Mercer & Hole’s Business blog - Corporate & Business Tax
UK territories agree to tax transparency measures
Date: 17th May, 2013 | Author: Cathy Corns | Comments: 0
British overseas territories, including Anguilla, Bermuda, the British Virgin Islands, Montserrat and the Turks and Caicos Islands, will provide information about bank accounts held in their jurisdictions. Details will include names, addresses, dates of birth, account numbers, balances, and facts about payments made into the accounts. ...
EC to monitor tax avoidance
Date: 15th May, 2013 | Author: Cathy Corns | Comments: 0
The EC has set up a platform for good tax governance, as part of the ongoing drive against evasion and avoidance. Interested parties, including national tax authorities, businesses, academics, and non-governmental organisations, will monitor member states’ progress in tackling aggressive tax planning and clamping down on tax havens. The first meeting of the platform is provisionally planned for 10 June 2013. ...
House of Lords review of company taxation
Date: 15th April, 2013 | Author: Cathy Corns | Comments: 0
The House of Lords economic affairs committee has recently started an enquiry examining whether a new approach is needed to taxing corporations in the current global economy. The committee has said that the recent high profile issues involving multinational firms have raised the profile of the level of tax paid by large corporations. Apparently it has been suggested that corporation tax has become a voluntary arrangement for such large entities. The inquiry will seek to address some of the key concerns that have fuelled the tax debate, and to assess the extent to which corporation tax has become &lsquo...
Cap on income tax reliefs from April 2013
Date: 9th April, 2013 | Author: Cathy Corns | Comments: 0
From 6 April 2013, the relief available on certain (currently unlimited) income tax reliefs will be subject to a cap of £50,000 or 25% of income, whichever is higher. The main reliefs affected will be trade and property loss reliefs and qualifying loan interest relief. The following income tax reliefs are the main ones that will be affected: Trade loss relief against general income – losses made by an individual carrying on a trade, profession or vocation. Early trade losses relief – losses made in the first four years of a trade. Property loss relief against general income – property business losses arising...
Corporation Tax
Date: 20th March, 2013 | Author: Cathy Corns | Comments: 0
By 2015 there will be a single 20% rate of corporation tax. Does this mean corporation tax will fall into a similar regime as income tax and that all companies will pay corporation tax by instalments? ...
Corporation Tax Cut
Date: 20th March, 2013 | Author: Cathy Corns | Comments: 0
The Chancellor has just announced that from 1 April 2015 the UK will have a single rate of corporation tax of 20% abolishing the differential between different sized companies and giving the UK an attractive lower base rate for business. ...
Business tax dashboards
Date: 10th January, 2013 | Author: Cathy Corns | Comments: 0
HMRC’s Business Tax Dashboard is an online service aimed at smaller businesses. You have to enrol to use either HMRC’s Corporation Tax or Self Assessment online service before you can set up a dashboard but you can then use the dashboard to see the tax position for your business across different businesses taxes. It brings together information from your HMRC online services. The Business Tax Dashboard can give you an overall picture of your tax position including payments you have made and amounts you still owe. You will be able to see either...
Reduced company tax rates
Date: 5th December, 2012 | Author: Cathy Corns | Comments: 0
Presumably with a view to making the UK yet more attractive for investment – the main rate of corporation tax is being reduced to 21% from 1 April 2014. ...
Anti-abuse consultation
Date: 13th July, 2012 | Author: Cathy Corns | Comments: 0
Very topically, in view of the media focus on tax avoidance, HMRC has published a consultation document on a new general anti-abuse rule aimed at exactly that. The plan is for the new law to take effect in 2013. It will apply to income tax, corporation tax, national insurance and Stamp Duty Land Tax and, possibly, inheritance tax. The new general anti-abuse rule is aimed at abusive tax avoidance on the basis that such a law will deter artificial tax avoidance schemes. ...
EIS and VCT limits confirmed
Date: 9th July, 2012 | Author: Cathy Corns | Comments: 0
The European Commission has given state aid approval to the Budget proposals for increased EIS and VCT thresholds from 6 April 2012. The agreed thresholds are now: • Employee limit – less than 250 employees; • Gross assets – less than £15 million before investment and £16 million after; and • The maximum annual amount that can be invested in an individual company is £5 million. ...
