Budget

Tax / Le Jeune: a very modest Budget

A first stab at realigning national insurance rates may mark an eventual overhaul of the income tax system but the Chancellor offered scant pickings for business in his first and last spring Budget, says Caroline Le Jeune, partner at Blick Rothenberg

Tax / Class 4 NICs rise to be delayed, says May

Theresa May has moved to delay Philip Hammond’s controversial move to raise Class 4 national insurance contributions (NICs) until the autumn after MPs and stakeholders expressed concern over the measure

Tax / Budget 2017: IFS supports NICs self employed changes

The Institute for Fiscal Studies (IFS) has come out in favour of Philip Hammond’s plan to increase National Insurance contributions (NICs) for the self employed, as set out in Budget 2017, arguing that this is a first step to addressing long-standing distortions in the employment tax system

Tax / Budget 2017: sugar levy rates set at 18p and 24p per litre

Chancellor Philip Hammond, in his spring Budget speech, announced the rates for the soft drinks industry levy, which is set to come into force from April 2018, setting them at 18p per litre for the main rate and 24p per litre for the higher rate

Tax / Self employed backlash could scupper fairer national insurance system

In an attempt to make the tax system fairer and remove tax incentives for alternative forms of employment, Chancellor Philip Hammond has seemingly declared war on a group that ranges from taxi drivers and hairdressers through to independent consultants, contractors and accountants, reports Philip Smith

Tax / Budget 2017: tax avoidance enablers rules to raise £100m in fines

Fines against enablers of tax avoidance schemes are set to generate an extra £100m for the Exchequer, projections in the Budget show, reports Calum Fuller

Tax / Budget 2017: taxation for late-life oil and gas assets out for review

Chancellor Philip Hammond confirmed a number of simplifications in reporting for oil and gas companies and extensions to investment allowances in Budget 2017, as well as announcing a future consultation on the tax arrangement for the transfer of late-life assets, in a bid to support recovery in the sector

Tax / Herring: national insurance rise should be part of proper tax review

The government should outline its broader policy on National Insurance lest politics stymies the development of a fairer, more coherent regime says Institute of Directors' head of taxation Stephen Herring

Tax / Budget 2017: disclosure gateway for fulfilment houses

The draft legislation for the fulfilment house due diligence scheme (FHDDS) has been revised to provide a disclosure gateway, permitting HMRC to disclose taxpayer’s information to fulfilment houses, as announced in the spring Budget

Tax / Budget 2017: interest deductibility rules finalised

The government has released long-awaited clarification on the rules on restrictions of interest deductibility, which are due to come into force from 1 April 2017 and are likely to affect nearly 4,000 businesses, particularly multinationals

Tax / Budget 2017: loss relief reform rules updated

Budget 2017 included some changes to planned reforms to the rules governing corporate losses carried forward from earlier periods, which are now expected to bring in an additional £495m in tax this year

Tax / Budget 2017: provisions made in Patent Box for collaborative R&D

Following consultation, provisions are to be made in the Patent Box regime to allow for cases where research and development (R&D) is undertaken collaboratively between two or more companies in a cost sharing arrangement

Tax / Budget 2017: road tax rates frozen for HGVs

From 1 April 2017, Vehicle Excise Duty (VED) and road user levy rates will be frozen for heavy goods vehicles (HGVs) in 2017 to 2018, as announced at spring Budget 

Tax / Budget 2017: £5m fund to boost return to work after career breaks

The Chancellor has made a commitment to encourage retraining after long career breaks with £5m of new funding to identify how best to increase the number of returnships offering people who have taken lengthy career breaks a clear route back to employment

Tax / Budget 2017: cash basis accounting threshold upped to £150K

At Budget 2017 the Chancellor confirmed that the entry threshold for cash basis accounting is to be raised to £150,000 in a move designed to give more small businesses the choice to benefit from the simplified approach to accounts
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