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Bespoke planning and assurance is our business. Mazars recognises that everyone is different and has different needs.

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Furnished Holiday Lettings - Don’t miss opportunity for tax repayment

Furnished holidays lettings (‘FHL’) attract special tax treatment - but this has always previously been limited to UK properties. However, in the Budget it was announced that the tax advantageous treatment is being retrospectively extended to cover properties situated within the European Economic Area (EU plus Norway, Iceland and Liechtenstein).

VAT: New rules for cross border services from 1 January 2010

A new EU directive has been adopted which will mean that from 1 January 2010, there will be new VAT rules relating to the supply of services across the EU. Instead of the current basic rule that the place of supply of services is treated as being where the supplier is established, the place of supply for most services will shift to the country where the customer is established.

Foreign Profits Reform – Finance Bill 2009 Update

The Finance Bill 2009 includes draft provisions at Schedules 14 to 17 in respect of the proposed reforms of the taxation of foreign profits of companies. The draft provisions in respect of the worldwide debt cap in particular have been significantly changed and are improved on the previous draft which contained many anomalies.

M&S Wins Again

In the long running saga of the battle to obtain group relief for losses sustained by its German and Belgian subsidiaries, M&S have been successful again.

An overview of the Proposed Senior Accounting Officers Obligations

Draft legislation in the recent 2009 Finance Bill sets out the details as to how the surprise new proposals relating to “Senior Accounting Officers” (“SAO”) of large companies will work. This note summarises the new obligations and suggests how businesses should respond to them.

Inward Investment into UK commercial property.

This article reviews commercial property in the UK - including UK capital gains, and UK rental income.

Company cars – new rules for tax relief

Businesses should be aware that the a new basis for working out their tax relief for cars they buy or begin to hire from 1 April 2009. The new rules are simpler and restrictions on tax relief now depend on the emissions level of the car rather than its retail price.

Latest thinking on Worldwide Debt Cap

HMRC have announced changes to draft proposals that will restrict the amount of tax deductible interest expense of companies that are members of a large group. The proposals are wide ranging and potentially affect all groups that are funded by debt.

Transfers of Income Streams

Current anti-avoidance provisions target specific types of transactions whereby a person gives up a right to future taxable income for what is claimed to be a tax free capital receipt.

Land remediation relief (LRR) – can you claim it?

If your company purchases contaminated or derelict land you may be eligible for enhanced tax relief or a tax repayment.

Hedging rights proceeds

On 10 March 2009 the Government announced that a further circumstance will be added to the list of exceptions to the normal rule requiring gains and losses on foreign exchange transactions to be taxed in line with recognition in the financial statements.

Planning around 5 April 2009 tax year end

The personal tax year end has always been seen as a good time to look at your financial affairs.

Foreign profits proposals

The Government has issued draft legislation under the ‘Foreign Profits’ proposals which, if enacted, will result in sweeping reforms to corporation tax. However, despite the title, the reforms also affect wholly domestic UK groups.

Difficulty paying your tax

The Pre-Budget Report saw the launch of the ‘Business Payment Support Service’, a dedicated helpline for any taxpayer who believes they will have difficulty in paying their tax bills. It is primarily for self-employed people and companies, both large and small, and covers most taxes including income tax, corporation tax, PAYE, NIC and VAT.

Nine for 2009

“Happy new year” may not be the 2009 experience for many businesses. With efforts focused on boosting revenues and cash flow and minimising costs, businesses should not overlook possibilities for tax saving and make sure they watch out for tax pitfalls. In this article we identify nine practical ways for business to reduce their tax outflows or improve their tax related cashflows in 2009:

Corporate Tax Changes following Difficult Financial Markets

Two changes will be made in Finance Bill 2009 with retrospective effect to address particular problems, facing banks in particular, in the current economic turmoil. However, the changes will not be limited to banks and thus apply to other companies.

Loan relationship changes

HMRC have now published draft legislation regarding changes to the loan relationships rules between connected companies for late paid interest and releases of trade debts. The proposed changes are more favourable in both cases than anticipated and will apply for accounting periods beginning on or after 1 April 2009.

HMRC provides guidance on degrouping charges

HMRC have issued Revenue & Customs Brief 59/08 clarifying their view of when degrouping charges arise under Section 179 TCGA 1992.

National contacts

Avril Whitfield

Partner
+44 (0)20 7063 4292

Lindsay Pentelow

Lindsay Pentelow

Partner
+44 (0)1234 402 000

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