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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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Payments to non-executive directors

There is a common misconception that the payment of fees to non-executive directors can be made without having to account for tax and National Insurance (NI) by way of the PAYE system. Unfortunately, this is not usually the case. This article covers some of the common errors made when making payments to non-executive directors.

Mixed Result for M&S

The Upper Tribunal has disallowed some of M&S group relief claims from its German and Belgian subsidiaries by refusing to extend statutory time limits. However, it’s not all bad news.

A Swift Clarification is Needed

A recent tax case involving an individual’s double tax relief claim could have significant implications for UK multinational groups with a US limited liability company (LLC) in their structure.

June budget speculations and what actions you might take

Top of George Osborne’s agenda is to cut the UK’s eye-watering budget deficit. On the 22nd June it is certain that the new government will announce tax changes. And it’s almost certain that most of the changes will be to increase tax. So, what could these changes be and how could they affect you?

tax team awards winners

Best Tax Team in a Large Firm 2010

Our Employment Tax Services team has been awarded the 'Best Tax Team in a Large Firm' at this year's LexisNexis Taxation Awards.

Coalition Agreement outlines Tax Reforms

The Conservative-Liberal Democrat coalition has now issued a final agreement setting out its plans. As far as tax is concerned, there is one further surprise on non-doms but no further news on the earlier surprise announcement on CGT.

Update on proposed coalition CGT increases

This story continues to attract massive attention and concern from clients. Little further detail emerged over the weekend on either the timing or the extent of the protection planned for business assets.

property tax

Property tax - Tough times for landlords

Both tenants and landlords are facing unplanned costs in their businesses. Trading companies that are tenants may have to make a penalty payment to exit a lease early when the landlord is unlikely to find anyone willing to occupy the premises at similar rental levels. On the other hand, to attract tenants to a vacant property a landlord will have to offer incentives to prospective tenants.

year end planning april 2010

Planning around 5 April 2010 tax year end

The end of the tax year has always been seen as a good time to look at your financial affairs. Opportunities need to be taken now or some will be lost forever. Action now may give you cash flow advantages. Announced tax changes mean that this year, more so than in recent years, you may have the opportunity to arrange your affairs to improve your tax position for the next year.

AstraZeneca pays £505m to settle long running UK tax dispute

Further evidence of the tough line that tax authorities are taking in relation to transfer pricing was revealed today with AstraZeneca announcing that it has paid £505m to settle its long running UK tax dispute.

Withdrawal of higher rate tax relief for childcare provision

Following the December 2009 announcement regarding the future restriction of tax relief on the provision of childcare and childcare vouchers, on 19 February 2010HM Revenue and Customs published a Technical Note on the proposals.

Change to penalty position for late paid PAYE and National Insurance

A new penalty regime is being introduced in relation to the late payment of tax and Class 1 National Insurance (NI) which are collected via the PAYE system. The new regime will also apply to late paid Classes 1A and 1B NI, amounts due under the Construction Industry Scheme (CIS) and to Student Loan deductions. The new system will come into effect from 6 April 2010 and will affect payments due to be made from May 2010 onwards.

HMRC restricts the tax exemption for workplace canteens

Currently no tax charge arises on the provision of meals for directors or employees provided in a canteen or on the employers premises when certain conditions are met. Remuneration arrangements involving salary sacrifice or flexible benefits schemes have developed to take advantage of the exemption and allow employees to purchase meals from gross rather than net pay. These arrangements provide employees and employers alike with a tax and NI advantage.

Government concession on withdrawal of tax relief for childcare vouchers

The Prime Minister announced on 3 December that the Government’s plans to withdraw tax relief for childcare vouchers will be withdrawn and that tax relief on childcare vouchers will remain, albeit at the basic rate of tax for employees first taking vouchers after 2011.

Restricted tax relief for pension contributions – will this affect you?

Individuals with “high income” may have tax relief for some of their pension contributions, or increases in pension fund benefits, capped at the basic rate of income tax. The Finance Act 2009 has added a new tax: the pensions “special annual allowance charge” (SAAC). When this tax charge applies it restricts the amount of higher rate tax relief on contributions paid into a pension scheme, or taxes part of the increase in benefits within a final salary scheme for the benefit of higher earners. This SAAC is an actual cash tax charge payable by the high-income individual. The SAAC applies for the tax years 2009/10 and 2010/11. The rules are complex and contain traps for the unwary.

VAT – Anti-forestalling legislation

The temporary reduction in the VAT standard rate to 15% is due to end on 31 December 2009 and HM Revenue and Customs (“HMRC”) have published guidance based on the assumption that it will revert to 17.5% on 1 January 2010.

Holding on - The transitional CFC exemption for holding companies

Rosemary Blundell, National Tax Director of Mazars LLP, explains why international groups should hold on to the transitional CFC exemption for holding companies.

National contacts

Ross Mackenzie

Ross Mackenzie

Partner
+44 (0)141 225 4904

Lindsay Pentelow

Lindsay Pentelow

Partner
+44 (0)1234 402 000

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