Heather Self reviews the CFC reform proposals. Plus David Smith provides a view from business and Philip Baker QC considers whether the proposed rules comply with EU law
Robert King examines the tax traps SMEs fall into and how to avoid them
Barry Potter and David Roche discuss HMRC’s new guidance on mandatory online filing at the end of a company’s life
Your monthly review of key international tax issues by Chris Morgan, with comment on the patent box and CFC proposals and the informal consultation on the debt cap, and details of recent cases on EU issues
Issue 24 of HMRC’s Agent Update includes guidance on the completion of company tax returns:
HMRC have released their twentieth and final ‘toolkit’, dealing with business profits. The toolkits are designed to help tax agents and their clients reduce errors in completion of tax returns.
Detailed proposals for reform of the UK’s controlled foreign companies regime received a broad welcome from tax professionals but some experts warned that the new rules may not be compatible with European law.
More than £25 billion of tax was ‘under consideration’ in HMRC’s Large Business Service (LBS) enquiries at 31 March 2011, but the department emphasised that the estimate did not represent tax owed or unpaid.