HMRC activity and their plans for the future was the main topic of discussion at the first of two Tax Forums to be held this year for members of MGI UK & Ireland.

Held at the end of April in central London, the meeting was attended by 14 partners and managers representing most of the region’s firms.

HMRC latest news

The day began with an overview of HMRC activity and plans for the future from Jeremy Leach of Abbeytax. Jeremy highlighted the areas in which HMRC are focused in respect of tax investigations and how fruitful those investigations are. He then outlined the push to tax return digitalisation, which is a key government policy, but like many of those present, was skeptical as to what will be delivered by the 2020 deadline they have set. He then updated us on the tax position of contractors, in particular with regards to travel expenses and contractor loans. He concluded by introducing tax indemnity insurance, which is now available to cover most tax risks in situations such as mergers or acquisitions.

Member discussion

For the second part of the meeting, an agenda was built based on topics that those present wanted to air and discuss. These ranged from HMRC experiences to technical updates to client tax problems yet to be solved. Topics included entrepreneurs relief, SDLT update, FACTA, solvent liquidations, distributions from Mauritian hedge funds, share transfers, code of practice 8, probate work, VAT update, P11d's, a Bentley and indeed a Rolls Royce as pool cars, property; trading or investment, VAT place of establishment, tax definition of permanent incapacity and EMI schemes.

A broad range of topics was discussed in an environment where successes and failures were openly shared for the benefit of all present.

Future Tax Forum

The next Tax Forum date was set for September 16^th in Edinburgh, with a group dinner planned for the evening of Thursday 15^th.

Many thanks to Paul Winder, MGI UK & Ireland area coordinator for organizing the forum and to those MGI UK & Ireland members who attended, making this a successful day, strengthening the MGI tax peer group:

Bob Crawford, Jeffrey Crawford & Co

Rebecca Hurford, Watson Buckle

Jennifer Bowie, Watson Buckle

Jenny Marks, Muras Baker Jones

Andrew Gelling, Copsey Murray

Stephen Griffiths, Milsted Langdon

Rachel Verinder, Milsted Langdon

Eddie Harrington, Seymour Taylor

Liza Rowles, Seymour Taylor

Angela Falder, Midgley Snelling

James Clerkin, Midgley Snelling

Lee Styles, Rickard Luckin

Ian Marrow, Rickard Luckin

Apologies:

Gary Kilminster, CI Accountancy

Simon Denton, Milsted Langdon

Jamie Nice, Rickard Luckin

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