Business Tax

Latest news

Image for billionaires should pay minimum 2 wealth tax

Tax | Billionaires should pay minimum 2% wealth tax

Offshore tax evasion by wealthy individuals is down by a third in the last decade as tax authorities share bank account information, but they pay less than 1% of their wealth on tax

23 Oct 2023

Tax | Inheritance tax receipts up 17%

The inheritance tax take has hit £7.5bn a year, up 17% from the last 12-month period and 50% over five years, while corporation tax receipts were up significantly due to 25% rate

20 Oct 2023

Tax | HMRC clarifies availability of overlap relief calculation

Overlap relief information for basis period accounting can only be provided if the business' profit and loss figures are recorded in HMRC systems

17 Oct 2023

Tax | Collapsed building firm boss owed HMRC £145k in tax

A director of a building firm has failed to pay a tax bill of £145,000 after the business went bust seven years after he received a director disqualification for failing to pay HMRC

16 Oct 2023

Tax

Business Tax

HMRC

Image for luton airport car park constructor faced tax demand

Tax | Luton Airport car park constructor faced tax demand

The construction firm behind the car park at Luton Airport, Buckingham Group Contracting, went bust in September owing HMRC a significant amount of tax

13 Oct 2023

Tax

Business Tax

Employment Tax

Image for microsoft disputes us tax bill 289bn

Tax | Microsoft disputes US tax bill for $28.9bn

The US Internal Revenue Service has sent IT giant Microsoft a bill for $28.9bn in back taxes related to the use of transfer pricing to lower tax over a nine-year period

12 Oct 2023

Tax

Business Tax

Image for qa corporation tax and associated companies

Tax | Q&A: corporation tax and associated companies

In this week’s Q&A, Croner-i tax advisers consider new corporation tax rules introduced in April 2023 when reporting for associated companies

10 Oct 2023

Tax | Businesses call for one Budget not two fiscal events

Manufacturers are calling on the Chancellor to reform the UK’s business taxes and create one annual fiscal event, rather than the current Budget and Autumn Statement

9 Oct 2023

Tax

Business Tax

Tax Planning

Image for hmrc owed ps238m after law firm collapse

Tax | HMRC owed £2.38m after law firm collapse

Conveyancing law firm Alexander Grace Law went bust in June following a winding up petition from HMRC due to a £2.38m unpaid tax bill and further debts of £4.3m

9 Oct 2023

Tax | Q&A: tax on charitable donations for companies

In this week’s Q&A, Ria Dhillon, apprentice tax advisor at Croner-I, explains the tax implications of charitable donations made in an EU member state

3 Oct 2023

Tax

Business Tax

Tax Compliance

Image for high tax burden sees government raise extra ps100bn

Tax | High tax burden sees government raise extra £100bn

The government will raise upwards of £100bn more in tax revenues next year, equivalent to around £3,500 more per household

29 Sep 2023

Tax | R&D tax relief claims hit record £7.6bn

The amount of research and development tax reliefs claimed in the last 12 months shot up by 11% to £7.6bn, despite a quarter of SME claims estimated to be fraudulent

28 Sep 2023

Tax

Business Tax

HMRC

Tax | Collapsed Wilko owed HMRC £25m

High street retailer Wilko had an outstanding tax bill totalling £25.75m when it went into administration in August

27 Sep 2023

Tax | Corporation tax take up 26% to record £84.7bn

HMRC has reported a massive hike in corporation tax receipts for 2022-23, rising by £17.3bn to £84.7bn

22 Sep 2023

Tax

Business Tax

Tax Compliance

Tax | HMRC fines tax evaders £13.4m

A management consultancy, construction company and golf club have been fined over £13m for tax evasion, after deliberately failing to pay £20.3m in tax

22 Sep 2023

Tax | Tax take up nearly £20bn this year

HMRC collected a total of £60.7bn in tax in August 2023, marking a £19.8bn hike on last year’s six-month performance, with inheritance tax continuing to fill Treasury coffers

21 Sep 2023