Business Tax

Latest news

Tax | Call for simpler, lower North Sea taxation

Chancellor George Osborne has indicated that there are likely to be further tax concessions for North Sea oil and gas companies in a bid to avoid production and investment cutbacks in the face of rapidly falling crude oil prices

12 Jan 2015

Tax

Business Tax

Tax Planning

Image for northern ireland moves closer fully devolved corporation tax

Tax | Northern Ireland moves closer to fully devolved corporation tax

The government has published the Corporation Tax (Northern Ireland) Bill, which provides for the devolution of tax powers to the Assembly and should allow Northern Ireland to set its own rate of corporation tax from April 2017

8 Jan 2015

Tax | Tax Agent Online Self Serve set for limited beta release, says HMRC

Tax advisers have been told by HMRC that the Agent Online Self Serve (AOSS) service has passed the Government Digital Services (GDS) assessment, reaching the required standard on all 26 counts, which means that the tax authorities plan to move to a live service by 2016

7 Jan 2015

Tax | HMRC revises penalties for life insurance reporting issues

HMRC has updated the guidance on how penalties will be considered following HMRC audits and voluntary disclosure of failures in the reporting of chargeable events by insurers and friendly societies

7 Jan 2015

Tax

Business Tax

Tax Compliance

Image for entrepreneurs E2 80 99 relief er abolished business incorporations

Tax | Entrepreneurs’ relief (ER) abolished on business incorporations

It is fair to say that the removal of entrepreneurs’ relief (ER) on business incorporations was the ‘surprise’ rabbit out of the Chancellor, George Osborne’s hat in last month’s Autumn Statement, says Peter Rayney FCA, CTA

6 Jan 2015

Tax | Online HMRC tax account for businesses reaches 500k milestone

More than half a million businesses have signed up for an online tax account ’Your Tax Account’, offered through HMRC since a pilot roll out in May 2014

5 Jan 2015

Tax | HMRC calls for comment on Self Assessment open investigations

Following an announcement at Autumn Statement 2014, HMRC has issued a consultation on proposals to allow HMRC to refer matters to the tax tribunal in order to speed up the resolution time for certain enquiries into Self Assessment tax returns

24 Dec 2014

Tax | HMRC online resources for tax agents

HMRC has added to its library of webinars and e-learning modules for tax agents, and has added more support for taxpayers about working in the Construction Industry Scheme (CIS)

17 Dec 2014

Tax | Businesses must report loan hedging compensation in tax returns

HMRC is contacting businesses to update them on redress payments on the taxation of interest rate hedging products and warning them that payments must be reported in Q1 tax returns

17 Dec 2014

| Trebling in oil and gas company insolvencies

The number of insolvencies of UK oil and gas services companies has trebled over the last twelve months following a sharp drop in oil prices, according to Moore Stephens which says the tax breaks announced in the Autumn Statement may not be sufficient to curb the trend

16 Dec 2014

Business Tax

Business

Leadership & Management

Companies

Restructuring & Insolvency

Tax | Business ‘sceptical’ about BEPS profit shifting plans - GT

Ahead of a year end update from the OECD on its Base Erosion and Profit Shifting (BEPS) project, Grant Thornton (GT) is warning that many businesses are highly sceptical about its potential success and want more clarity about what is acceptable tax planning

15 Dec 2014

Tax | All Big Four implicated in Lux Leaks row

Deloitte, EY and KPMG have been dragged into the controversy surrounding the use by multinationals of subsidiaries in Luxembourg as a way of minimising corporation tax bills, following the release of further details from the so-called ‘Lux Leaks’ documents

11 Dec 2014

Tax | Scottish tax changes to stamp duty may not be ready in time

The Scottish government faces potential chaos next April when its first two devolved taxes come into force, as delays in hiring staff and procuring IT systems will make it difficult to manage the new tax powers effectively according to a report from Audit Scotland

11 Dec 2014

Tax | UK leads OECD countries in property taxes

Tax burdens and revenue collection in advanced economies are back at pre-financial crisis levels according to the OECD’s annual analysis, which also shows that the UK has one of the highest rates of property taxes

11 Dec 2014

Tax | Called to account: December 2014

Former X-Factor accountant jailed for £220k fraud, doctor prescribed jail for tax fraud, 21-month sentence for tax evader over £500k HMRC debt and lap dancing club accounts reveal no figures

11 Dec 2014

Tax | PAC grills PwC on role in 'industrial scale' tax avoidance

PwC was accused of ‘selling tax avoidance schemes on an industrial scale’ at a meeting of the Public Accounts Committee (PAC) convened to examine the so-called ‘Lux leaks’ as part of a follow-up on its inquiry last year into large accountancy firms and tax avoidance

9 Dec 2014