NEWS

At Autumn Statement 2023 the UK government announced that, from 2024/25 onwards, the cash basis will be the default method for calculating business profits for self-employed traders and those in partnerships. The accruals basis will still be...

The UK government has published a bill to bring forward the changes to National Insurance contributions first announced at Autumn Statement 2023. The National Insurance Contributions (Reduction in Rates) Bill will make the following changes:reduce...

In updates to its guidance on the harmonised penalties and interest regime which was brought into force from 1 January 2023 for VAT only, and which will apply for other taxes in line with the transition to Making Tax Digital, HMRC has confirmed the...

The UK government has launched a third investment zone in England, and has confirmed that the investment zones and freeport tax site programmes in England are to be extended from five to ten years. This means that the window to claim the tax reliefs...

HMRC has published new guidelines for compliance to clarify the type of work that qualifies as research and development for tax purposes and to help companies determine whether or not their claims are likely to be accepted. Part 1 of the guidance...

The Insurance Companies (‘The Long-term Business Fixed Capital’) Regulations, SI 2023/1236, set out which assets of a company’s long-term insurance business are ‘structural assets’ and are therefore not treated as trading assets for tax purposes. In...

The Aggregates Tax and Devolved Taxes Administration (Scotland) Bill was introduced to the Scottish Parliament on 14 November 2023. The bill provides for a new Scottish aggregates tax to replace aggregates levy in Scotland and sets out several...

Countries continue to be involved in Pillar One negotiations because they understand that uncoordinated actions can lead to instability, says the director of the OECD's centre for tax policy and administration, Manal Corwin, ‘even though they've been...

The OECD is consulting on proposed changes to its commentary on the definition of ‘permanent establishment’ in Article 5 of its Model Tax Convention. The OECD’s proposals set out an alternative provision which would be added to its commentary on...

Fiji has joined the Global Forum on Transparency and Exchange of Information for Tax Purposes. Fiji already participates in the Pacific Initiative, a programme of work for the gradual implementation of the international tax transparency standards,...