Tax | Spring Budget 2017: Making Tax Digital delayed until April 2019

The Chancellor Philip Hammond has delayed the introduction of Making Tax Digital for sole traders, landlords and the self employed operating under the new £85,000 VAT threshold

8 Mar 2017

Tax

Making Tax Digital

HMRC

Law and Regulation

Budget

Tax | Spring Budget 2017: SDLT payment period unchanged at 28 days

The introduction of a 14-day window for filing and payment window for Stamp Duty Land Tax (SDLT) marking a radical shift in the current 28-day period has been delayed until after April 2018 following consultation

8 Mar 2017

Tax

Property Tax

HMRC

Budget

Politics

Tax | Spring Budget 2017: HMRC to publish guidelines on image rights

HMRC is to publish guidelines for employers who make payments of image rights to their employees, it has been confirmed in the Budget

8 Mar 2017

Tax

Employment Tax

Personal Tax

HMRC

Tax Compliance

Budget

Politics

Tax | Spring Budget 2017: anti-avoidance measures for tax treatment of trading stock

Businesses will no longer be able to convert capital losses into trading losses under an anti-tax avoidance measure introduced in the Budget 2017

8 Mar 2017

Tax

Business Tax

HMRC

Tax Compliance

Budget

Politics

Tax | Spring Budget 2017: self-employed NICs 4 increases to 11% by 2019

A two percentage point increase in national insurance contributions (NICs) paid by the self-employed has been met with fury by the self employed and entrepreneurs, although it creates more of a level playing field with PAYE workers, reports Philip Smith

8 Mar 2017

Tax

Personal Tax

Tax Compliance

Tax Planning

Budget

Tax | Spring Budget 2017: road tax rates rise for vehicles registered before April 2017

As part of the spring Budget, Chancellor Philip Hammond is increasing Vehicle Excise Duty (VED) rates for cars, vans and motorcycles registered before April 2017 in line with Retail Prices Index (RPI), estimating to cost individuals no more than £5 extra in VED

8 Mar 2017

Tax

Personal Tax

HMRC

Tax Planning

Budget

Tax | Spring Budget 2017: corporation tax rate cut to 19%

In line with the government’s need to keep the UK as competitive as possible in the Brexit world, the Chancellor continued to cut the UK’s corporation tax rate bringing it down to 19% from 1 April

8 Mar 2017

Tax

Business Tax

International Tax

HMRC

Tax Compliance

Tax Planning

Budget

Tax | Spring Budget 2017: business rates consultation to take place

A consultation on reforming the business rates regime will take place, the Chancellor has confirmed in the Budget

8 Mar 2017

Tax

Business Tax

Consultations

Budget

Politics

Tax | Spring Budget 2017: dividend allowance cut to £2k

In a surprise move, the Chancellor has announced a cut in the dividend allowance from the current £5,000 to £2,000 from the new tax year in April 2018, reports Sara White

8 Mar 2017

Tax

Personal Tax

HMRC

Tax Compliance

Tax Planning

Budget

Tax | Spring Budget 2017: tax consultations planned for Spring 2017

The Treasury has also announced at least 10 different reviews into current tax policy including long-term capital finance, state pension age, tax compliance and risk at large businesses, and the penalties regime for Making Tax Digital

8 Mar 2017

Tax

Business Tax

Employment Tax

Personal Tax

Property Tax

HMRC

Tax Planning

Consultations

Budget

Tax | Spring Budget 2017: London granted more devolution

A memorandum of understanding has been agreed between the government, greater London Authority and London councils, which will explore options for business rates and the apprenticeship levy, as well as looking at local influence over careers and employment support services

8 Mar 2017

Tax

Business Tax

Budget

Politics

Business

Companies

Accountancy Firms

Tax | Spring Budget 2017: withholding tax on interest extended

The government plans to renew and extend the administrative simplifications of the Double Taxation Treaty Passport scheme to assist foreign lenders and UK borrowers and encourage inward investment

8 Mar 2017

Tax

International Tax

Tax Compliance

Budget

Tax | Spring Budget 2017: £740m invested in digital infrastructure

Chancellor Philip Hammond has announced plans to invest £740m in digital infrastructure by 2020 to build a 5G technology hub and support reliable broadband communications for businesses and individuals, as tax reporting moves online as part of Making Tax Digital

8 Mar 2017

Tax

Making Tax Digital

Technology

Budget

Tax | Spring Budget 2017: gig economy in Chancellor’s sights

The Chancellor may be waiting until the summer for the final report from Matthew Taylor, chief executive of the RSA, into the wider implications of different employment practices and the gig economy, but he used the Budget speech to set out the general direction

8 Mar 2017

Tax

Personal Tax

Tax Planning

Budget

Politics

Tax | Spring Budget 2017: increase of APD on long haul flights

The Air Passenger Duty (APD) rates for tax years 2018-19 have been announced in the spring Budget showing continued year-on-year increase for long-haul flights, reflecting a continuous increase in the tax level for far away destinations such as Asia and Australia

