This is an updated blog to reflect changes announced in the Chancellor’s Autumn Statement speech made on 22 November 2017.
This is an update on a previous blog to reflect changes made announced in the Chancellor's Autumn Statement speech made on 22 November 2017.
Taxpayers can boost their cash flow by claiming 100% of the cost of their investment in energy-saving plant or machinery as a deduction from their taxable profits provided the asset purchased qualifies under the Enhanced Capital Allowances (“ECAs”) scheme. This is claimed in addition to the Annual Investment Allowance (“AIA”) which allows the first £200,000 of qualifying capital expenditure as a deduction against taxable profits.
Our earlier blogs discussed the importance of “Understanding the Project” and “Reviewing the draft contract”, ideally before contract price negotiations commence. This blog explains how we use this information to research, analyse, understand and, where possible, mitigate, all the overseas tax consequences affecting both our client’s business and their employees.
As most people are now aware, there is a consensus among worldwide tax authorities to gather and share information to minimise tax avoidance through utilising offshore interests. The aim is, of course, to ensure that all tax revenue is collected. The Common Reporting Standard (CRS) was introduced as a global standard for the automatic exchange of information and the UK now has reciprocal agreements with hundreds of other countries to share relevant tax information.
Gratuity, a sum we as a customer, give as a reward based on the level of service we feel we have received at a restaurant or bar. There are different ways in which we can tip service staff, whether it is by adding it onto our card payment or leaving some change on the table, and typically, we will choose to leave change on the table as we believe this will go directly to the individual who served us. However, for service staff, tips are seen as part of their income and so sometimes tax and National Insurance will be due.
Historically, HMRC have allowed a simplification for the VAT incurred on the administration of a pension fund. This simplification allowed employers to treat 30% of the VAT charged by scheme managers as relating to the management of the fund and, therefore, recoverable by the sponsoring employer. However, following the 2013 judgment in Fiscale Eenheid PPG Holdings BV (PPG), HMRC withdrew this simplification subject to a transitional period (which was due to end on 31 December 2017).