Tax

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Tax | AS2016: Social Investment Tax Relief (SITR) increased to £1.5m cap

From 6 April 2017, the cap on the investment limit for investors in social enterprises will rise to £1.5m for organisation up to seven years old using social investment tax relief (SITR)

24 Nov 2016

Tax | Scotland sets draft Budget release for mid December

The Scottish government is set to deliver its draft Budget on 15 December, providing the first chance to see whether the devolved government will take advantage of its fully devolved income tax setting powers for individual taxpayers

24 Nov 2016

Tax | AS2016: reformed off-payroll working plans to come in from April 2017

Chancellor Philip Hammond has said the government is to go ahead with plans to reform the off-payroll working rules in the public sector from April 2017 by moving responsibility for operating them, and paying the correct tax, to the body paying the worker’s company, in a bid to tackle high level of non-compliance with the current regulations

24 Nov 2016

Tax | AS 2016: Class 2 NICs replaced by Class 3 and 4 by April 2018

The Autumn Statement included a number of changes to the national insurance contributions (NICs) regime, as Chancellor Philip Hammond acknowledged the work of the Office of Tax Simplification (OTS) to encourage greater alignment between NICs and income tax

24 Nov 2016

Tax | AS2016: government to legislate for ‘greater certainty’ in HMRC enquiries

The government will legislate to provide HMRC and taxpayers earlier certainty on individual matters in large, high risk and complex tax enquiries, it was confirmed in the Autumn Statement

24 Nov 2016

Tax | AS2016: disguised remuneration scheme extended to self-employed

Chancellor Philip Hammond has announced the government intends to extend measures to tackle use of disguised remuneration schemes by employers and employees, brought in following Budget 2016, to cover the self-employed

24 Nov 2016

Tax | AS2016: flat rate VAT for limited cost traders rises to 16.5%

The VAT flat rate scheme (FRS) for limited cost businesses is set to increase to 16.5% from the current rate of 14.5%, effective from 1 April 2017 based on defined criteria for a limited cost trader

24 Nov 2016

Tax | AS2016: OTS to review VAT threshold

Following the Autumn Statement, the Office of Tax Simplification (OTS) is to carry out a review into the VAT system, looking at options to make VAT accounting simpler for SMEs, the flat rate scheme and the registration threshold

24 Nov 2016

Tax | AS 2016: key tax measures and expert commentary

The last Autumn Statement signalled a fairly light approach to significant tax changes which will be a welcome respite for tax advisers and businesses. Here our team of expert Wolters Kluwer tax writers run through the tax implications of key measures

24 Nov 2016

Tax | AS2016: insurance premium tax increases to 12%

Individuals and business have been hit by a further rise in the insurance premium tax (IPT) to 12% from 2017, effectively doubling the rate in two years

24 Nov 2016

Leadership & Management

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Tax | AS2016: tax deductibility of corporate interest expense to proceed

The government has confirmed in the Autumn Statement it is to press ahead with the introduction of restrictions to interest deductibility for corporates

24 Nov 2016

Tax | Herring: end of Autumn Statement signals tax change for business

The abolition of the Autumn Statement and shift of the Budget to the third quarter of the year will reduce churn in the tax code, says the Institute of Directors' head of taxation Stephen Herring

24 Nov 2016

Tax | AS2016: insurance linked securities tax framework under review

The Chancellor has announced the Treasury is consulting on a new regulatory and tax framework for the insurance linked securities (ILS) business to increase UK competitiveness in the global reinsurance business

24 Nov 2016

Tax | FRS 102: current and deferred tax reporting – tips and advice

In part eight of our exclusive new UK GAAP series, Helen Lloyd FCA reviews FRS 102 and tax focusing on Section 29 Income Tax, covering the accounting for current and deferred tax using language and principles which will be familiar to UK GAAP preparers, but with modifications to the detail

24 Nov 2016

Tax | AS2016: permanent non dom status removed from April 2017

The changes to non dom status set out in earlier Budgets will go ahead from April as planned despite a last-minute consultation which could have given some respite to the UK’s community of non domiciled individuals

23 Nov 2016

Tax | AS2016: Patent Box rules for cost sharing revised

The government will legislate in Finance Bill 2017 to add specific provisions to the Patent Box rules covering cases where research and development (R&D) is undertaken collaboratively by two or more companies under a ‘cost sharing arrangement’

23 Nov 2016