Topical Tips - page
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PLEASE NOTE: The Archive is a historical resource and by the very nature of these tips the details of tax law might have changed since they were published, so contact your Barnes Roffe partner before acting on any matter contained in these tips.
November 24, 2016
TT252: Autumn Statement 2016: all change for the Chancellor
The UK has experienced plenty of political upheaval this year with the EU referendum followed by a change of leadership. The Chancellor, Philip Hammond, delivered his first Autumn Statement on 23 November– which also turned out to be his last.
November 07, 2016
TT251: Large Businesses Required to Publish Tax Strategy Online
New legislation enacted by the Finance (No. 2) Bill 2016, requires all UK large businesses to publish their annual tax strategy online. The legislation applies to over 2,000 UK businesses and is part of HMRC’s anti-tax avoidance and tax transparency plans.
October 27, 2016
TT250: Country-by-Country Reporting (CbCR) for Large Multinationals
Country-by-Country Reporting (CbCR) is one of the actions recommended by the Organisation for Economic Co-Operation and Development (OECD) as part of its work on Base Erosion and Profit Shifting (BEPS), to enhance global transparency and anti-tax avoidance.
September 26, 2016
TT249: Company Law Update 2
This is the second instalment providing an update on forthcoming company law changes. The majority of the planned changes have now been implemented including the introduction in June 2016 of the Confirmation Statement which replaced the Annual Return.
August 18, 2016
TT248: The death of paper correspondence from HM Revenue & Customs (“HMRC”)
July and August are normally quiet months in terms of tax announcements. This is partly due to the Parliamentary break as well as the holiday season.
July 29, 2016
TT247: Incorporating Residential Property Portfolios
New measures to restrict relief for finance costs on residential properties to the basic rate of Income Tax will be introduced gradually from 6 April 2017. Together, with falling rates of Corporation Tax this has made the holding of property portfolios through a corporate entity very appealing for some people.
July 19, 2016
TT246: VAT partial exemption calculations
We are now past the VAT year end period – depending on the VAT quarter stagger of the business, VAT year ends are March, April or May. For partially exempt businesses, who make both exempt and taxable supplies, this is the period in which the partial exemption annual adjustment needs to be made.
June 16, 2016
TT245: Travel and Subsistence – Recent Legislative Changes
The Finance Bill 2016 contained full details of the changes which came into effect from 6 April 2016. These primarily affect the ability of employed workers to reclaim travel and subsistence expenditure where an employment intermediary (i.e.
June 09, 2016
TT244: The Cycle to Work Scheme
What is the Cycle to work scheme? It is a tax exemption initiative introduced as far back as 1999 to promote healthier journeys to work and reduce environmental pollution. Employers can loan cycles and cycle safety equipment to employees as a tax-free benefit.
June 02, 2016
TT243: Small company simplification also brings options
Changes introduced by the EU New Accounting Directive (by SI 2015/980) will have significant changes for small entities for periods commencing on or after 1 January 2016. Let us consider the current framework applicable to all entities.