VAT on private school fees - risks & opportunities
As part of its 2024 election manifesto, Labour has committed to the removal of several tax exemptions from private schools resulting in additional VAT costs and compliance obligations.
Insights on all areas of taxation to help businesses and individuals remain up to date with changing legislation that may impact their position.
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UK government priorities for innovation incentives
With the rise in AI and other disruptive technologies, companies continue to invest heavily in Research and Development (R&D).
Latest developments in Amount B (BEPS 2.0)
OECD releases guidance on Amount B (BEPS 2.0) - what’s in the box?
Double cab pick-ups – van or car for tax purposes?
Will the rules change from 1 July 2024? HMRC announced on 12 February 2024 a change of classification of company vehicle double cab pick-up (DCPU) trucks for income tax (P11D) purposes from van to car which was due to come into effect from 1 July 2024. However, following feedback, the government has now done a full U-turn and confirmed this is no longer taking place and the guidance and legislation...
Where should remote workers pay income tax?
It’s up for debate. The surge in remote work has sparked discussions about a fair allocation of taxation rights between countries in respect of the employment income Article based on the current UN Model Convention.
What the changes in NMW & NI really mean
The Autumn Statement 2023 brought both good and bad news. As we now move into 2024, the announcements relating to the National Insurance reduction for employees and the increase to the National Minimum and Living Wage (NMW for simplicity) start to become very real. These announcements represent a real challenge for employers, particularly given the freeze in the employer NIC rates and thresholds...
Legislation to consider when employing apprentices
Apprenticeships provide invaluable experience for those who take on apprentice roles, giving them a taste of a certain industry or type of role, which may shape their career for years to come.
UK immigration calendar 2024
The UK government has announced numerous changes that will come into effect in 2024. We have put together a calendar to help our clients plan for their mobile workforce.
Mandating the payrolling of benefits in kind
Following the government's recent announcement setting out initial comments, we address some FAQs on this proposed update.
UK Immigration update: Statement of change - 2023
The UK government issued a Statement of Change (7 December 2023) which included information on changes to the visitor route, due to take effect from 31 January 2024.
Top 10 VAT cases in 2023
As we approach the end of 2023, let’s take a look back at the plethora of diverse cases we have seen debated this year in the world of VAT - from botox to dinosaurs to dodgems and biscuits.
Christmas 2023 #TaxVent calendar
Enjoy our 12 days of Christmas tax advent calendar
UK Immigration update November 2023
The UK Government has announced some upcoming changes that will impact organisations with a mobile workforce.
Plastic Packaging Tax (PPT): 18 months on
The Plastic Packaging Tax (PPT) was introduced on 1 April 2022. 18 months on, we look at some of the changes and key points businesses should consider.
How to avoid National Minimum Wage breaches
The Low Pay Commission (LPC) estimates that around 1.6 million workers were being paid at or below the minimum wage in April 2022 – that’s 5% of all UK workers. However, with the minimum wage rates increasing and pay differentials reducing, combined with the complexities of the minimum wage legislation, it’s not just those low paying roles at risk anymore.
The chancellor’s mansion house speech 2023
The Chancellor’s Mansion House speech was certainly ambitious. Its cornerstone is the Government’s plan to allow pension funds increase their investment in Private Equity fivefold (up to 5%) and unlock £50bn in value, mostly for UK small firms. Also, it would simplify prospectus rules for an LSE listing and do away with some MiFID II rules, a key EU piece of financial regulation, around research.
Latest reforms: TP, PEs & DPT
In light of growing efforts to align UK tax rules with global best practices, HMRC is taking steps to reform current UK legislation, particularly with respect to transfer pricing (“TP”), permanent establishments (“PEs”) and diverted profits tax (“DPT”).
What BEFIT could mean for the UK
The European Commission has proposed the ideas of a European common tax base, even though Brexit means this will not directly apply in the UK, if it is adopted then UK businesses may be affected.
