Business Tax

Latest news

Image for fishery not eligible ps800k business relief

Tax | Fishery not eligible for £800k business relief

The executors of the business attempted to claim business relief for inheritance tax reasons but were denied as it was considered ‘a business of holding investments’

25 Sep 2024

Tax | Shein accused of tax dodging by Superdry boss

Superdry boss Julian Dunkerton has accused the budget online retailer Shein of being allowed to ‘dodge tax’ in an unfair way

25 Sep 2024

Tax | How can incentives for capital investment better support SMEs?

Partner at RSM, James Tetley, asks how SMEs can be supported by the capital investment sought out by the Chancellor

24 Sep 2024

Tax | Cyprus fails to tackle aggressive tax avoidance

The European Commission has called out Cyprus over a failure to clamp down on the use of aggressive tax avoidance and plans to withhold vital EU funding

18 Sep 2024

Tax | HMRC updates pay by bank transfer details

HMRC has updated the payment details used to pay by bank transfer affecting all business users

16 Sep 2024

Tax | Scotch whisky exports down 18% as tax hike bites

Whisky exports have fallen by £463m in the first half of 2023 after double digit tax increases last August

13 Sep 2024

Tax

Business Tax

Image for dry cleaner appeals against ps575k tax demand

Tax | Dry cleaner appeals against £575k tax demand

London-based dry cleaners appealed against corporation tax, VAT and penalties at the First Tier Tribunal but the appellant was ‘not sure’ if they had appealed in time

12 Sep 2024

Tax | HMRC fails to crack down on £4.5bn SME tax avoidance

Up to £5.5bn is estimated have been lost through tax evasion with 81% being down to small businesses avoiding and evading tax with takeaways, small retailers and candy shops the worst, NAO report finds

9 Sep 2024

HR | National living wage likely to rise by 5.7%

Move to increase 18-20 year old rate of national minimum wage will begin from 2025 but will not be instant

6 Sep 2024

Leadership & Management

Tax | Tax breaks for start-ups extended to 2035

The Treasury has confirmed the extension of the Enterprise Investment Scheme (EIS) and Venture Capital Trust (VCT) tax reliefs to April 2035

6 Sep 2024

Tax | HMRC advisory fuel rates for company car users from 1 September 2024

HMRC has cut advisory fuel rates for company users of petrol and diesel cars, as well as electric vehicles

3 Sep 2024

Tax | Business leaders worry about risk of higher taxes

Labour has vocalised its ambition to restore growth but company directors’ confidence levels have fallen to negative levels since they were elected

2 Sep 2024

Tax | Record £2.2bn paid out in film and TV tax breaks

2023 saw the most amount paid out in creatives tax relief ever with an increase of £600m from the previous year

30 Aug 2024

Tax

Business Tax

HMRC

Image for getting grips five different rd tax relief schemes

Tax | Getting to grips with five different R&D tax relief schemes

The recent overhaul of R&D tax relief schemes has done little to simplify the rules as users now have to grapple with no less than five schemes. Richard Edwards, CEO of R&D Community, explains the key differences

28 Aug 2024

Tax | The end of business asset disposal relief: the ‘UK’s worst tax break’?

When entrepreneurs’ relief was rebranded in 2020 as business asset disposal relief, it was pretty clear what some in the Treasury thought of it, says Chris Etherington, partner at RSM

28 Aug 2024

Tax

Business Tax

Tax Planning

Image for hair extensions are not zero rated vat

Tax | Hair extensions are not zero-rated for VAT

A hair extension and wig company which had contracts with the NHS disputed a £277k VAT bill as they claimed the service should be VAT exempt due to medical purposes

27 Aug 2024