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31 March 2015

BEPS: Recommendations for a best practice tax avoidance disclosure regime

By Simon Wilks The first in a number of papers to be released by the OECD in the next few weeks, the discussion draft published today addresses Action 12 of the OECD’s Base Erosion and Profit Shifting (BEPS) project - to develop recommendations regarding the design of tax avoidance disclosure...

30 March 2015

BEPS: OECD to publish further papers in their action plan

By Mike Cooper By the end of April 2015 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...

18 March 2015

Encouraging further investment in the North Sea

Against a backdrop of maturing oil fields, high production costs, an extremely complex tax regime and low oil prices, the eyes of the oil and gas sector were firmly on the Chancellor to stimulate investment and halt decline.

Investment package a significant boost to the oil and gas industry

By: Alan McCrae Against a backdrop of maturing oil fields, high production costs, an extremely complex tax regime and low oil prices, the eyes of the oil and gas sector were firmly on the Chancellor to stimulate investment and halt decline. George Osborne has responded to the gauntlet thrown down...

Join our live webcast on Diverted Profits Tax - 9 April at 15:00

The UKs Diverted Profits Tax will take effect from 1 April 2015. This is a new tax levied at 25% and if you have sales to UK customers from foreign companies OR UK companies make payments to low tax entities then this new legislation could apply to you. To date...

Increases in National Minimum Wage welcomed

By: John Harding, partner The Government's acceptance of the Low Pay Commission's recommendations to increase the adult rate of the National Minimum Wage to £6.70 from October 2015 is to be welcomed, together with the increase in the Personal Allowance to £10,600 from April. Both of these changes will help...

A Budget for thrifty middle England

By: Iain McCluskey 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 personal allowance increase won’t have any impact...

Chancellor ends austerity a year early, with majority of households gaining from Budget

By: John Hawksworth, chief economist The biggest change in the Budget is the Chancellor’s decision to end austerity a year earlier than planned in his Autumn Statement. The projected budget surplus levels out at £7 billion in 2019/20, which is still a healthy outcome but well below the £23 billion...

Cart and horse dilemma on business rates growth

By: Simon Tivey The widening of the business rates retention scheme in specific areas such as Manchester and Cambridge is targeted at helping local authorities support economic growth. The reward for councils and council tax payers in these areas is to keep all the extra business rates that stem from...

New initiatives to help address the housing shortage in the capital and beyond

By: Robert Walker The Chancellor's announcements of new Help to Buy ISAs and housing investment show he wasn't joking about 'fixing the roof' as the sun starts to shine. More detail is needed behind the creation of the 20 new housing zones and investment to tackle the housing shortage in...

Patent Box - OECD hears from business

By: Angela Browning At an informal consultation meeting on 10 March, the OECD heard from businesses regarding the practical application of the Modified Nexus Approach to Intellectual property (IP) and patent boxes. Joined by delegates from member states and the Business and Industry Advisory Committee (BIAC), the OECD welcomed the...

16 March 2015

Budget 2015 – what we could expect

By Stella Amiss With his last Budget before May’s General Election, George Osborne will be looking to strike a balance between championing the government’s commitment to fiscal responsibility, whilst trying to create a more general ‘feel good’ factor by putting something extra in people’s pockets. The Budget presents a crucial...

27 February 2015

Reasons to be cheerful

By Diane Hay For those of you not old enough to remember Ian Drury, one of his most famous songs lists the things that make him happy, including his penchant for cheddar cheese and pickle (among other things probably better not mentioned here). It always makes me smile. So it...

18 February 2015

Fast Growth Forum 2015 - Register now

By Brian Henderson "Success is not about the quality of your ideas; it’s about the quality of your execution." I am pleased to announce that for the second year we are supporting the Fast Growth Forum in London on 24 & 25 March 2015. The event will feature another really...

13 February 2015

Investment Trust Companies (in liquidation) - landmark Court of Appeal judgment released yesterday

By David Anderson Following the landmark judgment released yesterday by the Court of Appeal, Investment Trust Companies (ITCs) are entitled to claim back unduly invoiced VAT directly from HMRC. The ITCs had been overcharged VAT on investment management fees in breach of EU law. In an attempt to recover these...

11 February 2015

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

By Gwyneth Scholefield 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...

02 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...

22 January 2015

EU FTT: back from the dead?

By Simon Leach By the end of 2014, it appeared that the project to implement an EU Financial Transaction Tax (FTT) had stalled. The Member States signed up to implement an EU FTT (the 'EU-11') had failed to reach consensus on a number of points concerning the scope and application...

14 January 2015

How megatrends and BEPS are colliding for engineering & construction businesses

By Aidan Sutton For the past few months, I’ve been receiving calls on an almost daily basis from UK engineering & construction clients looking for a specific piece of information: contact details for a tax colleague specialising in a developing market. From Tunisia to Mozambique to India to Malaysia and...

23 December 2014

Seasonal gifts from the OECD set the scene for a year of real change to come

By Mike Cooper In what for many will have been the last week before a seasonal holiday, the OECD published six draft discussion papers covering a range of the key BEPS actions scheduled for 2015. Although these papers show that there’s work to be done, they are yet another example...