Employers’ tax calendar 2024-25
Download our Employers’ tax calendar to stay up to date with the new financial year.
Spring Budget 2023: impacts and analysis
A Budget for Growth.
Fund management services: VAT exemption update
HMRC are currently consulting on the future of the UK VAT exemption for management of special investment funds (SIFs). HMRC are proposing to revise the UK legislation by including some additional guiding principles to be considered when defining SIF for VAT purposes. Our VAT team are responding to the consultation after discussions with some key players in the industry.
Basis Period Reform for partnerships
Businesses unable (or perhaps unwilling) to move their accounting period to 31 March/5 April are in the new regime already. 2023/24 is the year of transition. If you have an immovable year end, say to 31 August, then the basis period for 2023/24 began on 1 September 2022.
Basis Period Reform
From 2024/25, the rules on taxing profits of unincorporated businesses will change. Going forward all individuals will be taxed on profits that arise in the year to 5 April. Sole traders and members of a partnership whose accounts are not currently prepared to 31 March or 5 April will be impacted by the upcoming changes.
Are you comfortable with your NMW compliance?
29/11/2022. Organisations who neglect to follow National Minimum Wage (NMW) compliance can be left liable to costly ramifications, both financially and reputationally.
What is this about a 15% global minimum tax rate?
April 2022 A surprising amount of political pressure has been applied to the Organisation for Economic Development (OECD) to get the world to agree to a 15% minimum tax rate. Once thought by many as an impossible task, it now looks like it’s going to happen, and surprisingly soon.
Is the R&D tax regime due a major overhaul?
Proposals for changes to the UK’s R&D tax regime are getting airtime – why is this? What are these proposals and are there alternatives that should be considered by policymakers? We provide you with an update on this topical issue.
Pension salary sacrifice & new minimum wage rates
The National Minimum and National Living Wage (collectively referred to as “NMW”) rates are increasing from 1 April 2022.
Tax Governance
With an increasing focus on tax transparency, it is critical that businesses be seen to be acting on the front foot to avoid unwanted scrutiny and the financial penalties that can come with it.
Transfer Pricing Documentation
30 November 2021 Following the public consultation on transfer pricing documentation, the government has decided that it will legislate to require the largest businesses to maintain a master file and local file, and a supporting summary audit trail, to take effect from April 2023. The government will not introduce an International Dealing Schedule but will keep this policy area under review.
Plastic Packaging Tax: FAQs
The UK government implemented a tax on plastic packaging as part of a focused initiative to shift away from waste destined for landfill or incineration.
NMW update: optional work-related expenses
Unreimbursed work-related expenses incurred at the choice of a worker will now reduce their pay for National Minimum Wage (NMW) purposes, following the impact of a recent decision made by the Employment Appeal Tribunal.
An unwelcome Notice
The Follower Notice regime refers to a notice issued by HMRC to taxpayers who took part in avoidance schemes that have been determined by previous court rulings to be ineffective, the validity of these notices has come into question following a recent court case.
Application of Most Favoured Nation clause
Most Favoured Nation (“MFN”) provisions generally exist to prevent countries from discriminating against other countries through the use of clauses in free trade agreements and double tax treaties.
CJRS and furlough suppport for employers
With over 200 changes to HMRC’s guidance and numerous Coronavirus Job Retention Scheme (CJRS) Treasury Directions published, navigating compliantly through the maze of the CJRS has not been easy.
Don't forget your reporting obligations
With the 2020/21 tax year now over, employers should consider if they have any reporting requirements in respect of Benefits in Kind (“BIK”), expenses or Employment Related Securities.
Managing risk and enhancing employee engagement
Key ways businesses can manage risk and enhance employee engagement in 2021/22, including home working, travel, and training recommendations.
Tax Governance - a new fad?
Tax Governance is a “hot topic”, but what does it actually mean? Is it a topic of only passing interest or is it of significant importance here to stay?
Employer Tax Calendar 2022-23
Download our Tax Calendar to remain compliant with employment tax in the new financial year.