Business Tax

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Tax | Windfarms win £48m capital allowances claim

The Court has ruled that studies and project management costs relating to offshore windfarms, which totalled £48m, were ‘partly qualified’ for capital allowances

21 Feb 2022

Tax

Business Tax

Case Reports

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Tax | The finer details of director’s loan accounts

Tax compliance is an important consideration when considering the use of director’s loans. Chris Wilkins FCCA, founder of Wilkins Southworth, considers the potential pitfalls

21 Feb 2022

Tax | £60k theatre tax relief claim rejected

A theatre company’s claim for theatre tax relief of £60,506 has been rejected because the admission for the show was part of the whole theme park experience and not just for the performance

17 Feb 2022

Tax

Business Tax

Case Reports

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Tax | Covid grants must be reported on company tax returns

HMRC is reminding accountants that coronavirus grants and payments to support businesses during the pandemic are taxable, and must be included on annual corporate tax returns

17 Feb 2022

Tax | Presenter Adrian Chiles wins £1.7m IR35 case

Five years since receiving a million pound tax bill, the tax tribunal has ruled in favour of presenter Adrian Chiles in a substantial IR35 case involving a £1.7m tax bill

16 Feb 2022

Tax | KPMG and Blue J launch AI tax tool

Big Four firm KPMG is partnering with Blue K to develop artificial intelligence (AI) tax analysis tools for the UK

16 Feb 2022

Tax | Business tax relief claims hits £93.7bn

The value of claims for business tax relief has hit a record £93.7bn annually which is up 5% from £89.3bn claimed the year before

15 Feb 2022

Tax

Business Tax

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Tax | Accountant loses £297k tax relief case

An accountant’s claim for input tax and VAT relief of £240,842.78 has been rejected as his luxury leisure complex was ruled not ‘business expenditure’

14 Feb 2022

Tax | Plans for two freeports for Scotland

A partnership agreement to establish two green freeports in Scotland has been reached between Scottish and UK ministers with plans to come online in 2023

14 Feb 2022

Tax

Business Tax

Tax Planning

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Tax | Probes into big businesses generated £8.6bn extra tax

HMRC’s investigations into the UK’s biggest businesses brought in an extra £8.6bn in tax last year, equivalent to £69 collected for every £1 spent

7 Feb 2022

Tax

Business Tax

HMRC

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Tax | CPD module: deduction of tax at source

This month's exclusive Accountancy Daily CPD module provides a refresher course for the rules and accounting practices for deducting income tax at source from payments

3 Feb 2022

Tax

Business Tax

Personal Tax

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Tax | Think your business can ignore the plastic packaging tax deadline?

The government’s new plastic packaging tax (PPT), intended to combat the use of single-use plastic and encourage greater reliance on recycled plastics, will come into force on 1 April 2022, explains Grace King, indirect tax manager at RSM

2 Feb 2022

Tax

Business Tax

Tax Compliance

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Tax | Foreign businesses responsible for third of underpaid tax

One third, 32%, of the £35.8bn of underpaid tax in 2020-21 was underpaid by large foreign businesses

1 Feb 2022

Tax

Business Tax

HMRC

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Tax | Last chance to apply for Welsh covid grants

The deadline for applications for the Economic Resilience Fund (ERF), the Welsh covid grant scheme, is fast approaching, warns accountants Kilsby Williams

27 Jan 2022

Tax | Corporation tax take up £11bn in December

Tax receipts have risen across the board with the latest figures showing that HMRC has collected £507.7bn between April and December 2021 which is £114.1bn more than the previous year, with corporation tax up significantly

25 Jan 2022

Tax | Voluntary sign ups for Making Tax Digital low

Total sign-ups for HMRC’s Making Tax Digital (MTD) for Income Tax pilot has decreased from 877 in the pilot’s first year to only 26 in the 2020-21 tax year which causes concern for accountants

24 Jan 2022

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Tax Services

Latest news

Tax | Windfarms win £48m capital allowances claim

Tax | The finer details of director’s loan accounts

Tax | £60k theatre tax relief claim rejected

Tax | Covid grants must be reported on company tax returns

Tax | Presenter Adrian Chiles wins £1.7m IR35 case

Tax | KPMG and Blue J launch AI tax tool

Tax | Business tax relief claims hits £93.7bn

Tax | Accountant loses £297k tax relief case

Tax | Plans for two freeports for Scotland

Tax | Probes into big businesses generated £8.6bn extra tax

Tax | CPD module: deduction of tax at source

Tax | Think your business can ignore the plastic packaging tax deadline?

Tax | Foreign businesses responsible for third of underpaid tax

Tax | Last chance to apply for Welsh covid grants

Tax | Corporation tax take up £11bn in December

Tax | Voluntary sign ups for Making Tax Digital low