Business tax

Tax / Film and television production tax reliefs in spotlight

With British film and television production companies continuing to produce high quality and award-winning work, Mercer & Hole partner Andy Turner looks at some of the tax reliefs available to the industry

Tax / UK businesses pay 27% of all tax revenue

UK businesses paid nearly £200bn in tax last year, with their contribution amounting to 27% of all tax revenue, according to the CBI which is calling for further tax simplification

Tax / Rowland: apprenticeship levy clawback threatens

As the government begins to claim back money from apprenticeship levy payers’ accounts, Ben Rowland, co-founder of Arch Apprentices, looks at how employers can use, and not lose, the training cash

Tax / Scotland’s air departure tax plans delayed

The Scottish government has announced further delays to its flagship plans to introduce an air departure tax (ADT) in Scotland, which would replace UK wide air passenger duty (APD) and offer a 50% reduction on the UK rate, to the fury of local airport operators

Tax / US multinationals owe £4.6bn in unpaid tax

HMRC is chasing US-based multinationals for £4.6bn in underpaid tax last year, up a third since 2017, as the clampdown on companies diverting profits overseas ramps up

Tax / SMEs say tax regime is not a level playing field

Businesses believes that the UK tax system is fundamentally unfair, with a bias in favour of larger companies, and want more support to stay compliant with new requirements such as Making Tax Digital, according to research by the British Chambers of Commerce (BCC)

Tax / Criminal Finances Act 2017: facilitation of tax evasion rules

HMRC is ramping up its action against businesses which fail to prevent facilitation of tax evasion by staff, but compliance levels are low. Businesses should act now given the risk of corporate criminal investigations, explains Ben Jones, tax partner at Eversheds Sutherland

Tax / Businesses warned on winding up perils over unpaid tax

HMRC applied to shut down 4,160 businesses because they had fallen behind on their tax payments in 2018 with financial problems being exacerbated by a late payment culture

Tax / Compliance fears drive increased use of tax technology

Company boards are increasingly concerned about tax compliance and planning, partly because of initiatives such as Making Tax Digital for VAT and automatic exchange of tax information, driving a 20% hike in investment in tax technology

Tax / Accountants call for simplification of apprenticeship levy

The apprenticeship levy system remains deeply unpopular with professional services firms in the UK, who view it as an extra tax that complicates learning and development, and should be radically simplified, according to research by the Managing Partners’ Forum

Tax / Taxpayers fight back as number of tax tribunals surges

Disputes between HMRC and taxpayers are increasing as the tax authority makes greater use of data collected from banks and foreign tax authorities, and more cases head to tax tribunals

Tax / Tax compliance and loss relief for worthless assets

Stephanie Webber ACA CTA examines the tax compliance issues for assets that have become worthless, considering capital gains tax liability, tangible and intangible assets, negligible value claims and crystallising losses under Taxation of Chargeable Gains Act 1992

Tax / Treasury revises oil and gas tax history compliance

The Treasury has published detail of the alternative schedule to the decommissioning relief deed (DRD) that oil and gas companies are required to sign before they elect to transfer their tax history

Tax / Lehman case and withholding tax complexity

While the Supreme Court has ruled on Lehman Brothers’ withholding tax dispute with HMRC questions remain. Hannah Field-Lowes, partner, and Victoria Burton, associate, at White & Case LLP examine the judgment

Tax / CFC clawback could cost UK-based multinationals millions

The European Commission has ruled that part of a UK tax scheme is illegal under EU State Aid rules, as it exempted certain multinationals, and has ordered the UK to recover the revenue