OTS capital allowances consultation update

    The Office of Tax Simplification (OTS) published its long awaited consultation report on the simplification of the capital allowance system on 15 June 2018. The report extended to 88 pages and concluded that the replacement of capital allowances with accounting depreciation, although beneficial, would be a highly disruptive undertaking. Rather than a complete overhaul of the system, the report recommended a number of smaller amendments.
    Read more…

    PAYE compliance health checks

    Due to the increasing complexity of legislation affecting employers, there has been a significant increase in employer compliance visits by HMRC, resulting in a corresponding rise in penalties charged for non-compliance.
    Read more…

    R&D tax relief and Brexit

    R&D tax relief is arguably the most generous corporation tax relief currently available in the UK today. For SMEs, up to one-third of qualifying R&D costs can be recovered through the tax system. It’s therefore of little surprise that the bombshell of Brexit has left many SMEs nervous about the future of the R&D tax relief scheme.
    Read more…

    Corporate tax and the digital economy: position paper

    The speed and scale of the changes caused by digitalisation have had implications for the UK tax system especially in respect of corporation tax, where the development of certain business models has challenged the understanding of how and where companies create value and ultimately how that value is taxed.
    Read more…

    Dilution of shares and entrepreneurs’ relief

    In the Autumn Budget 2017 the Chancellor announced that there would be changes to entrepreneurs’ relief to address the situation where an individual’s shareholding is diluted to below 5% because of a fresh issue of shares by the company.
    Read more…