Corporation tax receipts from the UK’s biggest companies rose by 33% in the past year to £6.39bn while employers' national insurance contributions (NICs) were the largest tax burden estimated at £25.7bn, according to research by PwC with the 100 Group, which includes most of the FTSE 100 along with some of the largest private firms
Despite high levels of awareness of entrepreneurs’ relief, the tax advantage is not the main motivating factor when taxpayers are making decisions about investing or disposing of assets despite capital gains tax (CGT) advantages
The 5p carrier bag charge on large retailers in England, introduced in 2015, has so far raised £95m for good causes, according to information supplied by the Treasury in response to a freedom of information request
The requirement to notify HMRC if a client is engaged in offshore tax structures carries a reputational risk and could have implications for entirely legitimate structures, a summary of consultation responses reveals
As part of its Making Tax Digital initiative, HMRC is consulting on ways to simplify the range of penalties, sanctions and rates of interest across the main taxes, income tax self assessment, corporation tax and VAT
HMRC has revised down sharply its estimate of the transitional cost to business of implementing its flagship Making Tax Digital programme to £109 rather than £280 as originally forecast, following the decision to limit the number of businesses required to switch to digital updates and confining the first implementation to VAT reporting only
Due to changes to international accounting standards on lease accounting under the forthcoming IFRS 16 Leases, HMRC has issued a consultation on proposed changes to the tax code to ensure the tax treatment of leases reflects lease accounting rules post 2019
The Finance Bill 2017-18 will contain a number of specific reforms to the taxation of employee expenses, but will stop short of a major overhaul of the current rules, after responses to a consultation earlier this year indicated that they are generally fit for purpose
As part of a review of property tax reliefs, the Treasury has released a consultation on the future of rent a room relief for individual landlords and online room booking services, which could see an overhaul of the current rules, which were introduced 25 years ago pre-internet
The OECD’s inclusive framework has released additional guidance designed to provide certainty to tax administrations and multinationals on the implementation of country-by-country reporting (CBCR) in several specific areas, as part of action 13 in its base erosion and profit shifting (BEPS) project
Jackie Hall ACA CTA, partner at RSM on interest rate rise hits buy-to-let landlords, HMRC migrates to online only alerts, HMRC terminates post office payments, list of professional subscriptions updated
This month's review of tax cases and tax news including HMRC assessment powers curbed by HMRC, late non-resident CGT filing appeal allowed in Saunders, Littlewoods loses £1,25bn interest payment dispute
Two decades after HMRC took its first step into the digital age with the birth of electronic self assessment, the tax authority is reminding taxpayers to complete their online tax return ahead of the 31 January deadline, although the introduction of simple assessment will see fewer people pulled into the system
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