Budget

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 / 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

Tax / Working group to investigate feasibility of VAT split payments

HMRC and the Treasury are to set up a formal industry working group to examine how to create a split payment model for VAT, in order to cut down on tax losses from cross-border e-commerce, after a consultation found the potential options under consideration were too complex and costly to implement

Tax / GAAR clamps down on salary payments using loans

The independent general anti-abuse rule (GAAR) advisory panel has issued two rulings setting out its views on abuse of employee and contractor loan agreements which are used to reduce tax liability

Tax / HMRC to ramp up guidance on online platform tax compliance

Following a consultation on addressing tax compliance for those who use online platforms for selling, HMRC is to enhance its guidance and is working with international agencies to improve data collection from platforms hosted overseas

Tax / Construction sector faces VAT reverse charge

The government has published draft legislation detailing a new VAT domestic reverse charge for certain building and construction services, which will take effect from 1 October 2019 and is designed to clamp down on missing trader fraud

Tax / CIOT criticises Budget for lack of coherence

CIOT has expressed concerns about the way that last week’s Budget was delivered, noting the lack of prior consultation and the number of measures announced as completed with little opportunity to explore their scope and operation

Tax / Selling your home and principal private residence relief

Yet again in Budget 2018, second home owners were targeted with a number of changes to the principal private residence (PPR) relief rules such as halving the exempt period to nine months from April 2020. Courtney Halifax CTA ATT, tax manager at Mercer & Hole, examines the tax implications for anyone selling property

Tax / Budget 2018 briefing: key measures at a glance

In our roundup of Budget 2018 essentials, we review the key tax measures for businesses and individual taxpayers, from a time-limited hike in annual investment allowance to £1m, retention of entrepreneurs’ relief, frozen VAT threshold, a digital services tax for tech giants and an unexpected increase in the personal allowance

Tax / Denning: US may strike back at digital services tax

Chris Denning, head of international and corporate taxation at MHA MacIntyre Hudson, suggests that the US might retaliate against the UK’s digital services tax introduced in the Autumn Budget

Tax / Budget 2018: key tax changes for businesses explained

Cathy Corns, partner at Mercer & Hole analyses the key Budget announcements affecting businesses from changes to capital allowances for capital spend, to R&D tax relief and the increase in the annual investment allowance  

Tax / Bostock: Budget gives tax breaks for business before Brexit

Nigel Bostock, Crowe UK chief executive, looks at the business tax relief measures contained in the Chancellor’s Autumn Budget 2018 and how these could stimulate economic growth in this uncertain pre-Brexit period

Tax / Budget 2018: Q&A on entrepreneurs’ relief changes

In Budget 2018, the Chancellor set out plans to make a number of changes to entrepreneurs’ relief, from the definition of a personal company to extending the qualifying conditions. John Riseborough, tax adviser at Croner Taxwise, examine the compliance issues

Tax / Budget 2018: NIC changes reduce income tax benefits

Changes in the Budget to National Insurance Contributions (NICs) will have an effect on both the self-employed and higher rate earners, mitigating the impact of the increase to the thresholds for personal allowances announced by the Chancellor

Tax / Digital services tax sets ‘dangerous precedent’ says US

The Chancellor’s plans to introduce a 2% digital services tax on large digital platforms, announced in the Budget, have come under fire in the US, with a strongly worded letter from the Chamber of Commerce to the US Treasury demanding the White House takes action to counter a ‘dangerous precedent’
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