Business Tax

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Tax | R&D tax simplification risks damaging SME innovation

Recent government efforts to encourage greater research and development (R&D) effort via a simplification of the tax regime have come under fire as they will increase the admnistrative burden and create additional work for small companies and are unlikely to result in greater innovation

15 Dec 2015

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Tax | Changes to corporation tax payment dates to raise £4.4bn

The government is changing the instalment payment dates for corporation tax for ‘very large companies’ with annual taxable profits exceeding £20m from 2017 and has issued draft legislation for review

3 Dec 2015

Tax | AS2015: tax charge on close company loans to charities under review

Following an announcement in the autumn statement, HMRC has published a policy paper indicating the government’s intention to legislate so that a tax charge is not applied to loans or advances made by close companies to charity trustees for charitable purposes

26 Nov 2015

Tax | AS2015: tax break for culture as museums given exhibitions boost

Chancellor George Osborne has used today's autumn statement and spending review to emphasise government support for the arts, media and sport, and said that in order to encourage museums and galleries to develop creative new exhibitions and display their collections for a wide audience, the government will talk to the sector about possible tax reliefs for museums and galleries

25 Nov 2015

Tax | AS2015: local government devolution and regional enterprise zones

Chancellor George Osborne has outlined plans to devolve further powers to local authorities, including the ability to keep all the revenue raised by business rates as well as a number of new enterprise zones offering favourable tax reliefs for inward investment

25 Nov 2015

Tax | AS2015: diesel supplement to company car tax retained

In a blow for organisations running company car schemes, the Chancellor has delayed the removal of the diesel supplement in company car tax until 2021 despite his pledge to support the development and sale of ultra low emission vehicles

25 Nov 2015

Tax | AS2015: small business rate reduction extended

Chancellor George Osborne has announced that the small business rate relief (SBBR) will be extended for an additional year, in order to ‘support 600,000 of the country’s smallest businesses’

25 Nov 2015

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Tax | AS2015: tax avoidance and business top agenda

Wednesday sees the Chancellor deliver a combined autumn statement and spending review, following on from two Budgets earlier in the year, with predictions suggesting a focus on tax avoidance, pensions and business taxes, and warnings against making the tax system unnecessarily complex and hitting businesses too hard, reports Pat Sweet

23 Nov 2015

Tax | Northern Ireland corporation tax cut to 12.5% in 2018

The rate of corporation tax (CT) in Northern Ireland is to be cut to 12.5% as planned from the current UK rate of 20%, after the stalemate between the British and Northern Ireland executive over a range of political disagreements has been broken, but the new rate will now be introduced a year later than originally proposed

18 Nov 2015

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Tax | Tax essentials: five ways to cut your capital gains tax (CGT) bill

Whether you are selling all or part of your business, or disposing of assets like shares or property, it is possible to reduce your capital gains tax (CGT) bill with a little planning. Tax expert Carol Cheesman provides tips and advice on how to minimise your CGT liability

17 Nov 2015

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Tax | Half FTSE 350 pays corporation tax at less than 20%

Almost half of the largest quoted companies in the UK are paying less than the current effective rate of 20% in corporation tax as they take advantage of tax reliefs and legitimate tax planning

17 Nov 2015

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Tax | Patent Box review: how the nexus approach affects IP tax relief

The government’s overhaul of the Patent Box tax break for IP and inventions is a necessary fallout from the OECD BEPS project to address harmful tax practices – businesses must act quickly to avoid losing their tax reliefs, says Karen Davidson, legal director, tax at Pinsent Masons

17 Nov 2015

Tax | Social Investment Tax Relief (SITR) accreditation to be simplified

The government is consulting on changes to the Social Investment Tax Relief (SITR) accreditation process for companies set up to deliver a Social Impact Bond (SIB) contract, with the aim of simplifying tax compliance and stimulating greater investment in initiatives to tackle social problems

12 Nov 2015

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Tax | Goodwill amortisation: change to tax reporting requirements

Changes to corporate tax relief add a significant layer of complexity to goodwill and intangibles following the announcement in the Summer Budget which outlawed a long-accepted tax accounting practice. Peter Rayney considers how to mitigate the tax bill in light of the new rules

10 Nov 2015

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Tax | Tax updates: November 2015

For the latest tax cases and updates, this month we focus on the Carey ordinary residence case, appeal against penalty notices in PML, changes to travel and subsistence rules, plans for Irish patent box to give tax breaks for innovation and main object test over capital allowances in Lloyds Bank Leasing case

2 Nov 2015

International Tax

Tax | OTS seeks views on small company taxation

A review into small company taxation by the Office of Tax Simplification (OTS) is kicking off with a questionnaire asking for feedback from affected stakeholders and tax agents on a number of issues and questions it plans to use as the framework for the review

26 Oct 2015

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