UK has one of the lowest corporate tax burdens among the G8

3 October 2011

  • Chance for the UK to build on this competitive advantage
  • Research by UHY, the international accounting and consultancy network

The UK has one of the lowest corporate tax burdens among the G8 countries, our research reveals.

Among the G8, only Russia imposes consistently lighter corporate taxes on businesses.

Our tax professionals studied tax data in 21 countries across its international network, including all members of the G8 as well as key emerging economies. Tax professionals based in each country calculated post-tax profits for businesses making annual statutory pre-tax profits of US$100,000, US$1 million and US$100 million.

The UK has the 16th highest tax burden out of 21 countries for businesses with annual pre-tax profits of US$100,000; the 14th highest tax burden for businesses with annual pre-tax profits of US$1 million; and the 12th highest tax burden for businesses with annual pre-tax profits of US$100 million. The tables (below) rank countries from highest tax burden first to the lowest tax burden last.

The G8 countries Corporate tax payable per country in US dollars (highest to lowest)

Tax payable

 

Tax payable

 

Tax payable

(assuming pre-tax profit of US$100,000)

 

(assuming pre-tax profit of US$1 million)

 

(based on statutory pre-tax profit of US$100 million)

Germany

$32,450

32%

 

Japan

$419,900

42%

 

Japan

$41,990,000

42%

Italy

$31,400

31%

 

USA

$340,000

34%

 

USA

$35,000,000

35%

Japan

$31,106

31%

 

France

$333,333

33%

 

France

$34,397,363

34%

France

$23,350

23%

 

Germany

$324,500

32%

 

Germany

$32,450,000

32%

USA

$22,250

22%

 

Italy

$314,000

31%

 

Italy

$31,400,000

31%

Russia

$20,000

20%

 

UK

$238,337

24%

 

Canada

$29,187,384

29%

UK

$20,000

20%

 

Canada

$223,781

22%

 

UK

$26,000,000

26%

Canada

$15,500

16%

 

Russia

$200,000

20%

 

Russia

$20,000,000

20%

The UK has the lowest corporate tax rate among the major European economies. Among the European countries surveyed, only Estonia, Romania, Ireland – and occasionally the Netherlands – impose lighter corporate taxes than the UK.

The UK also compares favourably to the BRIC nations (Brazil, Russia, India and China). All the BRIC nations – apart from Russia - take more in tax from business profits than the UK.

Roy Maugham, Tax Partner in our London comments: “While the UK has relatively high personal taxes, it is very competitive on corporate tax – particularly among the G8 and the BRIC nations, who are our major competitors.”

“The perception that the UK is a high tax jurisdiction for business is now something of a myth. There has been a lot of discussion about UK-resident businesses moving overseas – and this has happened – but the reality is that the UK is a considerably more welcoming business environment than most other major economies.”

“The UK now has a competitive advantage which most businesses would like the Government to build on further.”

“What’s particularly surprising is that, among the G8 countries, both the USA and Japan impose higher corporate taxes on many businesses than EU countries like France and Germany, which are traditionally seen as high tax economies.”

He adds: “Companies are increasingly mobile and are able to switch tax residence with relative ease. This has put governments in a quandary as they seek to boost tax revenues in order to shore up public finances. The UK Government has opted to resolve this problem by increasing personal taxes while reducing corporate tax rates. Once a major economy slashes corporate tax rates, however, it puts pressure on others to take similar measures to remain competitive.”

All 21 UHY countries surveyed Corporate tax payable per country in US dollars (highest to lowest)

Tax payable

 

Tax payable

 

Tax payable

(assuming pre-tax profit of US$100,000)

 

(assuming pre-tax profit of US$1 million)

 

(based on statutory pre-tax profit of US$100 million)

Brazil

$34,000

34%

 

Japan

$419,900

42%

 

Japan

$41,990,000

42%

Germany

$32,450

32%

 

USA

$340,000

34%

 

USA

$35,000,000

35%

Italy

$31,400

31%

 

Brazil

$340,000

34%

 

France

$34,397,363

34%

Japan

$31,106

31%

 

France

$333,333

33%

 

