188 posts categorised "Tax"

08 July 2015

Budget 2015: PwC comments on plans to restrict tax relief for pension contributions

Steve Blackmore, pensions director at PwC in the Midlands said: “This makes a complicated pensions tax system even more complicated. An ad-hoc change just disengages business leaders from the role of pensions in their organisations. Senior employees may now not bother saving into pensions. It sends a mixed message into...

Summer Budget 2015: The wider tax debate

Following the Chancellor's Conservative Summer Budget announcement, Mary Monfries looks at what was announced in more detail and how this fits into the wider tax debate.

Budget 2015: Office of Tax Simplification gets much bigger mandate

In the Budget book, the Government has said it will establish the Office of Tax Simplification (OTS) on a permanent basis with an expanded role and capacity. The new, expanded OTS will be put on a statutory footing in Finance Bill 2016, and will advise the government on how to...

Budget 2015: PwC - £7.2bn anti-avoidance target will come more from compliance than new measures

Commenting on the raft of anti-avoidance measures announced in the Budget, Stuart Wallace, head of tax at PwC in the Midlands said: "The Government's manifesto had a much trailed target of £5bn from tackling tax avoidance. In the Budget the Chancellor increased the target to £7.2bn but the description has...

UK tax datacard 2015/16

A quick reference guide to UK tax rates and allowances for individuals, companies and other taxpayers following announcements in Budget 2015. This data was prepared on Budget day 18 March 2015. It's a brief overview for temporary reference and general guidance on matters of interest only, and doesn't constitute professional...

06 July 2015

Summer Budget 2015: Our predictions on decentralisation, housing, business rates and personal tax cuts

Emergency budgets traditionally bring tax rises, but equally we could see tax cuts that favour some, not others. Overall the Chancellor will likely be looking to raise tax and this could come from a number of sources including widening the tax base, property, pensions and anti-avoidance. But what else is...

03 July 2015

Summer Budget 2015: Our predictions - where could tax revenues come from?

The Summer Budget is the first real opportunity for the Chancellor to put his mark on the nation's finances, unconstrained by coalition negotiations. Big focuses in the Chancellor’s Summer Budget are likely to include decentralisation and regional investment, and boosting productivity by supporting innovation, skills and technology. This is the...

20 May 2015

RECORDED WEBCAST: Major changes to the VAT recovery position for employers and pension funds

HMRC has recently announced changes to the VAT recovery position for employers who pay VAT on services relating to the administration and management of a defined benefit pension scheme. These changes follow a recent Court judgment which held that VAT charged on fund management and administration services provided to an...

13 April 2015

RECORDED WEBCAST: Getting ready for Diverted Profits Tax

The UKs Diverted Profits Tax came into force on 1 April 2015. This is a new tax levied at 25% on a company's taxable 'diverted' profits in two scenarios: Entities or transactions lacking economic substance - where groups create a tax benefit by using transactions or entities that lack economic...

BEPS: OECD to publish further papers in their action plan

By the end of this month the OECD is proposing to publish at least five further papers under its Base Erosion and Profit Shifting (BEPS) action plan. These will be a combination of revised drafts of papers you’ve already seen in part and entirely new papers. As well as providing...

31 March 2015

Tax return 2.0: Revolution in the Tax Self-Assessment regime will have significant implications for SMEs

George Osborne’s “digital” budget will change the relationship between small businesses and the UK tax authorities forever 740,000 SMEs in the Midlands will avoid the traditional “mad rush” approach to getting numbers together and engaging with taxes will (eventually) be easier A revolution in the UK Income Tax Self-Assessment regime...

18 March 2015

Budget 2015: Savers, Personal Savings Allowance and Tax Returns

Karl Harriman, tax partner at PwC in the Midlands, said: “This was a Budget for thrifty middle England – supporting those who are fixing their roofs, saving for homes and getting on in work. For the lowest paid, and many part time workers, the sun still isn’t shining given the...

Budget 2015: Angela Browning comments on the creative sector

Commenting on the support for the creative sector, Angela Browning, senior manager at PwC, said: "The reduction in minimum UK expenditure requirements for television tax relief and animation tax relief from 25% to 10%, and proposed modernisation of the cultural test for television tax relief for expenditure incurred from 1...

Budget 2015: Karl Harriman comments on tax avoidance measures and diverted profits tax

Karl Harriman, tax partner at PwC in the Midlands said: Tax avoidance "The Government has earmarked £3.1bn from a combination of tightening tax law as well as targeting avoidance. Inevitably as so much as been done already to tackle tax avoidance, this is an area of diminishing returns for Treasury....

17 March 2015

Budget 2015: Personal tax predictions

Both Osborne and his coalition partners may well consider going further on the central tax policy which has underpinned this government’s parliamentary term; increasing the personal allowance, perhaps up to £11,500. Stuart Wallace, tax partner at PwC in the Midlands, says: “raising the personal allowance is a tried and tested...

Budget 2015: Predictions from PwC inthe Midlands

Stuart Wallace, tax partner at PwC in the Midlands, comments ahead of the annual Budget on Wednesday 18th March: “With his last budget before May’s General Election, George Osborne will be looking to strike a difficult balance between championing the government’s commitment to fiscal responsibility on one hand, and enticing...

12 March 2015

Budget 2015: Oil and gas predictions

Ahead of the this year’s Budget announcement, Alan McCrae a Partner in our Energy Tax practice discusses what we could potentially see being announced within the oil and gas industry and how this could impact you.

Budget 2015: Economic overview predictions

Ahead of the this year’s Budget announcement, Andrew Sentance our Senior Economic Adviser discusses what we could potentially see being announced within the economic environment and how this could impact you.

Budget 2015: Areas of focus

Ahead of this this year’s Budget announcement, Alex Henderson a Partner in our tax practice discusses what themes we could potentially see being announced ahead of the General Elections and how this could impact you.

23 February 2015

What's next for Nexus?

By Angela Browning I attended a Patent Box working group meeting with HMT/HMRC last week to discuss the initial design aspects of the modified Nexus. The main focus of the meeting was HMT asking questions of business/advisors to better understand what could potentially work in terms of the new modified...