Business &amp; Accountancy Daily

Business Tax

Tax | Budget 2020: measures to help business fight coronavirus

In the first Budget since October 2018, new Chancellor Rishi Sunak has set out a comprehensive set of measures to support business and households through the coronavirus crisis with business rate relief, time to pay tax deferrals and underwriting the cost of statutory sick pay for smaller businesses, reports Sara White

11 Mar 2020

Tax | Budget 2020: fuel tax accelerator remains in hibernation

The Chancellor confirmed at Budget 2020 that the fuel price accelerator will not be used and fuel tax will not be hiked, maintaining a 10-year freeze

11 Mar 2020

Tax | Budget 2020: motorhome road tax aligned with vans

A major shakeup of vehicle excise duty rates for motorhomes will see a hike in road tax rates which will take immediate effect, reports Zak Jakubowski

11 Mar 2020

Tax | Budget 2020: corporation tax rate kept at 19%

There will be no changes to the corporation tax rate of 19% with the Red Book confirming the current figure for 2020/21, reports Sara White

11 Mar 2020

Business Tax

Tax | Budget 2020: pensions tapered annual allowance raised

Chancellor Rishi Sunak has used the Budget to take action on concerns raised about the impact of the pension tax regime on senior NHS medical staff, announcing plans to significantly reduce the number affected by the tapered annual allowance, which is to increase by £90,000

11 Mar 2020

Tax | Budget 2020: coronavirus business interruption loan scheme

Among a package of Budget measures to counteract the potential impact of coronavirus on business activity, Chancellor Rishi Sunak announced the launch a new, temporary coronavirus business interruption loan scheme, reports Pat Sweet

11 Mar 2020

Tax | Budget 2020: HMRC to be preferred creditor in insolvency

Government plans to make HMRC a preferred creditor in any business insolvency have been confirmed, with the change now set to be introduced on 1 December rather than 6 April as originally announced

11 Mar 2020

Tax | Budget 2020: private pleasure crafts must use white diesel

The Chancellor has announced that privately owned boats and yachts will have to use white diesel instead of the cheaper red diesel in their tanks to curb pollution

11 Mar 2020

Tax | Budget 2020: R&D expenditure credit increased to 13%

The Budget sets out plans to raise the rate of research & development expenditure credit (RDEC) for large businesses with a 1% increase in the claimable rate

11 Mar 2020

Tax | Budget 2020: digital services tax will go ahead

Plans for a digital services tax to hit the largest IT digital giants will go ahead from 1 April

11 Mar 2020

Tax | Budget 2020: major business rates review

The Budget saw the Chancellor announce the launch of a fundamental review of business rates, due to report in the autumn, as he also revealed a number of short-term initiatives designed to mitigate the impact of coronavirus

11 Mar 2020

Tax | Budget 2020: personal allowance unchanged

The personal allowance remains at £12,500 for both this tax year and 2020/21 and was left unchanged in the Budget, reports Pat Sweet

11 Mar 2020

Tax | Budget 2020: non-UK resident SDLT surcharge introduced

At Budget 2020 Chancellor Rishi Sunak announced a non-UK resident stamp duty land tax (SDLT) surcharge, with the money raised to be used to help address rough sleeping, reports Pat Sweet

11 Mar 2020

Tax | Budget 2020: structures and buildings allowance rate increased

In a Budget focused on supporting businesses through the current coronavirus crisis, the Chancellor announced a 1% increase in capital allowances under the structures and buildings allowance

11 Mar 2020

Tax | Budget 2020: Chancellor confirms second autumn Budget

During his first Budget speech, the Chancellor Rishi Sunak confirmed that there would be a second Budget this autumn

11 Mar 2020

Politics

Tax | Budget 2020: plastic packaging tax outlined

The Chancellor provided updated details of the proposed plastic packaging tax in the Budget, which have been amended in response to an earlier consultation and will now be subject to a further review

11 Mar 2020

Tax | Budget 2020: zero-emission cars exempt from VED

As an incentive to reduce carbon emissions the Chancellor has announced that zero-emission cars registered from 1 April 2017 with a £40k price tag will be exempt from road tax, but road tax will increase for other vehicles, reports Zak Jakubowski

11 Mar 2020

Tax | Budget 2020: post-Brexit duty-free limits up for review

The government plans to consult on the duty-free limits of alcohol and cigarettes available to airline and ship passengers in a post-Brexit world

11 Mar 2020

Tax | Budget 2020: green tax break for whisky industry

In today’s Budget Chancellor Rishi Sunak said the government is expanding its support for the whisky industry by freezing spirits duty for this year and providing funding for the distillery industry to ‘go green’

11 Mar 2020

Tax | Budget 2020: HMRC coronavirus helpline set up

HMRC has a set up a dedicated phone helpline to support businesses and self-employed people concerned about not being able to pay their tax due to covid-19

11 Mar 2020

Tax | Budget 2020: short haul air passenger duty frozen

Long haul rates of air passenger duty (APD) will increase in line with retail price index (RPI), as short haul rates are frozen pending a review of departure taxes

