basis. Despite fewer headlines, tackling this issue still remains an important part of the UK government’s tax agenda, but is HMRC ahead of the game or struggling to keep pace?

Do we need to rethink self-assessment for smaller partnerships?

27 June 2017

A recent tribunal case highlights another partnership facing penalties for a late tax return. This raises some interesting questions about partnership returns, and whether the process of submitting a partnership self-assessment form is indeed needed when HMRC already has the information on the individual partner returns. So is it time for a rethink?

Tax and the gig economy – but how will we collect it?

27 June 2017

The rise of the gig economy has posed many questions around employment status and the divergence in how to apply income tax and VAT, but has anyone considered how to collect tax from ever-changing modern work practices?

Seismic changes to indirect taxes in India, but are businesses ready?

27 June 2017

The introduction of the Goods and Services Tax in India aims to introduce a single market framework through significant tax reform to support economic growth in the country, but are policymakers, businesses and digital systems ready?

LBTT - the law of unintended consequences in action

27 June 2017

Despite good intentions, sometimes policy decisions intended to do one thing end up having the opposite effect. The Land and Buildings Transaction Tax in Scotland aimed to stimulate the property market, but recent statistics highlight a decline in sales, particularly in the middle of the housing market. Will a fall in sales and reduced tax revenue force changes to the tax?