Business tax

Tax / Family owned businesses hit by slashed entrepreneurs’ relief

The virtual abolition of entrepreneurs’ relief in Budget 2020 came as a blow to family owned businesses as the tax break is cut to £1m with immediate effect. Philip Smith assesses the fallout 

Tax / Budget 2020: large business tax notification requirement

The Chancellor’s first Budget included an announcement that from April 2021 large businesses will be required to notify HMRC when they take a tax position which HMRC is likely to challenge, but few details of the policy have been revealed

Tax / Budget 2020: LLPs ‘without view to profit’ face HMRC probes

The government is clamping down on abuse of limited liability partnerships (LLPs) which claim to be operating for profit, but are actually not, clarifying HMRC powers to amend their tax returns, reports Sara White

Tax / Budget 2020: one-year extension to Enterprise Zone enhanced capital allowances

The Chancellor has announced that the 100% first year capital allowance for investments within Enterprise Zones will now remain available until at least 31 March 2021, a year longer than planned

Tax / Budget 2020: IP rules on intangible fixed assets clarified

The Chancellor used his first Budget to make further changes to the corporate intangible fixed assets (IFA) regime, bringing older well-established intellectual property rights within its scope to create a unified approach

Tax / Budget 2020: corporation tax rate kept at 19%

There will be no changes to the corporation tax rate of 19% with the Red Book confirming the current figure for 2020/21, reports Sara White 

Tax / Budget 2020: R&D expenditure credit increased to 13%

The Budget sets out plans to raise the rate of research & development expenditure credit (RDEC) for large businesses with a 1% increase in the claimable rate

Tax / Budget 2020: digital services tax will go ahead

Plans for a digital services tax to hit the largest IT digital giants will go ahead from 1 April

Tax / Budget 2020: structures and buildings allowance rate increased

In a Budget focused on supporting businesses through the current coronavirus crisis, the Chancellor announced a 1% increase in capital allowances under the structures and buildings allowance

Tax / Budget 2020: entrepreneurs’ relief limit cut to £1m

The Chancellor Rishi Sunak will not abolish the hugely controversial entrepreneurs’ relief but will slash the lifetime limit with special provisions for disposals agreed before 11 March but not completed, reports Sara White

Tax / Budget 2020: measures to help business fight coronavirus

In the first Budget since October 2018, new Chancellor Rishi Sunak has set out a comprehensive set of measures to support business and households through the coronavirus crisis with business rate relief, time to pay tax deferrals and underwriting the cost of statutory sick pay for smaller businesses, reports Sara White 

Tax / eBay rejects UK plan for digital services tax

Global online marketplace eBay is calling for an international approach to digital taxation rather than countries adopting unilateral policies like the UK digital services tax

Tax / Directors' loans and tax liability - CPD module - NEW

This month's exclusive Accountancy Daily CPD module focuses on the tax treatment of close company loans to directors and shareholders

Tax / Q&A: excluded income and dividends

In our regular Q&A series from Croner Taxwise, tax adviser, Ghulam Mustafa assess the income tax liability of a non-resident who receives UK dividends from their investments

Tax / VAT updates: March 2020

In this month’s VAT updates, Graham Elliott considers charity construction relief in Marlow Rowing Club, HMRC’s reaction to the News Corp decision and the supply of medics in Archus Trading Ltd