Brazil

$34,000,000

34%

India

$30,900

31%

 

Germany

$324,500

32%

 

Germany

$32,450,000

32%

Mexico

$30,000

30%

 

India

$324,450

32%

 

India

$32,445,000

32%

Australia

$30,000

30%

 

Italy

$314,000

31%

 

Italy

$31,400,000

31%

China

$25,000

25%

 

Australia

$300,000

30%

 

Australia

$30,000,000

30%

Malaysia

$25,000

25%

 

Mexico

$300,000

30%

 

Mexico

$30,000,000

30%

Spain

$25,000

25%

 

Spain

$278,571

28%

 

Spain

$30,000,000

30%

Israel

$24,000

24%

 

China

$250,000

25%

 

Canada

$29,187,384

29%

France

$23,350

23%

 

Malaysia

$250,000

25%

 

UK

$26,000,000

26%

USA

$22,250

22%

 

Israel

$240,000

24%

 

China

$25,000,000

25%

Nether-
lands

$20,000

20%

 

UK

$238,337

24%

 

Malaysia

$25,000,000

25%

Russia

$20,000

20%

 

Nether-
lands

$235,714

24%

 

Nether-
lands

$24,342,857

24%

UK

$20,000

20%

 

Canada

$223,781

22%

 

Israel

$24,000,000

24%

Romania

$16,000

16%

 

Russia

$200,000

20%

 

Russia

$20,000,000

20%

Canada

$15,500

15.5%

 

Romania

$160,000

16%

 

Romania

$16,000,000

16%

Ireland

$12,500

12.5%

 

Ireland

$125,000

12.5%

 

Ireland

$12,500,000

12.5%

Dubai, UAE

$0

0%

 

Dubai, UAE

$0

0%

 

Dubai, UAE

$0

0%

Estonia

$0

0%

 

Estonia

$0

0%

 

Estonia

$0

0%

Our research reveals that (excluding Dubai and Estonia, which do not tax profits at all), for business with profits of US$100,000 per annum the difference in the amount of tax collected between the highest taxing country (Brazil) and the lowest taxing (Ireland) is US$21,500, which means that a business in Brazil would pay nearly three times more tax on its profits than the equivalent business in Ireland.

Roy comments: “The UK is very competitive on taxes for smaller companies. While a progressive tax model adds a degree of complexity, it does have the advantage of allowing companies with just US$100,000 annual profits to retain a greater proportion of their profits to reinvest or return to shareholders. This has to be good for small business creation and growth in the UK.”

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If reports in today’s Daily Telegraph are accurate, it would seem that HMRC are now in possession of the names, addresses and account balances of every British client of HSBC in Jersey
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UK tax burden on high earners one of the heaviest in the world

Tax rises have left the UK penalising its top earners with one of the highest personal tax burdens in the world, according to our research.
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The High Income Child Benefit charge

This week HMRC will start writing to people who it believes will have income in excess of £50,000 in the current tax year and who may be liable to pay the High Income Child Benefit Charge.
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Volume of shares traded on AIM shows greater resilience than the Main market in the face of Eurozone crisis

The daily value of shares traded on AIM has shown greater resilience than the Main market in the last year, even as the Eurozone crisis has deepened.
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Academy Update - October 2012

All academies that were unable to include their FRS 17 LGPS valuation as at 31 August 2012 in their WGA returns because the information was not available in time before 28 September should ensure that they complete and file the LGPS Valuation Statement by 31 October.
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HMRC income from personal tax investigations jumps 64% in one year

HMRC is taking an increasingly aggressive stance on self-assessment personal tax returns, taking in 64% more revenue in 2011-2012 through investigations than in the previous year.
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Investor income from buy-to-let property jumps by over a £1billion in a year

Private investors’ income from property has increased by another £1.3billion in the last year.
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Yield from tax investigations into small business jumps 39% in a year

The extra tax yield from compliance investigations into small and medium sized businesses by HM Revenue & Customs jumped 39% in the last year.
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Academy schools facing extra reporting burden from financial regulator

