162 posts categorised "Tax"

19 December 2014

Clock is ticking for students entering £20k PwC tax reform competition

Deadline for the best idea on UK tax reform is 5 January 2015 Midlands students are being urged to get their thinking caps on now if they are to be in with the chance of scooping a £20,000 prize from PwC for the best suggestion on how the UK tax...

12 December 2014

HMRC Advisory Fuel Rates - have you found the 1 December 2014 update yet?

By Nigel Morris, employment tax expert I was interested to see when I looked on 1st December that HMRC had changed their Advisory Fuel Rates - these are normally released with some fanfare and the fleet press will inform their readers of the changes. This time however it took ‘the...

10 December 2014

Draft Finance Bill 2015: Time to act on country by country reporting

The draft finance bill announced today means multinationals need to start reconsidering their approach to transfer pricing (TP) documentation.

09 December 2014

EVENT: Introduction to VAT for the non-specialist

Date: Tuesday 3 February 2015 Time: 09:30 - 16:30 Location: PwC, Cornwall Court, 19 Cornwall Street, Birmingham, B3 2DT The course is entitled 'Introduction to VAT for the non-specialist' and is aimed at tax managers with some responsibility for VAT, or finance staff with responsibility for preparing or reviewing VAT...

08 December 2014

UK Government confident about proposed new IP regime

By Angela Browning On 2 December 2014 HM Treasury released a Written Ministerial Statement confirming the earlier UK:Germany joint proposal was broadly welcomed by OECD members. HM Treasury have also provided a summary of frequently asked questions that address some of the points of uncertainty. Key highlights include: there is...

03 December 2014

Autumn Statement 2014: Jonathan Haigh comments on impact of stamp duty changes

Residential impact Commenting on the overhaul of the stamp duty rates in the Chancellor's Autumn Statement, Jonathan Haigh, real estate expert at PwC in the Midlands, said: “People buying an average home will have more money to spend if they complete on their purchase tomorrow. On a £300,000 house- the...

Autumn Statement 2014: Karl Harriman comments on changes to personal tax and anti-avoidance measures

Personal tax changes Karl Harriman, tax partner at PwC in the Midlands, said: "The Chancellor continued his theme of raising the income tax personal allowance above the rate of inflation, with a further increase announced to £10,600. This rise is almost 5% above the rate of inflation, and means that...

Autumn Statement 2014: Chris Romans comments on measures for small businesses and entrepreneurs

In response to the Chancellor’s announcements on support for small and medium sized businesses, Chris Romans, tax partner and head of private business at PwC in the Midlands, commented: "Small and medium businesses, the majority of which are outside London, might be excused for feeling like the Cinderella part of...

Autumn Statement 2014: Angela Browning comments on the UK R&D implications

Commenting on the implications for UK research and development(R&D) in the Chancellor's Autumn Statement, Angela Browning, who leads PwC's Tax innovation incentives group in the Midlands, specialising in research and development, said: "We welcome changes to increase the R&D incentives for both large companies and SMEs with the R&D Expenditure...

01 December 2014

Autumn Statement 2014 predictions: Corporate

Much is likely to be said on tackling tax avoidance, with the Chancellor positioning the UK at the forefront of the international tax reforms. He’s likely to launch a consultation to implement the OECD’s proposals on hybrid mismatches - where the difference between the tax rules between two countries can...

28 November 2014

Autumn Statement 2014 predictions: Property

We are awaiting news on whether people with more than one home will still be able to nominate which property should qualify for principal private residence (PPR) relief. The relief exempts the main residence from Capital Gains Tax when it’s sold. This is part of a wider consultation about ensuring...

26 November 2014

Total Tax Contribution of Britain’s Biggest Businesses Hits Record High

£80bn contribution to exchequer this year, up £2bn on 2013 Marginal increase in taxes borne, despite fall in corporation tax rate While less tax generated per employee, increase in total employment tax The overall tax contribution of the UK’s largest companies in 2014 is the highest level ever recorded. Taxes...

21 November 2014

UK slips two places down league table of effective tax systems

The UK cannot afford to stand still on tax competitiveness, the latest PwC, World Bank and IFC Paying Taxes study shows. After two years of ascent, the UK has dropped two places to 16th on the annual benchmark of business tax systems, which measures the tax costs and compliance burden...

13 November 2014

UK Patent Box: UK and Germany compromise on preferential IP regimes

By Angela Browning This week saw UK and Germany agree a joint proposal to advance the negotiations on new rules for preferential Intellectual Property (IP) regimes within the G20/OECD Base Erosion and Profit Shifting (BEPS) Project. These proposals will impact the future of the UK Patent Box and other similar...

06 November 2014

R&D Expenditure Credit (RDEC) - good news on repayments

By Angela Browning HMRC have now confirmed that they will make a repayment to a company claiming RDEC (at step 1) even where a company has paid its corporation tax liability in full via quarterly instalment payments. This is providing the corporation tax liability (before payments) exceeds the RDEC. When...

27 October 2014

Midlands businesses should act now to claim research and development tax credits

Businesses of all sizes across the Midlands should act now to claim tax credits for their research and development activity. Businesses have up until December 2014 to claim tax credits for qualifying research and development (R&D) work carried out from as far back as 2012 up to the end of...

24 October 2014

Tax information at your fingertips - The UK pocket tax guide 2014/15

Our new UK pocket tax guide for the 2014/15 tax year is available now. Having the latest tax information to hand when you really need it is vital for any tax professional. Our guide brings you a handy quick reference to UK tax rates, allowances and the core rules for...

16 October 2014

David Gauke, Minister for Tax speaks out in support of Patent Box

By Angela Browning It's been great to hear David Gauke recently speaking in public in support of the UK Patent Box. He couldn't have been more clear that Patent Box, in his view, does not create an opportunity for businesses to reduce their taxes without increasing their value to the...

08 October 2014

OECD agreement on Patent Box still outstanding, what can you do now?

By Angela Browning As part of the OECD’s recommendations for BEPS the decision regarding Patent Box has yet to be agreed. The scheme, designed to support innovation in the UK, came into effect last year. Companies are entitled to a lower rate of tax on income generated via patented technology....

03 October 2014

Scottish Referendum Tax Talks webcast - the video

In the wake of the Scottish Referendum outcome announcement, David Glen, head of tax in Scotland hosted a Tax Talks webcast on the changes facing businesses in Scotland, as well as UK and inbound businesses which have operations, clients, suppliers or head offices North of the Border. According to David...