8 Mar 2017

Tax

Business Tax

Personal Tax

HMRC

Tax Planning

Budget

Tax | Spring Budget 2017: 20% VAT on roaming charges outside EU

The Chancellor has announced the introduction of UK VAT on roaming telecoms services used outside the EU for the first time, meaning that holiday makers and business travellers will see a 20% hike in call charges

8 Mar 2017

Tax

VAT

Budget

Careers

Tax | Spring Budget 2017: tax loopholes closed with effect 8 March 2017

The following five measures announced in the Budget 2017 by Chancellor Philip Hammond are effective immediately, with a particular focus on curbing tax avoidance activity

8 Mar 2017

Tax

Business Tax

Personal Tax

International Tax

HMRC

Law and Regulation

Budget

Politics

Tax | Spring Budget 2017: childcare benefits set to double to £5k

The Chancellor has confirmed that from September 2017, free childcare for three and four year olds will increase from 15 to 30 hours, worth up to £5,000 for each child

8 Mar 2017

Tax

Personal Tax

HMRC

Tax Compliance

Budget

Tax | Spring Budget 2017: 25% charge on pension transfers to QROPS

The government is to introduce a 25% charge on transfers to qualifying recognised overseas pension schemes (QROPS) as part of its measures against tax avoidance, it has been confirmed in the Budget 

8 Mar 2017

Tax

Personal Tax

HMRC

Tax Compliance

Budget

Business

Pensions

Tax | Spring Budget 2017: VAT registration threshold rises to £85k

From 1 April 2017 the VAT registration threshold will increase to £85,000 from £83,000 and the deregistration threshold will rise from £81,000 to £83,000, announced by Chancellor Philip Hammond as part of the spring Budget

8 Mar 2017

Tax

VAT

Tax Planning

Budget

Tax | Spring Budget 2017: promoters of tax avoidance schemes rules strengthened

Measures to ensure those marketing tax avoidance schemes cannot circumvent the Promoters of Tax Avoidance Schemes (POTAS) regime by re-organising their businesses have been introduced by the Chancellor

8 Mar 2017

Tax

Business Tax

Personal Tax

HMRC

Tax Compliance

Law and Regulation

Budget

Tax | Spring Budget 2017: personal allowance rises to £11.5k

Chancellor Philip Hammond has announced that the income tax personal allowance will rise for the seventh year in a row to £11,500 and the higher rate threshold will increase to £45,000, from April 2017

8 Mar 2017

Tax

Personal Tax

Budget

Business | Number of women in top business roles falls

A global survey released on International Women’s Day has found that the proportion of senior business roles held by women in the UK has fallen from 21% in 2016 to 19% in 2017, just a 1% increase compared to the first survey in 2004, according to Grant Thornton

8 Mar 2017

Business

Companies

Accountancy Firms

Careers

Finance | PwC in US court case over MF Global accounting advice

PwC’s US arm has gone on trial in New York over claims the firm was allegedly negligent in its accounting advice to derivatives broker MF Global Holdings, which went bankrupt in 2011 after suffering huge financial losses on European government debt

8 Mar 2017

Finance

Accounting Standards

Business

Companies

Accountancy Firms

Tax | HMRC updates fit and proper test for charity managers

HMRC has updated the 'fit and proper persons' declaration and guidance for managers of charities and Community Amateur Sports Clubs claiming tax relief to clarify that anyone involved in a disputed tax avoidance scheme could be caught by the rules

8 Mar 2017

Tax

Tax Compliance

Business

Charities

Business | Baldwins acquires £620k fee income in regional mergers

Baldwins Accountancy Group has added three more local practices to its group totalling £620,000 in fee income, as part of the firm’s national strategic expansion plans which have seen it more than double the number of offices across the country over the last 12 months, and team up with the CogitalGroup, set up by ex-Deloitte global chairman John Connolly

8 Mar 2017

Business

Companies

Accountancy Firms

Business | Administrators to pull down shutters on Budgens stores

Michael Denny, Robert Moran and Matthew Hammond of PwC, who were appointed in early February as joint administrators of Food Retailer Operations Ltd (FROL), which operates a number of Budgens high street stores, have now said all stores are to close with the loss of over 600 jobs

8 Mar 2017

Business

Companies

Accountancy Firms

Restructuring & Insolvency

Tax | Onshore tax evasion and avoidance: compliance and penalties - part 2

More tax is lost to onshore evasion or non-compliance than to offshore evasion and avoidance, and HMRC is armed with a raft of tools to curb the practice.  In the second of a two part series, Jason Collins, a member of the CIOT’s management of taxes sub-committee and partner at Pinsent Mason, reviews government strategy and changes to the rules

8 Mar 2017

Tax

Business Tax

Employment Tax

Personal Tax

Property Tax

VAT

HMRC

Tax Compliance

Tax Planning