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
Beware the Budget Day after the Ides of March
What's in store for this weeks UK budget? Nestling between the infamous anniversary of a leader being stabbed in the back and the pretext for partying that is St. Patrick’s Day, George Osborne may be hoping that his Budget on 16 March will be perceived both as a coup and a cause for celebration. With the apparent recent schism between senior cabinet members around Brexit, this Budget could provide an opportunity for the Chancellor to demonstrate leadership. Will property, non-doms small businesses and corporate tax prove to be the pawns in competing visions of the UK’s future?
EC announces anti-tax avoidance package
On 28 January 2016, the European Commission (EC) announced an anti-tax avoidance package for corporate tax in response to the OECD-G20 agreed BEPS measures.
Extension of DOTAS Hallmarks goes ahead, with changes
The Disclosure of Tax Avoidance Regime (DOTAS) has undergone some notable transformations during its lifetime, starting from being an ‘early warning system’ of tax planning for HMRC to now being a central plank of the Government’s attempts to shut down the tax avoidance industry.
Changes to the taxation of distributions on a winding up
The changes to the taxation of dividends from 6 April 2016 will see the differential between the rate of income tax on a distribution (up to 38.1%) and that of capital gains tax (as low as 10%, where entrepreneurs’ relief is available) at its greatest in recent years.
Film Scheme Investors – HMRC settlement opportunity ends 11 February 2016
Taxpayers in film schemes have until 11 February 2016 to register for the HM Revenue & Customs (HMRC) settlement opportunity.
Finance Bill 2016 - highlights
On 9 December 2015 the draft Finance Bill 2016 was published, and is open for consultation until 3 February 2016. However, we are still awaiting further draft clauses to appear in the New Year, such as on the apprenticeship levy and the stamp duty land tax 3% surcharge for buy-to-let and second properties.
Autumn Statement 2015 - Chancellor banks on growth to avoid tax credit cuts
For anyone focussing on tax changes, the majority of the 2015 Autumn Statement amounted to a long preamble in the form of the now customary summary of statistics on growth, both past and expected. Significantly, the Chancellor was able to avoid making any cuts to tax credits, which will be welcomed by many. However, what was less clear is how this and other measures mentioned will be paid for.
Users of Tax Avoidance Schemes Face Massive Tax Demands
Legislation enables HM Revenue & Customs (HMRC) to demand upfront payment of disputed tax relating to tax avoidance schemes before enquiries and disputes are settled. These powers will severely impact on thousands of taxpayers.