UK: HMRC investigates the use of business support schemes
It was reported on 28 June 2021 that the UK tax authority HMRC has begun around 13,000 investigations concerning the use of the UK coronavirus business support schemes. The investigations relate to fraud and other breaches of rules. It is
See MoreUK: Employee Share Scheme Statistics for 2019/20
On 24 June 2021 the UK published the 2019/2020 statistics on employee share schemes. Employee Share Schemes (ESS) are available to companies that want to award shares directly to their employees or to grant them options to buy shares. There
See MoreUK: HMRC Research on Use of Cash by Small and Mid-size Businesses
On 24 June 2021 HMRC published research on the behaviour of small and medium sized businesses in relation to payment transactions. Most common online payment methods The most common online payment method accepted was by small and medium
See MoreUK: Finance Act 2021 increases corporate tax rate and extends loss carry-back provision
On 10 June 2021, the UK’s Finance Act 2021 received royal assent and was published in the Official Gazette. Some of the Key tax measures are following: The corporate tax rate will increase to 25% from April 2023 on profits over £250,000.The
See MoreUK: Statistics for Funds raised under EIS, SEIS and SITR
On 27 May 2021 the UK government published statistics for the Enterprise Investment Scheme (EIS), the Seed Enterprise Investment Scheme (SEIS) and Social Investment Tax Relief (SITR). The latest statistics set out the amount of funds raised by
See MoreUK: Research on Small Businesses Adopting MTD for VAT
On 23 March 2021 HMRC published the results of research carried out by an independent organisation into how Making Tax Digital (MTD) for VAT has affected small business, and to look at the costs and benefits of adopting MTD. The research focused
See MoreUK adopts CbC reporting XML schema 2.0
The UK tax authority has updated the country-by-country (CbC) reporting schema to XML 2.0 for submissions to HM Revenue & Customs (HMRC). All CbC reports must use the new 2.0 XML format and submitted to HMRC on or after 1 January 2021. The
See MoreUK: Call for Evidence on the Tax Administration Framework
On 23 March 2021 the UK government published a call for evidence entitled: The Tax Administration Framework: Building a 21st Century Tax System. The government has already published a ten-year tax administration strategy called Building a
See MoreUK: Consultation on securitisation tax regime
On 23 March 2021 the UK government issued a consultation paper on the reform of the taxation of securitisation companies. Securitisation is used for the purpose of raising finance on the capital markets through the issue of asset-backed
See MoreUK: Summary of responses to call for evidence on tackling disguised remuneration
On 23 March 2021 the UK government published a summary of responses to a call for evidence on tackling disguised remuneration tax avoidance. The consultation which ran from 21 July 2020 to 30 September 2020 asked for information on the drivers
See MoreUK: SME Brexit Support Fund open for applications
From 15 March 2021 a Brexit Support Fund for small and medium enterprises (SMEs) is accepting applications for grants of up to GDP 2,000 to assist with adaptation to new customs and tax rules that now apply when trading with the European Union
See MoreUK: Call for Evidence on Employee Management Incentives
Employee management incentives (EMIs) were introduced in the UK to provide small and medium enterprises (SMEs) with an additional way to remunerate their employees. This can be of benefit to small, innovative companies that need to recruit the
See MoreUK: Consultation on Research and Development Tax Reliefs
Following the announcement in the UK Budget on 3 March 2021 of a consultation on the research and development (R&D) tax relief the UK government has issued a consultation document. The UK currently offers two main tax reliefs to companies
See MoreUK Budget Announcements for 2021
On 3 March 2021 the Chancellor announced the UK budget provisions for 2021. The furlough scheme, which pays 80% of employees' wages, will be extended until the end of September 2021, but employers will be asked to contribute 10% in July and 20%
See MoreUK: OECD rules on cross-border arrangements to replace DAC 6
On 4 January 2021 HMRC confirmed that the EU rules on mandatory reporting of cross-border tax arrangements involving an EU member state (DAC 6) will mostly cease to apply in the UK from 2021. Under the EU rules set out in DAC 6, cross-border tax
See MoreUK: Report of the Wealth Tax Commission
On 14 December 2020 the Wealth Tax Commission issued a report outlining its conclusions on the design of a wealth tax for the UK. The report covers one-off and annual wealth taxes and makes recommendations on specific design of a tax in some cases.
See MoreEU finalises Investment Agreement with China
On 30 December 2020 the EU and China confirmed that they have agreed in principle the provisions of an investment agreement. The agreement aims to resolve some of the difficulties that have been encountered by European companies trading in China.
See MoreEU and UK Sign the Trade and Cooperation Agreement
On 30 December 2020 the EU-UK Trade and Cooperation Agreement was signed by the EU leaders and by the UK Prime Minister. The deal was also approved by the UK Parliament which was recalled for the purpose of debating and voting on the agreement. The
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