Tax

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Image for parker farmers call rethink making tax digital

Tax | Parker: farmers call for rethink on Making Tax Digital

The farming community will be hard hit by the arbitrary mandation of quarterly reporting under HMRC's plans for Making Tax Digital due to roll out from April 2018. Michael Parker CTA, head of tax at the National Farmers Union (NFU) is critical of the inflexibility of the system and high compliance costs for farmers

13 Mar 2017

Making Tax Digital

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Tax | Le Jeune: a very modest Budget

A first stab at realigning national insurance rates may mark an eventual overhaul of the income tax system but the Chancellor offered scant pickings for business in his first and last spring Budget, says Caroline Le Jeune, partner at Blick Rothenberg

10 Mar 2017

Making Tax Digital

Image for class 4 nics rise be delayed says may

Tax | Class 4 NICs rise to be delayed, says May

Theresa May has moved to delay Philip Hammond’s controversial move to raise Class 4 national insurance contributions (NICs) until the autumn after MPs and stakeholders expressed concern over the measure

10 Mar 2017

Image for osborne earn ps650k working four days month

Tax | Osborne to earn £650k for working four days a month

Former Chancellor, George Osborne, is set to earn £650,000 a year from working only four days a month at global investment group, BlackRock, after updating his entry in the registry of MPs’ interests on Budget day

10 Mar 2017

Accountancy Firms

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Tax | HMRC research shows need to ‘sell’ Making Tax Digital

HMRC's Making Tax Digital research confirms that the project will not be an 'easy sell' with it facing backlash over the low threshold for quarterly reporting, despite the implementation date being pushed back to April 2019

10 Mar 2017

Making Tax Digital

Image for spring budget 2017 sugar levy rates set 18p and 24p litre

Tax | Spring Budget 2017: sugar levy rates set at 18p and 24p per litre

Chancellor Philip Hammond, in his spring Budget speech, announced the rates for the soft drinks industry levy, which is set to come into force from April 2018, setting them at 18p per litre for the main rate and 24p per litre for the higher rate

10 Mar 2017

Image for spring budget 2017 ifs supports nics self employed changes

Tax | Spring Budget 2017: IFS supports NICs self employed changes

The Institute for Fiscal Studies (IFS) has come out in favour of Philip Hammond’s plan to increase National Insurance contributions (NICs) for the self employed, as set out in Budget 2017, arguing that this is a first step to addressing long-standing distortions in the employment tax system

10 Mar 2017

Image for self employed backlash could scupper fairer national insurance system

Tax | Self employed backlash could scupper fairer national insurance system

In an attempt to make the tax system fairer and remove tax incentives for alternative forms of employment, Chancellor Philip Hammond has seemingly declared war on a group that ranges from taxi drivers and hairdressers through to independent consultants, contractors and accountants, reports Philip Smith

10 Mar 2017

Image for quarterly reporting threshold likely remain ps10k

Tax | Quarterly reporting threshold likely to remain £10k

The Treasury has indicated that it is unlikely to move on the £10,000 threshold for Making Tax Digital and quarterly reporting despite caving in to pressure and delaying the introduction by one year, reports Sara White

9 Mar 2017

Making Tax Digital

Image for spring budget 2017 tax avoidance enablers rules raise ps100m fines

Tax | Spring Budget 2017: tax avoidance enablers rules to raise £100m in fines

Fines against enablers of tax avoidance schemes are set to generate an extra £100m for the Exchequer, projections in the Budget show, reports Calum Fuller

9 Mar 2017

Image for spring budget 2017 taxation late life oil and gas assets out review

Tax | Spring Budget 2017: taxation for late-life oil and gas assets out for review

Chancellor Philip Hammond confirmed a number of simplifications in reporting for oil and gas companies and extensions to investment allowances in Budget 2017, as well as announcing a future consultation on the tax arrangement for the transfer of late-life assets, in a bid to support recovery in the sector

9 Mar 2017

Image for herring national insurance rise should be part proper tax review

Tax | Herring: national insurance rise should be part of proper tax review

The government should outline its broader policy on National Insurance lest politics stymies the development of a fairer, more coherent regime says Institute of Directors' head of taxation Stephen Herring

9 Mar 2017

Image for spring budget 2017 disclosure gateway fulfilment houses

Tax | Spring Budget 2017: disclosure gateway for fulfilment houses

The draft legislation for the fulfilment house due diligence scheme (FHDDS) has been revised to provide a disclosure gateway, permitting HMRC to disclose taxpayer’s information to fulfilment houses, as announced in the spring Budget

9 Mar 2017

Image for spring budget 2017 interest deductibility rules finalised

Tax | Spring Budget 2017: interest deductibility rules finalised

The government has released long-awaited clarification on the rules on restrictions of interest deductibility, which are due to come into force from 1 April 2017 and are likely to affect nearly 4,000 businesses, particularly multinationals

9 Mar 2017

International Tax

Law and Regulation

Image for spring budget 2017 loss relief reform rules updated

Tax | Spring Budget 2017: loss relief reform rules updated

Budget 2017 included some changes to planned reforms to the rules governing corporate losses carried forward from earlier periods, which are now expected to bring in an additional £495m in tax this year

9 Mar 2017

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Tax | Spring Budget 2017: provisions made in Patent Box for collaborative R&D

Following consultation, provisions are to be made in the Patent Box regime to allow for cases where research and development (R&D) is undertaken collaboratively between two or more companies in a cost sharing arrangement

9 Mar 2017

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