11 Mar 2020

Tax | Budget 2020: VAT on digital publications abolished

Chancellor Rishi Sunak has used his first Budget to announce the abolition of what he called ‘the reading tax’, stating that there would be no VAT charged on books, magazines or journals regardless of format from 1 December

11 Mar 2020

Tax | Budget 2020: £500m for rapid car charging hubs

Chancellor Rishi Sunak is planning a £1bn investment in green transport including new rapid car charging hubs which will ensure cars are never more than 30 miles away from a charging hub, reports Zak Jakubowski

11 Mar 2020

Tax | Budget 2020: NIC threshold cut confirmed

Chancellor Rishi Sunak confirmed the planned increase in the national insurance contribution (NIC) threshold, which will go up from £8,632 to £9,500 from April, reports Pat Sweet

11 Mar 2020

Tax | Budget 2020: statutory sick pay relief

Chancellor Rishi Sunak identified the government’s response to coronavirus as the ‘key but not the only’ challenge in his first Budget, with opened with a series of ‘temporary, timely and targeted’ measures for individuals who fall ill

11 Mar 2020

Image for lookers postpones results over potential fraud

Finance | Lookers postpones results over ‘potential fraud’

National car dealership Lookers has postponed the publication of its 2019 results after identifying potentially fraudulent transactions in one of its operating divisions

11 Mar 2020

Finance

Financial Reporting

Corporate Governance

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Tax | Bank of England cuts base rate to 0.25%

The Bank of England has cut base rate to 0.25% and announced a package of measures to support businesses to deal with the economic shock from Covid-19

11 Mar 2020

Business | Coronavirus toolkit: FAQs for employers

For the latest information and advice for employers on how to deal with the latest covid-19 strain of coronavirus, find step-by-step guidance in the Croner-i coronavirus toolkit

11 Mar 2020

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Tax | Is HMRC getting the upper hand over taxpayers in IR35 cases?

Mark Cawthron LLB CTA examines a series of recent case decisions from celebrity TV presenters to IT contractors to understand the reasoning behind the rulings on use of personal service companies, and HMRC’s one in three success rate

11 Mar 2020

10 Mar 2020

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Tax | eBay rejects UK plan for digital services tax

Global online marketplace eBay is calling for an international approach to digital taxation rather than countries adopting unilateral policies like the UK digital services tax

10 Mar 2020

Finance | Coronavirus: what internal auditors need to know

At times of crisis internal auditors play a vital role advising on reputational risk and crisis management, explains Richard Chambers, president and CEO, Chartered Institute of Internal Auditors

10 Mar 2020

Business | Quantuma in Scottish merger with WRI Associates

Business advisory firm Quantuma has completed a merger with Glasgow based independent insolvency provider WRI Associates in its first move into Scotland

10 Mar 2020

Careers

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Tax | IT contractor loses £75k IR35 appeal

HMRC has won a First Tier Tribunal (FTT) against an IT contractor who contested almost £75,000 in taxes and national insurance contributions (NICs) due under off-payroll rules

10 Mar 2020

Finance | FCA focuses on climate change disclosures

The Financial Conduct Authority (FCA) is consulting on climate-related disclosure requirements for premium listed issuers

10 Mar 2020

Business | EY completes British Steel sale to Jingye

The Official Receiver and special managers from EY have sold some of the business and assets of British Steel to Chinese steel giant Jingye Steel

10 Mar 2020

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Tax | Q&A: tax and pension drawdown after spouse's death

In our regular Q&A series from Croner Taxwise, tax consultant, David Woolley explains the inheritance tax and income tax considerations when claiming a deceased spouse's pension

10 Mar 2020

9 Mar 2020

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Business | Contractors could go to tribunal over IR35

If employers deny contractors full employment rights, but still decide to tax them as employees, they could have a legal argument at an employment tribunal

9 Mar 2020

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HR | PwC pays $11m over age discrimination challenge

PwC has made a $11m (£8m) settlement to end a US lawsuit relating to claims the firm discriminated against older workers, and has agreed to a number of changes in its recruitment policies

9 Mar 2020

Careers

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Tax | Sunak Budget overshadowed by coronavirus

The Chancellor is set to deliver the UK’s first Budget since 2018 on Wednesday with entrepreneurs' relief likely to be slashed and talk of rises in second home stamp duty, all against a backdrop of cashflow worries for businesses over impact of covid-19

9 Mar 2020

Business | Specialist property company collapses

Manchester fit-out contractor Styles & Wood, which was forced to resign last year from a contract to refurbish HMRC offices in Liverpool, has gone into administration

9 Mar 2020

Restructuring & Insolvency

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Business | Director fined over non-delivery of pensions information

A company director being investigated by The Pensions Regulator (TPR) has been fined £10,000 and ordered to pay £2,800 costs for failing to hand over information and documents, while claiming he was busy qualifying for a sailing competition

9 Mar 2020

Called to Account

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Business | UK regulator fines Cathay Pacific £500k for data breaches

Cathay Pacific Airways Ltd has been fined £500,000 by the Information Commissioner’s Office (ICO) for failing to protect the security of its customers’ personal data, including over 100,000 UK-based individuals

9 Mar 2020