Academy schools are being ordered to provide extra sets of accounts to the Education Funding Agency (EFA) – the Government’s financial regulator for the academy sector – on top of those already being prepared.
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HMRC senior management resignations jump 45% in a year

Resignations by senior managers at HMRC have jumped sharply during a year in which the organisation’s performance lapses drew sharp criticism.
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AIM departures at lowest level since 2005-6

Only 102 businesses left AIM in 2011-12 (year end September 30), an 18% fall from a year ago and the lowest level since 2005-6.
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Workplace perks fall under weight of taxes and business cuts

The use of traditional workplace perks, such as the company car, has continued to slump in the wake of tax increases and business cutbacks.
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HMRC challenges to valuations for Inheritance Tax increase tax take by 26%

HMRC has increased by 26% the amount of extra inheritance tax (IHT) it takes in by challenging the valuations of properties passed on to heirs.
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HMRC slash interest rates on all Save As You Earn (SAYE) schemes to zero per cent

HMRC has cut the interest rate paid on all SAYE employee share schemes to zero per cent, which UHY Hacker Young, the accountancy group, says will discourage employees from investing in the companies they work for.
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UK increasingly reliant on property investment

Britons are becoming more dependent than ever on property investments, despite the role that the property market bubble played in creating the financial crisis, according to our research.
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Academy Accounts Direction 2011/12

Our analysis of the recently issued EFA 2011/12 Accounts Direction.
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Latest publications

Taxflash: Users of tax schemes face large tax bills this Summer

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Our dedicated tax investigations team can provide impartial and practical advice in how to deal with the very real consequences of participating in a tax scheme.
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UK tax guide 2014/15

Download our guide for practical tax tips to guide you through the tax system and help you plan to minimise your liability.
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UHY's AIM Review 2013/14

As part of our commitment to the small cap community we have developed a review of the AIM market.  
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Tax update, issue 43

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Our regular summary of all the latest tax issues that will affect you and your business.
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Cryptocurrencies: Bitcoin explained

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Why Bitcoin has taken the financial spotlight this year.
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VATflash July 2014

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Our July VATflash discusses the changes to customs procedures for imports of goods into the European Union.
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Dealsflash: London Nusantara Plantations plc

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We recently acted as reporting accountants for the admission to ISDX of London Nusantara Plantations plc.
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UHY Insights: Financing Growth, June 2014

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Following our recent FD Forum we would like to share with you the UHY Insights paper on Financing Growth. This document highlights the importance to businesses of being informed and prepared and contains useful information and recommendations to help achieve this.
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Corporate finance

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A guide to private company services that our highly experienced, partner-led corporate finance teams can provide.
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UHY International Business issue 29

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The latest issue of our twice-yearly publication featuring articles on current business affairs in countries & business cultures around the world.
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UHY service offering to Academy schools

Whether you are thinking of converting to academy school status or have already done so, we can help you with the complex array of issues you will need to deal with from best value audit and accounts to preparation to fundraising and VAT issues.
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Taxflash: Mileage rates - June 2014

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HMRC regularly publish approved ‘fuel only’ rates which have, again, changed.
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Why UHY?

Corporategraphic 14

UHY is a cohesive international network of independent member firms providing audit, accounting, tax and business advisory services across the globe.
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Academy schools: Multi-academy trust services

School 4

Our academy specialists can advise and support you and your MAT from initial set-up and ongoing as auditors.
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Buy to let properties - tax considerations

Property

Should properties be owned personally or through a limited company?
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Rural and agriculture sector outlook 2014/15

Agriculature tractor

This booklet provides our perspective, as accountants, on some of the issues facing the rural and agriculture sector for the 2014/2015 fiscal year.
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Academy schools: Multi-academy trusts factsheet

School 3

Download our summary guide to understanding multi-academy trusts.
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Natural resources: Oil, gas and mining sector

Our specialists have been active in the natural resources industry for many years and have experience advising clients across the spectrum of the sector.
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VAT

This document outlines how our VAT specialists can help you navigate through the complex web of rules and regulations.
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Capital markets

This brochure outlines the services that our corporate finance experts can provide, including an overview of the process, our experience and capabilities and the next steps to take.
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Academy schools update: April 2014

School 4

Download our most recent issue of our regular academy schools updates.
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FCA compliance

FSA compliance

Download our brochure for details of how our highly experienced, partner-led team can help with your FCA compliance requirements.
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Auto enrolment: workplace pensions

Our financial management specialists can help assist you in preparing your business for auto enrolment and ensure you comply with all your duties as an employer.
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Tax card

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Our pocket-sized tax card is a handy little publication which outlines all the latest tax rates, allowances and some useful key dates for the 2014/15 tax year.

