9am Lowdown: OTS, large companies underpaid tax & HMRC

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Let’s get started with Wednesday’s 9am Lowdown.

News round-up

Large companies potentially underpaid £24.8bn in tax in the year to March, according to an assessment by HMRC, a rise of 14% from the year before. (Financial Times)

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In a letter to the Office of Tax Simplification, Philip Hammond said: “I agree that your recommendation to minimise the number of adjustments required to calculate taxable profits, and to align tax definitions with accounting definitions, would help simplify the regime for small companies.”

He added: “I strongly support simplifying the tax code for smaller businesses.” (Correspondence between the Chancellor and the OTS)

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Cost pressures, proposed international tax changes and the rise of protectionism could all derail the Irish economy, the government has been warned. (The Times)

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A crackdown on tax avoidance by the UK’s small and medium-sized companies led to a 5 per cent increase in the amount of cash collected by HMRC in the most recent tax year, research from UHY Hacker Young reveals. (The Independent)

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India collected more than $14bn in sales tax during July, New Delhi said, suggesting that its new goods and services levy could provide a significant boost for revenues if early technical glitches can be solved. (Financial Times)

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New on AccountingWEB

The increased costs of AML supervision from a professional body may drive accountants towards HMRC supervision or out of supervision altogether, the ACCA has warned.

A government agency has sounded the alarm about fake software targeting tax professionals into downloading fake software updates to harvest their login details.

Over on the blogs, Lee Murphy, owner of accountancy software Pandle, picks apart the challenges and opportunities of the Making Tax Digital delay for accountants.

The Any Answers question of the day comes from JimLittle who has a client who has gone over the VAT threshold but has not taken any action – should he report this or simply let HMRC take action once the accounts and corporation tax returns are submitted?

First Corporate Law Services provides an overview of GDPR on its industry update page.

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