Mazars tax news covers everything tax related in the UK from, VAT to the latest HMRC rulings.
Find monthly updates on taxation in the UK, or search through the archive of our news. For the most up to date tax news and opinions on taxation in the UK, follow our Let's Talk Tax blog:
Let's Talk Tax
Changes to UK ‘Non Dom’ tax rules effective by the end of 2017
The UK government announced on 13 July that changes to the tax treatment of individuals who are resident in the UK but are non-UK domiciliaries, and which were put on hold because of the UK General Election, will now go ahead in a second Finance Bill which should become law by the end of 2017.
Draft Finance Bill - ‘Optional Remuneration’ (salary sacrifice) update
For a while now, the Government has been concerned with what they see as an inequality between those using salary sacrifice to receive a benefit and those who do not. They also feel that there are a great number of employees unable to benefit from such arrangements as they are too close to the National Minimum or Living Wage. They are also concerned with loss of tax revenue and employer’s National Insurance Contributions (NI). From April 2017, new rules will apply when salary sacrificing.
Autumn Statement - Chancellor misses opportunity to restore business confidence
With his Autumn Statement today, the Chancellor missed an opportunity to encourage investment in the UK. Comparisons to German productivity sadly missed the point at issue around how businesses grow, develop and incentivise business owners and employees alike. The UK may still be open for business and is still highly attractive to inbound investment due to low corporation tax rates and “holding company” incentives but, unless your business invests in housing, transport or digital technology, then it is unlikely the Autumn Statement will get you too excited.
Mazars' Tax team shortlisted in British Accountancy Awards 2016
Mazars has been shortlisted for the top 50 Tax Team of the Year, in the this years' British Accountancy Awards. It is a great achievement to be shortlisted, and is testament to the exceptional work and dedication of everyone in the team.
Reforms to Corporation Tax Loss Relief
On 26 May 2016 proposals for reforms of corporation tax loss relief were unveiled in a consultation document.
Tax deductibility of corporate interest expense
HMRC issued a further consultation document on 12 May 2016 concerning proposals to limit tax relief for corporate interest expense. This is a major issue for larger companies and groups which have interest and related financing expenses in excess of the £2 million de minimis per year.
The Panama Papers – A new old story?
It is hard to ignore the revelations in the last 48 hours of alleged tax evasion by the rich and powerful following the leak of a huge volume of data from Panamanian legal and trust services provider Mossack Fonseca. Indeed our own Prime Minister, David Cameron faced questions about his father’s historic financial links to the Central American country.