 
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Tax card

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Our pocket-sized tax card is a handy little publication which outlines all the latest tax rates, allowances and some useful key dates for the 2014/15 tax year.
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Compliance services for the legal sector

Our legal sector specialists at UHY have the technical understanding of the SRA Accounts Rules 2011 combined with legal sector experience to enable us to support you with your compliance needs.
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UHY Insights: Cyber Security, March 2014

Following our recent FD Forum we wanted to share with you the UHY Insights paper on Cyber Security which highlights the importance of protecting the critical information assets.
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UHY Hacker Young Associate Accountant Scheme

Designed exclusively for sole practiitioners who want to provide 'big firm' services without employing more staff.
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A new breed of accountant for the new economy

Helping to move you and your business from where you are now, to where you want to be.
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Patent Box

Businesses which have avoided designing their own products in the past now find it an attractive venture.
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Taxflash: Partnership crackdown

If your partnership or LLP has a range of capital and profit sharing arrangements, you will need to review the robustness of your position.

 
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Tax card 2014/2015

Many of the tax rates and allowances are fundamental to our business and personal lives and the main ones are summarised here. We are sure that you will find it a useful point of reference throughout the coming tax year.
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Taxflash: Partnership crackdown

If your partnership or LLP has a range of capital and profit sharing arrangements, you will need to review the robustness of your position.
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UHY Global Directory 2014

UHY is a world leader in audit, accounting, tax and business advisory services. Download the UHY Global Directory for more information about our global offices and resources.
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Corporate governance behaviour review

In this report we have benchmarked corporate governance disclosures made by small and mid-size quoted companies against the 2013 QCA corporate governance code.
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Taxflash: Mileage rates - March 2014

HMRC regularly publish approved ‘fuel only’ rates which have, again, changed.
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SMEssentials - Winter 2014

This latest issue of SMEssentials provides articles on capital allowances changes in relation to property acquisition, research and development tax relief, the increase in National Minimum Wage, cyber security and data protection, and support for SMEs overseas.
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SMEssentials - Spring 2014

This latest issue of SMEssentials provides articles on capital allowances changes in relation to property acquisition, research and development tax relief, the increase in National Minimum Wage, cyber security and data protection, and support for SMEs overseas.
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Tax update, issue 42

Our pre-Budget and year end tax planning issue of our Tax Update outlines several steps you can take to organise your affairs and legitimately minimise your tax burden ahead of the Budget and tax year end. 
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Rural and agriculture

We act for a range of landed estates, farming, horticultural and rural businesses, advising them on a range of issues affecting their businesses.
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We are exhibiting at The Academies Show, London: 30 April

Come and visit us at The Academies Show to learn more about the many ways in which we are supporting and advising academy schools.
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UHY's academies benchmarking report

We have produced our second benchmark report for academies, this time covering the whole country.
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Academy schools: Transition to academy school status

Download our brochure for details of how we can assist your school in taking on the increased freedom and responsibility that comes with becoming an academy. 
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Academy schools: Considering the right structure for your school

When considering conversion to academy status it is important to choose a structure that best supports the educational needs of your school.
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Academy schools: Specialist services

Our experts are well versed with the wider issues that commonly impact upon academies, as a result, we can offer the specialist advice required.


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Academy schools: Audit and assurance

Our team of academy school specialists is experienced in providing an effective and economic audit service.

