With the third VAT MOSS return looming for businesses on 20^th October, a campaign group has issued a stark warning about potential effects on the European digital single market.

EU VAT Action has highlighted how the time involved in implementing new regulations will cause problems and has asked for an ‘interim’ threshold to help SMEs in the transition period.

The Chartered Institute of Taxation (CIOT) has come out in favour of changes to the ‘strict liability’ offence for offshore evasion by urging more safeguards to be put in place.

The accountancy body has warned that taxpayers risk being sent to jail without any proof that they actually intended to cheat the taxman.

With more moves to streamline international efforts to combat tax evasion by multinationals, a new tax information exchange agreement now includes 51 countries.

The Organisation for Economic Cooperation and Development (OECD) is behind the new measures to automatically exchange tax information between nations and manage the differences on how tax issues are dealt with.

G20 finance ministers meeting in Peru have approved the OECD’s final package of Base Erosion and Profit Shifting (BEPS) 2015 measures.

The comprehensive set of reforms, aimed at changing international tax rules, won strong support for its proposed solutions to close loopholes that allow corporate profits to ‘disappear’ for tax reasons.

A new public consultation project has been launched by The European Commission to test the waters for a re-launch of the Common Consolidated Corporate Tax Base (CCCTB) proposal.

In another move aimed at tackling aggressive tax planning by large companies and high net worth individuals, the Commission wants to find out how the new tool would be accepted and implemented.

The controversial measures that will allow HMRC to recover debts direct from taxpayers’ bank and building society accounts have been amended to protect vulnerable taxpayers.

The Low Incomes Tax Reform Group (LITRG) has welcomed the announcement of an amendment to the Finance Bill dealing with ‘enforcement by deduction from accounts’.

New proposals aimed at making charity data more accessible by offering digital filing of accounts is being debated by the Charity Commission and the Financial Reporting Council (FRC).

At the moment, 70 per cent of companies file digital accounts with Companies House, and now the Commission wants to make it possible for charities to be able to do so as well.

Small and medium-sized practices (SMPs) must diversify in order to be successful, according to a new study from The Association of Chartered Certified Accountants (ACCA).

The global body for professional accountants has issued a report called 'The Global SMP business model: understanding a changing profession' that concludes competition for survival is harder than ever before.

New UK taxation rules concerning allowances on the value of property to be passed on to descendants could mean that records need to be kept over the span of a generation.

The revised residence nil-rate band that affects the calculation of the level of inheritance tax relief available to families is expected to mean records will need to be kept for far longer periods than ever before.

Accountancy sector firm PwC saw its network report £23.37bn total global gross revenues for the fiscal year ending on 30 June 2015.

The latest figures, a 10 percent increase on the previous 12 months, means the firm leaps ahead of Big 4 rival Deloitte to snatch the top place amongst the fierce competitors.