Business Tax

Latest news

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Tax | Q&A: post-cessation expenses for a company

In our regular Q&A series, Croner Taxwise, tax adviser, Marsha Haywood, explores whether a company can claim relief from corporate tax on expenses incurred after the company ceases to trade

8 Dec 2020

Tax | OECD tax revenues fall for the first time in a decade

Tax revenues fell across the OECD for the first time in ten years during 2019, with a much larger decrease expected in as Covid-19 drives down economic activity and consumption tax take

3 Dec 2020

Tax | Move to make HMRC preferential creditor ‘ill timed’

Accountancy firms are warning that the reintroduction of HMRC’s status as a preferential creditor at the beginning of this month could have a significant impact on businesses’ ability to obtain finance, and risks compromising the economy’s recovery from the current pandemic

3 Dec 2020

Tax | Tesco to pay back £585m Covid business rates relief

Tesco is to repay all of the £585m of business rates relief the company received in respect of the Covid-19 pandemic, saying it was ‘absolutely committed to doing the right thing’

2 Dec 2020

Tax | Total tax take for UK’s largest companies hits £84.1bn

The UK’s biggest companies paid £84.1bn in tax during the 2019/20 financial year, the largest amount for a decade, in the run-up to the start of the Covid-19 crisis, according to research by PwC for the 100 Group of finance directors

1 Dec 2020

Tax | Calculating capital gains tax losses - CPD module – NEW

This month's exclusive Accountancy Daily CPD module acts as a guide to the effective use of capital losses, covering what losses are allowable, their restrictions, tax efficiency and more

1 Dec 2020

Tax | VAT updates: November 2020

In this month’s round up of VAT cases, Graham Elliott considers genuine suppliers, MOSS submission failures, local authority sport centre supplies and charity building relief

1 Dec 2020

Tax | Q&A: post Brexit supplies of digital services (VAT MOSS)

In our regular Q&A series, Croner Taxwise, senior VAT consultant, Hilary Budd, explores how Brexit will affect digital service providers using VAT Mini One Stop Shop (VAT MOSS) to account for VAT on sales to EU consumers

1 Dec 2020

Tax | Spending review presages tax rises

The stark picture of an emerging ‘economic emergency’ painted by the Chancellor’s spending review has prompted predictions of significant tax rises in the year ahead, and potentially over the lifetime of this Parliament

26 Nov 2020

Tax | Spending review: ‘economic emergency’ sees GDP fall 11.3%

In his November spending review, Chancellor Rishi Sunak has emphasised the UK currently faces an ‘economic emergency’, and revealed the economy is set to contract by 11.3%, the largest fall in over 300 years

25 Nov 2020

Leadership & Management

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Tax | Q&A: Furnished Holiday Let tax benefits

In our regular Q&A series, Croner Taxwise, tax adviser, Patrick O'Brian covers the specific conditions that need to be met for a Furnished Holiday Let (FHL) to qualify for tax benefits

24 Nov 2020

Tax | HMRC urged to clarify festive fun tax reliefs

The Association of Taxation Technicians (ATT) is calling for urgent guidance from HMRC to avoid people enduring an unpleasant tax hangover because of their ‘virtual’ Christmas parties this year, as traditional face-to-face events are put on hold because of Covid

20 Nov 2020

Tax | SME R&D tax relief cap set at £20K plus employment costs

As part of its recent set of tax policy announcements, the government has confirmed changes to the R&D tax credit regime for SMEs designed to reduce fraud and abuse

20 Nov 2020

Tax | Local authorities step up legal action over unpaid business rates

Property consultancy Colliers note rise in legal actions against businesses struggling to pay rate bills, as over 183,000 businesses ask for a reassessment of their rates due to the pandemic

19 Nov 2020

Tax | Legislation to tackle construction industry scheme abuse

The government is introducing legislation making four changes to the Construction Industry Scheme (CIS) rules in a bid to tackle abuse and strengthen HMRC’s powers to act, which are set to impact contractors, of whom around 250,000 are registered for the CIS

19 Nov 2020

Tax | Compensation payments hit by retrospective VAT change

Following court rulings in the UK and Europe, payments made for the early termination of contracts are now liable to VAT, but HMRC is now looking back over past transactions, warns Irwin Mitchell’s Sarah Cardew

18 Nov 2020