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Academy schools: Payroll services

Download our brochure for details of how our payroll software has been specifically developed for the education sector.
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Academy schools: VAT FAQs

There are a number of common questions our clients ask us regarding VAT when considering academy school status. Within this brochure, we have provided answers to some of the most common questions asked.
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Academy schools: Governance services

Our team of academy school specialists is experienced in providing an effective and economic audit service.
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UHY service offering to academy schools

We can help you deal with an array of issues from best value audit, accounts preparation, fundraising and VAT issues.
read more...

The Strategic Report

New Parliament Regulations amend the Companies Act 2006; requiring all UK companies, other than qualifying small companies, to produce a Strategic Report.
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The Strategic Report Technical Bulletin 2014

In this bulletin we focus on the Regulations and briefly summarise the currently draft FRC guidance.
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Taxflash: Capital allowance changes

With effect from 1 April 2014, if you are considering any commercial property acquisition you will require an additional level of tax due diligence.
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Business support services

As an extension to your business, we can replace or supplement your existing support function.
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Payroll services

We offer a full payroll compliance service using a modern payroll software package.
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Academy schools update: January 2014

Our most recent academy schools update concentrates on important changes to the education services grant, Value for Money, Academies Capital Maintenance Fund and more.
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Charity and not-for-profit

Download our brochure for details of how we provide comprehensive charity audit and accounting services, allowing you to focus on meeting the core objectives of your charity.
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UHY's comments on the Exposure Draft Charities SORP

In July 2013, the Charity Commission issued an exposure draft of the new ‘Charities Statement of Recommended Practice (SORP): Accounting and Reporting by Charities’ for consultation. The new SORP will have a significant effect on the future of UK financial accounting and reporting for charities and other not-for-profit organisations. We at UHY Hacker Young are well aware of this and, therefore, submitted our comments to the Charity Commission during the consultation period.
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UHY International Business issue 28

The latest issue of our twice-yearly publication featuring articles on current business affairs in countries and business cultures around the world.
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Taxflash: Mileage rates - December 2013

HMRC regularly publish approved ‘fuel only’ rates which have, again, changed.
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Research and Development Tax Relief

Research and development tax relief is an incentive from the government to encourage companies to invest in research and development activities. There is a common misconception that these incentives are aimed only at the technology sector, however, that is certainly not the case. This document outlines how research and development tax relief is more widely available than most companies realise.
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Recruitment Consultancy

This document outlines how our recruitment specialist can offer you tailored recruitment consultancy services and support, so that you can continue with the important task of running your business.
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2013 Autumn Statement

George Osborne delivered his 2013 Autumn Statement on Thursday 5 December 2013.

In his statement he announced that economic growth forecasts for this year have more than doubled from 0.6% to 1.
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Financial reporting advisory services

This brochure outlines the skills and experience of our business advisory services team, our approach to financial reporting, our credentials and how to take the next step with us.
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December 2013: Experience with stock market clients

Our Capital Markets specialists have significant experience advising and supporting fully listed, AIM and ISDX clients. This document provides a list of stock market clients as at December 2013.
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VATflash November 2013

Our November VATflash discusses the complicated VAT treatment of tripartite arrangements. Although tripartite arrangements are not in themselves unusual, they cause difficulties when determining who can reclaim the VAT on relevant costs since the person contracting and paying for the service may not actually be the person receiving it.
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Tax update, issue 41

Our regular summary of all the latest tax issues that will affect you and your business. In this issue we concentrate on the Child Benefit charge for high earners, inheritance tax changes, Partnerships and LLPs, taxation of company cars, tax relief changes for Landlords renting furnished properties and tribunal cases involving principal private residence.
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Third sector update: Autumn 2013

This update brings you the most recent developments for charities and not-for-profit organisations including forthcoming changes to financial reporting, Gift Aid declaration wording, auto-enrolment, fraud awareness and Charity Commision news and guidance.
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UHY International capability statement 2014

Our 2014 capability statement demonstrates our worldwide presence and capabilities. This year’s capability statement includes eight great case studies, with a range of international clients across a variety of market sectors including engineering and industrial, education and training, healthcare, leisure, media and communications.  
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Academy schools update: September 2013

Download our most recent academy schools update which concentrates on value for money, ways to maximise income, implications of a retiring Headteacher, a warning on fraud and tips for year end and preparing for your audit.
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Dealsflash: Macromac Plc

