Business Tax

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Tax | Budget 2024: windfall tax extended to 2029

Under pressure to show that the government is taking action on excessive oil and gas company profits, the Chancellor extended the energy profits levy for another year

7 Mar 2024

Tax | Budget 2024: £1bn tax reliefs for film and creative industries

A total of £1bn in tax relief has been designated over the next five years for the creative industries to support film, studios, TV and theatres

7 Mar 2024

Tax | Budget 2024: what tax benefits will FHL lose?

The abolition of the furnished holiday lettings (FHL) regime will mean that individuals operating FHL businesses will lose a number of key tax benefits

7 Mar 2024

Tax | Budget 2024: Chancellor puts an end to multiple dwellings relief

From 1 June 2024, multiple dwellings relief will be abolished as it was frequently abused and showed ‘no strong evidence’ of fulfilling its purpose

6 Mar 2024

Tax | Budget 2024: furnished holiday lettings tax break abolished

Short term and long term furnished holiday lettings will be treated the same as long term landlords for tax purposes from next year

6 Mar 2024

Tax | HMRC loses £807k tax dispute with online gambler

An online only gambling business argued that cashback payments should be treated as prizes after HMRC claimed it owed £807,284

27 Feb 2024

Tax | Tax take up £33bn due to stealth taxes

Total tax receipts reached £695.1bn for April 2023 to January 2024 exceeding the same period in 2022-23 by £33.6bn

21 Feb 2024

Tax | HMRC clarifies how to work out transition profit

HMRC has issued guidance on how to work out transition profit for the 2023 to 2024 tax year under basis period reform

20 Feb 2024

Tax | Treasury u-turns on double cab pickup tax

After just one week, the government has backtracked on plans to classify double cab pickup trucks as cars, which would have resulted in huge tax hikes

20 Feb 2024

Tax | Huge hike in tax for double cab pickups

For over two decades double cab pickup trucks have been classified as vans for company car tax purposes, but this is set to end this summer

15 Feb 2024

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Business Tax

HMRC

Image for tax breaks investors using vcts and eis

Tax | Tax breaks for investors using VCTs and EIS

Investing in young and typically unquoted companies offers a number of tax breaks for investors in venture capital trusts and the enterprise investment scheme, explains Doug Ryan, wealth management director at Mattioli Woods

15 Feb 2024

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Business Tax

Tax Planning

Image for hmrc loses ps37k vat case converted land rovers

Tax | HMRC loses £37k VAT case on converted Land Rovers

HMRC chased a company owner for additional output tax for two Land Rover Discovery cars which were bought for commercial use

14 Feb 2024

Tax | R&D tax relief: what’s changing in April?

Kelly Oakley CTA, associate director at ForrestBrown, unpacks the changes in the pipeline, flagging the complexities of the revamped and merged research and development (R&D) tax regime

8 Feb 2024