A four-step approach to optimise your innovation funding July 23, 2020 | City Talk The landscape of innovation grants, funding and tax credits can be overwhelming. We explore how companies can make the most of the funding options available to them. With a host of new innovation funds being made available across a number of sectors and HMRC committing to accelerating payments of research and development (R&D) tax credits, [...]
Legislation day – A vision to reshape and modernise HMRC for the future July 22, 2020 | City Talk As one might expect from Legislation Day, yesterday included the publication of draft legislation ahead of the Autumn Budget. However, the core theme from yesterday’s announcements that accompanied the legislation was the Government’s clear mission to change the role that HMRC plays in tomorrow’s society. This builds from the critical role that the tax authority [...]
Tax less, spend more: the Chancellor’s Summer Statement July 8, 2020 | City Talk The Chancellor delivered an Economic Statement that may not have been heralded as a Budget, but nonetheless delivered some significant changes to the country’s taxation and spending regime. In what was clearly a ‘Tax Less, Spend More’ statement, Rishi Sunak delivered not just a VAT cut for the few, but spending grants for the many. [...]
VAT rate cut: implementation for businesses will be more complicated than it appears July 8, 2020 | City Talk The Chancellor’s announcement is a welcome and targeted measure for the hospitality and leisure sector which has been impacted by COVID-19 and this VAT reduction from 20% to 5% is designed to help stimulate spending. Prior to the announcement, there had been speculation that there would be a general rate cut – which we have recently [...]
HMRC offers COVID-19 extension for import VAT and duty payments due on 15 April April 10, 2020 | City Talk The payment of VAT and duties can be a significant cash flow burden on businesses and HMRC has recognised this in the number of easements introduced in response to the COVID-19 crisis. The Chancellor announced on 20 March that VAT payments due from 20 March to 30 June could be deferred until 31 March 2021. [...]
Reforming business rates – is Land Value Tax really a viable alternative? March 9, 2020 | City Talk The Business Rates system has long been considered by businesses as outdated and in need of reform. It imposes its tax burden whether the business is “in the red or the black”, i.e. profitable or not. Also, whilst purported to be a tax on business collected by means of property, it has a distinct bias [...]
EY strengthens tax controversy and risk management team with five key appointments March 3, 2020 | City Talk EY has announced the arrival of five key appointments to its tax controversy and risk management team, expanding its tax litigation and corporate crime service offerings to clients. The new arrivals are all practicing solicitors. James Wilson, EY Partner and head of the Tax Controversy and Risk Management team comments: “We’re delighted to welcome these [...]
Record number of tax returns filed online, says HMRC February 3, 2020 A record number of people filed their tax returns online for 2018/19, the government has said. HMRC said 10.4m self-assessment tax returns were filed online, out of a total of 11.1m received by the deadline of 11:59pm on 31 January. But almost 1m people missed the deadline, which can incur an initial fine of £100. [...]
The taxman cometh: 6 tips to help you complete self-assessment tax return January 29, 2020 This Friday marks the end of a process that many have found divisive, emotionally draining, expensive, and time-consuming. No, I’m not talking about Brexit. Friday 31 January is the deadline for completing your self-assessment tax return — the bane of existence for freelancers, the self-employed, and anyone who earns extra income outside their basic salary. [...]
For businesses relying on EU tax directives, what happens after Brexit? January 23, 2020 | City Talk Businesses are currently eager to know what shape any post-Brexit trade agreement with the EU will take and what tariffs or other barriers might apply to goods and services. However, when considering financing operations and investment abroad, businesses also need to look at the EU tax directives that facilitate cross-border financing flows. A repeated question [...]