Business Tax

Latest news

Image for cairn energy 12bn indian tax win

Tax | Cairn Energy in $1.2bn Indian tax win

FTSE 250 oil and gas explorer Cairn Energy has won a long running corporate tax dispute with the Indian government, which has been ordered to pay the company damages of $1.2bn plus interest and costs

23 Dec 2020

Tax | Making Tax Digital: what's the long-term plan for corporation tax?

The ambitious plan to make UK tax fully digital for reporting purposes may have been delayed by the pandemic, but HMRC is still prioritising MTD for income tax and corporation tax. Croner-i tax writer Meg Wilson takes stock

22 Dec 2020

Tax | Q&A: VAT implications of the Northern Ireland protocol

In our regular Q&A series, Croner Taxwise, VAT advice consultant, Sally Atkins, clarifies the post-Brexit VAT rules for clients based in Northern Ireland who both supply goods to and buy from mainland UK and the Republic of Ireland

22 Dec 2020

Tax | Proposals to widen HMRC’s information gathering powers ‘flawed’

Plans to increase HMRC’s civil information powers have been sharply criticised as ‘flawed’ in a House of Lords report, which also calls for tougher action on a ‘hardcore’ of tax avoidance promotors

21 Dec 2020

Tax | Budget date set: 3 March 2021

Chancellor Rishi Sunak has revealed the next UK Budget will be held on Wednesday, 3 March 2021

18 Dec 2020

Tax | Chancellor extends furlough to end April 2021

In a move to support businesses, the Chancellor has announced that the current furlough scheme will be extended to 30 April while covid business loans will now be available until the end of March

17 Dec 2020

Tax | HMRC advisory fuel rates for company car users from 1 December

HMRC has published the latest advisory fuel rates (AFR) for company car users, effective from 1 December 2020, cutting mileage rates for 1400-2000cc petrol vehicles by 1p per mile

17 Dec 2020

Tax | Don’t get caught by tax on virtual Christmas parties

With the festive season upon us, the annual company Christmas party will look very different, but will the tax implications be the same? SJD Accountancy’s Joanne Harris unwraps HMRC’s approach to staff celebrations and gifts

17 Dec 2020

Tax | Bounce Bank Loan Scheme risks up to £26bn of fraud

UK taxpayers stand to foot a bill of £26bn to cover potential losses from loans made via the bounce back loan scheme (BBLS), which was rushed out too quickly and with insufficient checks, the Public Accounts Committee (PAC) is warning

16 Dec 2020

Tax | Record 3,126 businesses liquidated to reduce CGT

A flood of businesses are voluntarily closing down due to the economic uncertainty around covid-19 and fears over a possible increase in capital gains tax (CGT), according to analysis by Price Bailey

16 Dec 2020

Restructuring & Insolvency

Image for tax updates 2020 part 2 business

Tax | Tax updates 2020 part 2: business

In a round-up of the major business tax stories of the year, we look at non-coronavirus tax news, including SME R&D tax relief cap, IR35 reporting delay, Making Tax Digital (MTD) timetable for corporation tax, carbon emissions review and digital services tax

16 Dec 2020

Tax | HMRC penalty payments increase by 62%

HMRC penalties for taxpayers’ compliance failings are on the rise once more, following a sharp drop at the start of lockdown, according to research by UHY Hacker Young

15 Dec 2020

Tax | £13.8bn at risk in FTSE 100 tax disputes

FTSE 100 companies face having to pay out £13.8bn as a result of tax disputes with tax authorities globally, according to research by Thomson Reuters

14 Dec 2020

Tax | Government lays out post-Brexit NI VAT and duty details

The government has introduced legislation to Parliament providing clarity for how customs, VAT, and excise duty will be dealt with in Northern Ireland after the end of the Brexit transition period

9 Dec 2020

Tax | HMRC eases deadlines for non-EU VAT refund claims

HMRC has published details of the actions it is taking to enable overseas (not established in the EU) businesses to claim VAT refunds in cases where the necessary paperwork has been delayed because of Covid-19 restrictions

9 Dec 2020

Tax | CGT: don’t hit entrepreneurs with tax rate hike

The OTS capital gains tax reveals where there can be an arbitrage between CGT and income taxes, but the government should think carefully before introducing measures which significantly hurt the entrepreneur, argues Gary Ashford, tax partner at Harbottle and Lewis

9 Dec 2020