We acted as reporting accountants for the admission to AIM of Macromac Plc.
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New UK GAAP: Preparing for change

For many entities that currently report under UK GAAP, annual accounts prepared under the new regime will be different, and perhaps substantially so. Entities that currently prepare their accounts in accordance with existing FRSs and SSAPs must change their financial reporting framework, and need to prepare and plan for the change.
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Taxflash: Mileage rates - September 2013

HMRC regularly publish approved ‘fuel only’ rates which have, again, changed.
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UHY's reaction to HMRC's consultation on the taxation of Partnerships and LLPs

Professional practices

We have summarised our reactions to HMRC's consultation outlining their view on tackling alleged abuse through the use of partnership and LLP structures. 

 
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Taxflash: New tax on residential premises - tax implications

Is your main residence or holiday home in the UK owned by a company or corporate investment vehicle and worth at least £2million? If so, now that the Finance Act 2013 has been passed the company will need to file an Annual Tax on Enveloped Dwellings (ATED) return by 1 October 2013.
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Taxflash: New tax on residential premises - company implications

Does your company or corporate investment vehicle own UK residential premises where any single dwelling interest was worth at least £2million on 1 April 2012 or at subsequent purchase? If so, now that the Finance Act 2013 has been passed the company will need to file an Annual Tax on Enveloped Dwellings (ATED) return by 1 October 2013.
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UHY deals summary 2012-13

Our latest UHY deals summary covers a range of deals that took place during 2012-2013 which were supported by the corporate finance specialists across our UHY Hacker Young Group offices.
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Dealsflash: RapidCloud International Plc

We acted as reporting accountants for the admission to AIM of RapidCloud International Plc.
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Dealsflash: Frontier Resources International

We acted as reporting accountants for the admission to AIM of Frontier Resources International.
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International Business issue 27

The latest issue of our twice-yearly publication featuring articles on current business affairs in countries and business cultures around the world.
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Academy schools update: July 2013

This issue of our academy schools update brings you a summary of our in-depth review of the Academies Accounts Direction 2013, which became available on the EFA's website on 30 May 2013. We highlight the changes since last year's edition of which there are more than there would initially seem.
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Tax update, issue 40

Our regular summary of all the latest tax issues that will affect you and your business. In this issue we concentrate on the General Anti-Abuse Rules, the annual tax on enveloped dwellings, the statutory residence test, announcements surrounding Limited Liability Partnerships and employees' NIC, the impact of the XBRL two years on and the guidance issued by HMRC for the new system of Real Time Information.  
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Taxflash: Loan and beholden

Our June Taxflash discusses changes to the rules on the taxation of loans made by close companies to their participators, which were introduced in the Finance Bill 2013 and took effect from Budget Day, 20 March 2013.
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VATflash June 2013

Our June VATflash discusses the VAT concept of single vs. multiple supplies and the implications for your business' VAT position. It also discusses some recent cases relating to this matter for a company selling caravans, a supermarket selling disposable BBQs, and a French undertakers business.
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Taxflash: Mileage rates - June 2013

HMRC regularly publish approved ‘fuel only’ rates which have, again, changed with effect from 1 June 2013.
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Academy schools update: May 2013

This issue of our academy schools update brings you the latest information for academy schools, in particular the deadline for claiming free land and buildings valuations, increasing National Insurance Contribution costs, an update on the 2013 March Accounts Return, the second round of the Academies Capital Maintenance Fund and more.Download this Update for more information.
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FRS 100

FRS 100 is the conceptual framework for the new UK GAAP reporting requirements, giving many entities a choice as to which reporting standard to adopt, depending on factors such as size and whether or not they are part of a listed group. It also introduces some changes to FRSSE, which will be effective from 1 January 2015, with early adoption permitted. Download our fact sheet for further information.
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FRS 101

In November 2012, the FRC published FRS 101, “Reduced Disclosure Framework”, which together with FRS 100 (published in November 2012) and FRS 102 (published in March 2013) forms part of the new UK GAAP regime. Download our fact sheet for information about the purpose of this FRS. 
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The future of UK reporting: an introduction to FRS 102

