NEWS

New data suggests that thousands of UK businesses are holding back growth to make sure they avoid hitting the VAT registration threshold. The data from 201819 shows a cliff-edge drop in the number of businesses by turnover band, as turnover...

HMRC has published its first report on the use of financial institution notices (FINs) showing that, since their introduction, FINs have helped HMRC reduce the time taken to respond to tax information requests from 12 months to just over 6, bringing...

HMRC confirms it currently has nine live corporate criminal offence (CCO) investigations as at 1 January 2023, although no charging decisions have yet been made, and a further 26 live opportunities are currently under review. To date, it has reviewed...

Having completed all its stages in the Commons, the Economic Crime and Corporate Transparency Bill has now passed to the House of Lords, where its second reading is scheduled for 8 February....

In a speech on 27 January 2023, Chancellor Jeremy Hunt indicated the UK government’s focus continues to be to reduce inflation (in line with the Prime Minister’s commitment to cut inflation in half, although the Bank of England already expected...

The CIOT has submitted two sets of representations, ahead of the 15 March 2023 Budget:CGT relief for gifts of business assets: TCGA 1992 s 165 provides that gains arising on gifts of shares in trading companies can be held over and deducted from the...

The Welsh government has frozen the non-domestic rates multiplier for 2023/24. Subject to Senedd approval, the Non-Domestic Rating (Multiplier) (Wales) Regulations, SI 2023/72, give effect to the decision by disapplying the requirement to increase...

The Value Added Tax (Margin Schemes and Removal or Export of Goods: VAT-related Payments) Order, SI 2023/68, introduces a new scheme for second-hand motor vehicles bought in Great Britain and removed to NI (or exported to the EU) for resale.The...

The Excise Duties and Value Added Tax (Northern Ireland) (Miscellaneous Modifications and Amendments) Regulations, SI 2023/64, concern the movement of excise goods, and ensure that practice in Northern Ireland continues to align with the latest...

The OECD has published responses received to its consultation on the ‘design elements’ of Amount B under Pillar One which aims to simplify and streamline the transfer pricing of baseline marketing and distribution activities in line with the arm’s...