The main rate of corporation tax is set to reduce from 19% to 17% from 1 April 2020. At the same time the availability of the 100% annual investment allowance on capital expenditure will also increase from £200,000 to £1 million from 1 January 2019 until 31 December 2020 on all qualifying expenditure. As a […]
HM Revenue & Customs (HMRC) has announced the launch of a new ‘profit diversion compliance facility’ designed to encourage Multinational Enterprises (MNEs) to disclose mistakes and/or non-compliance related to profits diverted from the UK through incorrect transfer pricing arrangements. HMRC are aware that some companies with international operations are diverting profits overseas that should be […]
The aim of the Patent Box is to provide an additional incentive (in the form of reduced corporation tax) for companies to retain and commercialise existing patents and to develop new innovative patented products. The relief allows UK business to pay corporation tax at 10% on profits from UK or EU patents. The amount of […]
In a personal or family company, the lines between the directors as individuals and the company are often blurred – the director may lend money to the company when cashflow is tight and the company may lend money to the director or pay personal bills on the director’s behalf. Transactions between the director and the […]
HMRC has recently issued Revenue & Customs Brief 13 (2018), explaining their new policy on VAT treatment of retained payments and deposits. This may be relevant to companies and businesses charging for services in advance of their supply, which are not refundable on cancellation. This is of course commonplace in the travel and hospitality industries. […]
The deadline for submission of online self-assessment tax returns is 31 January 2019. If you send your return late, you will receive a £100 penalty – even if you have no tax to pay or you pay your tax on time. The longer you delay, the more you will have to pay, as further late-filing […]
A recent report by the House of Lords Economic Affairs Committee warned that the increased powers given to HMRC to tackle tax avoidance and evasion are undermining the rule of law and justice, and has demanded a review of the oversight of HMRC and its powers. The committee’s chair is quoted as saying “HMRC has […]
All successful companies want to generate profits and surplus cash reserves. While a business is growing, spare cash is commonly reinvested into the working capital but for more established businesses, surplus cash can accumulate on the balance sheet of the Company. The question then is how to best manage it? To read more, click here […]
With Christmas approaching more and more employers are offering Christmas gifts to their employees. Showing your appreciation of your staff’s efforts by gifts and benefits is good for morale. However, do not leave a sting in the tail by also giving them a tax liability. The most common gifts and benefits are cash, retail vouchers, […]
Tax impacts land and property owners in a multitude of ways. From Stamp Duty Land Tax on purchase, to tax on sale or death (…whichever comes first!) We have a depth of expertise in these matters, successfully helping clients reduce their tax burdens. We have been busy dealing with tax matters on land and property […]