Following the publication of the new FRSs by the FRC in November 2012 and March 2013, it has been clear that the reporting landscape will look very different. Download our fact sheet for information on the future of UK reporting.
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Investment in UK residential property for non-residents

With the current government wanting to be seen as tackling tax avoidance and in particular the use of offshore structures, we have seen a series of measures designed to alter the behaviour of non-resident investors in UK property. Read our fact sheet for information regarding these measures which include Inheritance Tax, Income Tax, Stamp Duty Land Tax, the Annual Tax on Enveloped Dwellings and Capital Gains Tax.
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SMEssentials - Spring 2013

Our newsletter for SMEs gives a run-down of the latest tax, payroll, HR and general business news for small and medium-sized businesses.
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Statutory residence test

The statutory residence test will provide much needed certainty to an area of law that is unduly complex and lacks clarity. Download our fact sheet for the latest changes to the rules on UK tax residence and information about how the changes may affect you.
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Academy schools update: April 2013

This issue of our academy schools update brings you the most recent developments for academy schools, in particular an update on payroll for schools, P11Ds and dispensations.Download this latest update for more information.
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Taxflash: The Annual Tax on Enveloped Dwellings

Download our latest taxflash for information on the Annual Tax on Enveloped Dwellings, which came into effect on 1 April 2013.
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Why UHY?

Why UHY? outlines the reasons why we believe UHY is the perfect partner to do international business with.
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UHY Global Directory 2013

UHY is a world leader in audit, accounting, tax and business advisory services. Download the UHY Global Directory for more information about our global offices and resources.
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Financial update: March 2013

This issue of the UHY Financial Planning update covers a series of articles including how to make the most of your tax relief, allowances and exemptions, information on the increase of the limit on income drawdown and a warning to watch out for pension fraudsters due to a recent pension scam.
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Budget summary 2013

Download George Osborne's Budget presented on Wednesday 20 March 2013.
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Tax card 2013/14

A summary of all the tax rates for 2013/2014 as set in the Chancellor's Budget on 20 March 2013.
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Charities update: Spring 2013

This update brings you the most recent developments for charities and not-for-profit organisations including information about Charitable Incorporated Organisations (CIOs) and the new online service from HMRC, Charities Online, which will make repayment claims for charities and CASCs quicker and easier by filing online.
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Taxflash: Mileage rates - March 2013

HMRC regularly publish approved ‘fuel only’ rates which have, again, changed with effect from 1 March 2013.
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Taxflash: Thinking of changing your car?

If you own your own business and are thinking of changing your car in the not too distant future delaying your decision could potentially lead to a substantial reduction in your tax relief.
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Tax update, issue 39: Pre-Budget and year end tax planning

Our regular summary of all the latest tax issues that will affect you and your business. In this issue we concentrate on tax planning: for the Budget; for your year end; for your business; for individuals and families; for UK or offshore trusts; for foreign domiciliaries; and for estate and inheritance tax.
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Real Time Information

The system of Real Time Information (RTI) is mandatory for all employers and is to be implemented from April 2013.
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Academy schools update: February 2013

This update brings you the most recent developments for academy schools including information on the Accounting Officer, the Audit Committee, changes to the Responsible Officer role and the new Academies Financial Handbook.
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VATflash January 2013

This month’s VATflash focuses on the changes to the research exemption and the long-term hire of means of transport, updates from the courts and a number of other VAT related issues.
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Rural and agriculture case study: Land restructuring

When it comes to minimising your taxes, there is often more than one way that a transaction can be undertaken. In this case, a complex trust arrangement meant that a successful large farming company needed to divide up its assets and realise some cash. By enlisting our help, £313,000 in tax was saved.
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Rural and agriculture case study: Tax savings

In this case, a client in our Royston office was delighted to discover that two recent court cases lost by HM Revenue & Customs (HMRC) created a big opportunity for them.  Our agriculture specialists advised the client to take advantage of the resulting ruling from these cases, and their taxable profit figures were adjusted accordingly saving them £6,200.
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