Voluntary disclosures facility for MNEs cross-border arrangements
Multinational (MNEs) companies have been given an opportunity to voluntarily disclose any uncertainties or inaccuracies with their cross-border arrangements to HM Revenue and Customs (HMRC) under the Profit Diversion Compliance Facility.
ESS – Enterprise boldly going?
Just before Christmas HMRC launched a call for evidence about Electronic Sales Suppression. As with any such modern-day phenomenon, it is known by its acronym ESS.
Back in early November, we blogged about some worrying changes to entrepreneurs’ relief as a result of what looked like sloppy drafting in the Finance Bill. Happily, the Government tabled, on 20 December, a proposed amendment which has gone some way to addressing our concerns.
Property tax changes you may have missed in Budget 2018
Property tax was well-covered in October’s Budget, with headline-grabbers including; the reduction of the final period of deemed residency for those not occupying their principal residence prior to its sale from 18 months down to nine months, and changes to lettings relief so that it only applies in circumstances where the owner of the property is in shared occupancy with the tenant.
Inheritance Tax on holiday lettings? Don’t be Scilly
Or perhaps I ought to advise you, do be Scilly? At least in the sense of Mrs Graham who died in 2012 owning Carnwethers, an enlarged farmhouse on one of the islands with four incorporated or adjoining self contained flats over which HMRC and her executors have been arguing ever since.
Taxflash: Mileage rates – December 2018
HMRC regularly publish approved 'fuel only' rates which have, again, changed.
Are you getting ready for 1 April 2019?
There are two major changes to the VAT system on the way – both around April fools day
Beware the potential tax pitfalls of the office Christmas party
At this time of year we remind employers that the cost of parties and staff functions are not taxed on employees as a “benefit” if the amount is less than £150 per attendee. In most cases it is clear whether or not the cost is within, or over those limits. The limit is a cliff-edge; if the cost is £151 each, the full amount is taxable.
Further worries for business owners?
With the prolonged uncertainty of Brexit continuing on the horizon and with no sign of clarity any time soon, what a business owner craves the most is certitude so that they can make informed decisions for the current and future benefit of themselves and their employees.