Business tax

Tax / What you need to know: annual investment allowance increased to £1m

The £1m annual investment allowance (AIA) limit could translate into an effective annual limit of less than £17,000 due to straddling periods, explains Will Silsby, technical officer at the Association of Taxation Technicians

Tax / Changes to tax liabilities on termination payments create complexity

An overhaul of the rules on taxation of termination payments has directly affected the tax treatment of payments in lieu of notice (PILONs) and foreign service relief (FSR), creating complicated questions for businesses when applying them to redundancy situations. Tim Stovold, head of tax at Kingston Smith, explains 

Tax / HMRC sees 62% hike in disputed tax collected through mediation

HMRC saw a 62% rise in disputed tax collected through the use of mediation last year, collecting £40.8m, up from £25.2m in 2016/17, according to analysis by RPC

Tax / N Brown faces £9m VAT recovery challenge

Fashion group N Brown, which owns the Simply Be and JD Williams brands, faces paying up to £9m in additional VAT from 2020, after the company was told by a First Tier Tribunal (FTT) it is likely to lose its long-running dispute with HMRC

Tax / OECD progresses on BEPS anti avoidance measures

Mark Cawthron LLB CTA, tax specialist at Croner-i, examines the developments in the OECD’s framework package on base erosion and profit shifting (BEPS) over the 12 months to June 2018 and the progress that has been made in the UK's approach to the 'digital challenge'

Tax / Collins: is the FTSE 100 doing enough to prevent tax evasion?

Jason Collins, partner, and Penny Simmons, senior practice development lawyer at Pinsent Masons, look at what companies are doing to prevent tax evasion and what more can be done

Tax / 25% of companies missing out on patent tax relief

Research by tax specialist Catax indicates that one quarter of businesses are unaware that they are eligible to claim tax relief under the Patent Box scheme, which provides corporation tax relief to innovators

Tax / Supermarkets win £500m business rates appeal

The court of appeal has ruled that cash machines located both inside and outside stores should not be assessed for additional business rates on top of normal rates

Tax / Offshore time limit change 'unnecessary and undesirable' say Lords

Lord Forsyth has written to the Chancellor on the subject of the changes to offshore time limits, expressing misgivings about the lack of consultation at early stages and the impact it will have on honest taxpayers

Tax / Budget 2018: implementation dates effective November 2018 onwards

Our essential snapshot of the key measures announced in Budget 2018, Spring Statement 2018 and Autumn Budget 2017, including digital services tax, SDLT first time buyers relief extension, amendments to diverted profits tax, off payroll working rules in the private sector reformed

Tax / Business tax relief to hurt small businesses

Changes in the Finance Bill will mean that the increase in the Annual Investment Allowance (AIA) will have an adverse effect on small businesses who do not meet the spending requirements by 31 December 2020

Tax / 80% meat tax could save 6,000 lives a year

Research conducted by the University of Oxford suggests that raising the tax on meat by 80% could prevent nearly 6,000 deaths a year and save the NHS more than £734m

Tax / Treasury rolls out detailed plans for 2% digital services tax

The Treasury is going ahead with plans for a 2% tax on large online multinationals from 2020, including social media and search engine companies, to raise over £600m by 2022

Tax / Partial reinstatement of goodwill relief for IP businesses

HMRC and the Treasury have released detailed proposals for the partial reinstatement of relief for goodwill acquired in businesses with eligible intellectual property (IP) which will be included in Finance Bill 2018-19, alongside changes to the de-grouping charge rules which will be effective from 7 November 2018

Tax / Insolvency will not afford tax evasion excuse from 2019

The government is to press ahead with legislation in 2019/20 to allow HMRC to make directors and other persons involved in company tax avoidance, evasion or phoenixism jointly and severally liable for tax liabilities that arise from those activities where the company becomes insolvent, following a consultation on the issues
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