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Image for digital services tax sets dangerous precedent says us

Tax | Digital services tax sets ‘dangerous precedent’ says US

The Chancellor’s plans to introduce a 2% digital services tax on large digital platforms, announced in the Budget, have come under fire in the US, with a strongly worded letter from the Chamber of Commerce to the US Treasury demanding the White House takes action to counter a ‘dangerous precedent’

31 Oct 2018

International Tax

Image for ifs critical sticking plaster budget

Tax | IFS critical of ‘sticking plaster’ Budget

The Institute for Fiscal Studies (IFS) is claiming the Chancellor’s Budget announcements on tax amounted to ‘sticking plasters’, and said he gave no indication of a plan for future tax policy or for the all but inevitable tax increases to pay for the UK’s ageing population

31 Oct 2018

Image for budget 2018 amendments diverted profit tax

Tax | Budget 2018: amendments to diverted profit tax

This week’s Budget included a measure making a number of amendments to the diverted profits tax (DTP) legislation designed to close tax planning opportunities and to make clear diverted profits will only be taxed under either corporation tax or DTP

31 Oct 2018

Law and Regulation

Image for budget 2018 aia and er business tax reliefs extended

Tax | Budget 2018: AIA and ER business tax reliefs extended

Targeting business growth, the Chancellor announced increases to business tax reliefs to stimulate investment and innovation in the Budget, with the annual investment allowance hiked and entrepreneurs' relief retained although the qualifying rules have been strengthened

30 Oct 2018

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Tax | Budget 2018: more treat than trick?

Stephen Relf FCA CTA, lead tax writer at Croner-i, takes a look at the key changes announced in Budget 2018, from reform of off-payroll working rules (IR35) in the private sector and business rate cuts to the freeze of the current £85,000 VAT registration threshold until 2022

30 Oct 2018

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Tax | Budget 2018: interest provisions for penalties extended to PAYE

The government has amended the interest provisions for late payment, repayment and penalties, bringing PAYE liabilities into the frame in Budget 2018

30 Oct 2018

Image for budget 2018 reform treatment intangible assets

Tax | Budget 2018: reform to treatment of intangible assets

Following a consultation carried out earlier this year, the government announced in the Budget that it intends to reform the corporate intangibles regime, including taxing property realised in low-tax regimes

30 Oct 2018

Law and Regulation

Image for budget 2018 extension offshore time limits

Tax | Budget 2018: extension of offshore time limits

The Chancellor has confirmed that the extension of offshore time limits as announced at Autumn Budget 2017 will form part of the legislation in Finance Bill 2018-19, with the new limit to be set to 12 years from next April

30 Oct 2018

Law and Regulation

Image for budget 2018 small trading exemptions charities increase

Tax | Budget 2018: small trading exemptions for charities to increase

From April 2019, the government is to introduce a series of measures to reduce cost and administrative burdens on charities in order to ensure that they are ‘able to maintain effective delivery of their charitable aims’

30 Oct 2018

Image for budget 2018 consultations trusts and rd tax relief pipeline

Tax | Budget 2018: consultations on trusts and R&D tax relief in pipeline

The government is to carry out a number of consultations into current tax and accounting policy, including R&D reliefs and the implementation of IFRS 17 Insurance Contracts, and has yet to determine a direction for the long-standing issue of taxation of trusts

30 Oct 2018

Law and Regulation

Image for consultation rules relief corporate capital losses

Tax | Consultation on rules for relief of corporate capital losses

HMRC has opened a consultation on plans to reform the rules for the relief of corporate capital losses from 1 April 2020, action which was announced in the Autumn Budget 2018

30 Oct 2018

Image for qa making tax digital vat and taxable turnover

Tax | Q&A: Making Tax Digital for VAT and taxable turnover

Hilary Budd, senior VAT consultant at Croner Taxwise, discusses the criteria for a limited company to be enrolled in Making Tax Digital (MTD) by explaining what is classed as taxable turnover

30 Oct 2018

Image for budget 2018 first year allowance electric charge points extended

Tax | Budget 2018: first-year allowance for electric charge-points extended

Chancellor Philip Hammond has extended the current 100% first-year allowance for costs incurred on installing electric charge-points until 2023 to further encourage the take up of electric vehicles

29 Oct 2018

Image for budget 2018 business rates smes slashed

Tax | Budget 2018: business rates for SMEs slashed

The Chancellor is to substantially cut business rates for small and medium-sized enterprises (SMEs), as part of a packet of measures designed to stave off criticism from business representatives and reduce the impact of decreasing footfall and rising costs on the high street

29 Oct 2018

Image for budget 2018 corporation tax rates remain unchanged

Tax | Budget 2018: corporation tax rates remain unchanged

The Chancellor has confirmed that the corporation tax rate will remain unchanged from the previous Budget, staying at 19% at present - the lowest of the G20 nations - and changing to 17% from 2020

29 Oct 2018

Image for budget 2018 measures tackling ps21bn tax avoidance

Tax | Budget 2018: measures tackling £2.1bn of tax avoidance

The Budget included the Chancellor’s announcements of a further clamp down on tax avoidance, evasion and unfair outcomes, which is designed to raise £2.1bn by 2023/24

29 Oct 2018

Law and Regulation

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