Business Tax

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Tax | Prime minister’s pledge on R&D tax breaks

Prime Minister Theresa May has indicated she favours introducing further research and development (R&D) tax breaks in a bid to make Britain the go-to place for innovators and investors

21 Nov 2016

Tax

Business Tax

Politics

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Tax | Advisers expect Hammond to scale back role of Autumn Statement

In a year of so much political and, to a lesser extent, economic upheaval, it is likely to be of great relief to practitioners that the signs are that Philip Hammond is to refrain from treating the Autumn Statement like a second Budget

21 Nov 2016

Tax | HMRC complaints at seven-year high

Complaints about HMRC have reached the highest level since the global financial crisis, according to analysis by Saffery Champness, which warns that the switch to making tax digital (MTD) risks prompting a further rise, with additional cost to the tax authorities

18 Nov 2016

Tax | Former Panamanian adviser calls for ‘zero tolerance’ on tax secrecy

Nobel Prize-winning economist Joseph Stiglitz has called for ‘zero tolerance’ on secret tax structures in an evidence session with the European Parliament’s Panama committee, set up to consider the issues around offshore tax havens following the leak of information from law firm Mossack Fonseca

17 Nov 2016

Tax | UK in top 10 for effective business tax systems

The UK has jumped five places to make it into the top 10 in the global ranking of effective business tax systems for the first time in over a decade, according to research by PwC and the World Bank Group

17 Nov 2016

Tax | HMRC amends rules to prevent double taxation over bank levies

HMRC has published a policy paper outlining amendments to provide double taxation relief in respect of the UK bank levy and contributions made to the EU single resolution fund, to avoid the UK’s largest banks being taxed twice

16 Nov 2016

Tax | Call for EU-wide beneficial ownership register

MEPs have faced calls for a European register of beneficial owners of companies, along with stronger action to counter money laundering, during a meeting of the European Parliament’s Panama Papers inquiry committee which was given details of initial findings from the data

16 Nov 2016

Tax | Hodge: Powers must be used to enforce tax transparency

Having been reluctant to do so, the government should be prepared to take advantage of little-used powers to ensure tax transparency overseas, says Margaret Hodge MP

15 Nov 2016

Tax | Chappell investigated over £500k BHS business taxes

HMRC has reportedly arrested Dominic Chappell, the businessman who bought high street retailer BHS for £1 last year, for failing to pay more than £500,000 in tax on profits made from the retail company

14 Nov 2016

Tax | Cherry: rushed introduction of Making Tax Digital damaging for business

As the government looks to press ahead with its Making Tax Digital (MTD) project, Mike Cherry, national chairman at the Federation of Small Businesses, outlines the major concerns of the UK’s small businesses, who will struggle to comply in such a short timeframe

14 Nov 2016

Tax | HMRC denies MTD means quarterly filing

HMRC has gone on the offensive to counter claims that its move to making tax digital (MTD) will increase the accounting costs and burden for large numbers of businesses, in the wake of sustained criticism from professional bodies and others about the proposals

11 Nov 2016

Tax | EU action to deter tax avoidance advice

The European Commission has launched a public consultation on whether there should be concerted EU action to tackle advisers and intermediaries, including accountants, who facilitate tax evasion and tax avoidance using aggressive tax planning schemes, in the light of information revealed in the Panama Papers

11 Nov 2016

Tax | Calls to increase MTD threshold to £83,000

The Association of Accounting Technicians (AAT) is calling on HMRC to opt for a phased introduction of Making Tax Digital (MTD) requirements, and make the threshold for mandatory participation much higher than planned, arguing that the current approach risks being too costly and burdensome for SMEs

10 Nov 2016

Tax | Trump tax plan proposes slashing US business tax rate

US businesses will be waiting to see whether newly-elected president Donald Trump goes ahead with the significant changes to the individual and corporate tax codes he outlined when on the campaign trail in the months leading up to the November election, which include slashing the business tax rate to encourage US companies to move profits back onshore

9 Nov 2016

Tax | Tax body calls for postponement of MTD to prepare businesses and software

Tax experts from the Low Incomes Tax Reform Group (LITRG) have voiced concerns over HMRC’s ambitious timescale for Making Tax Digital (MTD) reforms and call for them to be postponed to better prepare businesses and test out new software

9 Nov 2016

Tax | OTS seeks feedback on corporation tax simplifications

The Office of Tax Simplification (OTS) has published a progress report and call for evidence on proposals for simplifying corporation tax to ensure computations work for modern companies and is seeking feedback on the options

8 Nov 2016