Tax / Treasury abandons plan to abolish Class 2 NICs

The government has announced that it is not going to proceed as planned with the abolition of Class 2 national insurance contributions (NICs), which was originally scheduled for April 2018, then delayed to April 2019

Tax / Spring Statement 2018: not a tax non-event

Chancellor Philip Hammond kept his first Spring Statement short and sweet, instead updating the public on the state of the economy and choosing to save any tax measures for the Autumn Budget. Expert tax writers from Croner-i summarise the 13 consultations announced in preparation for this fiscal event

Tax / Spring Statement: impact of tax on tourism in Northern Ireland

As part of the Chancellor’s Spring Statement, the Treasury is calling for evidence on what impact VAT and Air Passenger Duty (APD) has on tourism in Northern Ireland and how these taxes can be used to encourage people to travel

Tax / Spring Statement: extending the securities regime to corporation tax

From April 2019, corporation tax and Construction Industry Scheme (CIS) deductions will be covered by security deposit legislation and the government is now consulting on how to best implement these changes

Tax / Spring Statement 2018: corporate tax and the digital economy

The Spring Statement saw the release of an updated Treasury policy paper on options for reforming the corporate tax regime to address the challenges of the digital economy, with government considering going it alone if there are delays in reaching international agreement on ways to address the way digital businesses are taxed

Tax / Spring Statement 2018: closing the knowledge-intensive capital gap through EIS

In his Spring Statement Chancellor Philip Hammond announced plans to unlock £20bn of investment in innovative firms over ten years, with the introduction of a new approved fund structure within the Enterprise Investment Scheme (EIS), with the possibility of additional incentives to attract investment

Tax / Spring Statement 2018: briefing and consultations

In our roundup of Spring Statement essentials, we outline the VAT threshold review, digital taxation, entrepreneurs’ relief and online VAT payments as well as providing a snapshot of the closing dates for the various consultations which were announced

Tax / Spring Statement 2018: review of VAT threshold

The Treasury has launched a consultation to assess how the VAT registration threshold can incentivise small businesses to grow after it was reported that many opt to stay below the £85,000 turnover mark to avoid paying VAT

Tax / Spring Statement 2018: entrepreneurs’ relief on gains made before dilution

Chancellor Philip Hammond emphasised his desire to encourage an innovative business environment in his Spring Statement, which included the launch of a consultation on changes to entrepreneurs’ relief (ER) designed to ensure that it does not discourage entrepreneurs from seeking external finance for their companies

Tax / Spring Statement 2018: business rates revaluation accelerated

The Chancellor announced that the next business rates revaluation is to be brought forward by one year to 2021, four years after the last revaluation, so that ratepayers can benefit from three-year revaluations announced at Autumn Budget 2017 at the earliest point

Tax / Spring Statement 2018: online platforms to promote tax compliance

As part of Chancellor Philip Hammond’s Spring Statement, HMRC is seeking views on how the tax authority can engage with online platforms, such as eBay and Uber, to promote tax compliance among its users

Tax / Spring Statement 2018: self-funded work-related training

Chancellor Philip Hammond announced a consultation on plans to extend the existing tax relief available for self-funded work-related training by employees and the self-employed, as part of the government’s focus on creating an environment for individuals to develop their skills to boost productivity in the UK

Tax / Spring Statement 2018: role of cash and digital payments

The Spring Statement included the announcement of a call for evidence to better understand the role of cash and digital payments in the new economy, in order to keep pace with changes in the ways that people pay for goods and services

Tax / Spring Statement 2018: changes to online VAT payments to tackle fraud

HMRC and Treasury have announced a joint consultation on possible options for how a split payment system could be used to combat online VAT fraud, with a standard rate split, flat rate scheme and net effective rate being put forward as possible options

Tax / Spring Statement 2018: reducing single-use plastic

In his Spring Statement, as widely predicted, Chancellor Philip Hammond announced a call for evidence to explore how changes to the tax system or charges could be used to reduce the amount of single-use plastics, by reducing unnecessary production, increasing reuse, and improving recycling