180 posts categorised "Tax"

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...

20 February 2015

Tartan tax is speeding down the track....are you ready to get on board?

Providing its response to the further devolved powers proposed by the Smith Commission, the UK Government published its draft legislation three days ahead of the Burns Night deadline. As Scotland continues on its devolution journey post-referendum, what do we now know and what remains uncertain? We know that the draft...

13 February 2015

Keep watching as BEPS actions develop

Key issues and deadlines Business could soon feel the effects of international efforts to protect tax revenues through the project on Base Erosion and Profit Shifting. The UK could be one of the first territories to address BEPS recommendations and new proposals are on the way. In September the G20...

Two students scoop £10k each, in PwC’s student competition for best ideas on UK tax reform

A tax system that empowers regional cities and encourages businesses to invest in people will boost employment and drive the UK economy – according to the winning essays of a major student tax competition. The two winning students, Richard Cha and Jamie Parker, both from the University of Cambridge, each...

27 January 2015

Webcast: Your Board Directors - A seamless process for remuneration disclosures and tax reporting

This is the on demand version of the webcast we held on 12 January talking about the challenges clients face a year on after the introduction of the new remuneration reporting rules, an insight into the key risk areas that HMRC are looking at and how our clients are dealing...

18 January 2015

Short Term Business Visitor audit: Is this a sign of things to come?

By Kavita Chana Companies are facing an ever increasing scrutiny from HM Revenue & Customs (HMRC) when it comes to the auditing of their expatriate tax and social security compliance. Aside from the expatriate angle of the Know Your Client (KYC) meeting invitations, we are now starting to see additional...

06 January 2015

Solicitors latest to be targeted in HMRC campaign on voluntary tax disclosure

Solicitors are being given the chance by HM Revenue & Customs (HMRC) to bring their tax affairs up to date or face tougher penalties and the potential for a detailed tax investigation, as part of a new tax campaign. The Solicitors' Tax Campaign is the latest voluntary disclosure opportunity giving...

23 December 2014

Rethinking the regions

By Ruby Parmar When you live or work in London it’s sometimes easy to imagine the capital is the be-all-and-end-all of the UK economy, but I want to challenge that and make the economic case for the regions. There are some entrenched ideas that start way before people enter the...

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...