Tax

Tax / UK’s biggest companies pay £84bn tax annually

The amount of tax paid by the UK’s largest companies has increased for the eighth year in a row and now tops £84bn according to research from PwC, which says much of the increase is down to a £15.8% increase in corporation tax

Tax / Scottish Budget freezes higher rate threshold at £43,430

Higher rate taxpayers will face larger tax bills in Scotland from April 2019 as the Scottish Budget confirms plans to freeze the higher rate threshold for another year, reports Sara White

Tax / Getting to grips with entrepreneurs’ relief makeover

Finance Bill 2018-19 heralds some important changes to the entrepreneurs’ relief legislation, including tighter rules to ensure that shareholders beneficially own at least 5% of the true economic rights in the company and changes to treatment of alphabet shares. Peter Rayney FCA CTA explains the potential tax pitfalls

Tax / How would a change of government hit high net worth taxpayers?

A vote of no confidence in the prime minister tonight is pushing the government closer to collapse as Brexit talks stump MPs. Geoffrey Todd, partner in the private wealth team at Boodle Hatfield, highlight three of the key concerns for high net worth (HNW) taxpayers should a Labour government led by Jeremy Corbyn come to power

Tax / Online marketplaces to be liable for missing VAT

The European Commission has announced new measures, due to come into force in January 2021, which will allow for a smooth transition to an updated VAT structure for dealing with online selling and will make online marketplaces liable for VAT not recovered by tax authorities

Tax / Scotland pressed on land value tax

The Scottish government should consider introducing a land value tax (LVT) as a way of delivering on its land reform objectives and raising revenue in a more progressive way, an academic report has suggested

Tax / Charities: tax pros and cons of setting up a charity - part 9

Stephen Relf FCA CTA, lead tax writer at Croner-I, discusses the requirements and obligations of setting up a charity, and what useful tax reliefs are available to both a business and an individual

Tax / CIOT president attacks loan charge legislation

The president of CIOT, Ray McCann, has told the Treasury sub-committee that the government’s approach to tackling disguised remuneration was ‘worse than retrospective legislation’ in that it removed the legal protections provided to taxpayers

Tax / Avoid getting caught out by OpRA rules on benefits in kind

Andrew Brookes, head of employment solutions at Menzies LLP, examines the changes to the rules affecting optional remuneration arrangements (OpRA) and explains why employers must consider how their tax positions could be affected

Tax / Q&A: administration procedures for estates

Croner Taxwise tax consultant David Woolley looks at HMRC’s continually-changing requirements for the administration of an estate and what representatives need to do to fulfil their filing obligations

Tax / CIOT warns Finance Bill tweaks damage confidence

CIOT has warned that a number of minor changes to Finance Bill 2018-19 (FB 2018-19) risk undermining the consistency depended on by taxpayers, reducing confidence and affecting international competitiveness

Tax / Self assessment tax returns and cash flow

As people get into the Christmas spirit, self-assessment taxpayers are facing the doom and gloom of 31st January 2019 tax bill but a cash flow benefit can be achieved by getting your tax return in early, says Paul Haywood-Schiefer, tax manager at Blick Rothenberg

Tax / Walker: cost implications of digital services tax

The digital services tax (DST) announced in the Budget will lay a heavy compliance burden on businesses, especially when it comes to UK profit margins, argues Eloise Walker, partner at Pinsent Masons

Tax / 37% of accountants stalling over MTD

A survey of tax professionals’ attitudes and company readiness for Making Tax Digital (MTD) for VAT shows that companies and accountants are lagging behind in their preparations and 70% are waiting for future announcements until they commit to a process

Tax / Call to rethink tax system to tackle climate change

In the week of the annual UN conference on climate change, ACCA is calling for governments to rethink the design of the tax system holistically in a bid to counter the impact of climate change on business and society, by increasing taxes on pollution and natural resource use
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