TaxConnections

 
 

Access Leading Tax Experts And Technology
In Our Global Digital Marketplace

Please enter your input in search

Archive for United Kingdom Tax

Curious About Entertainment Tax Rules In The United Kingdom?

Eating out can take several different forms:

  1. Taking clients out for meals
  2. Buying refreshments for yourself
  3. Meeting clients/contacts for coffee
  4. Taking you staff out for meals/down the pub

Unfortunately slightly different tax rules apply to each.

Buying Refreshments For Yourself

The rule here is that if the food/drink is associated with travel then it is allowable. So, if you travel to London and stay the night in a hotel for the purposes of business, your evening meal is subsistence and so is a deductible expense. Read more

UK Tax: Get Up To Speed With The New Corporate Criminal Offences Legislation

As of the end of September 2017 the government’s new Corporate Criminal Offences legislation has been in effect. Adding responsibilities with regards to facilitating tax evasion, it is important that all businesses are aware of what their responsibilities are, and how far-reaching the legislation is.

As stated in the introduction to the official government guidance, ‘The Government believes that relevant bodies should be criminally liable where they fail to prevent those who act for, or on their behalf from criminally facilitating tax evasion.’ The legislation aims to make it easier to link businesses facilitating tax evasion to the associated persons committing the actual offences. Read more

How To File U.S. Tax Return If You Are A U.S. Citizen Living In The UK

Recently we’ve been asked to cover the topic on filing US federal income tax return if you are a US citizen living in the UK. You asked and we delivered! Read further to learn more about your US and UK tax obligations.
The starting point for any US expat tax-related topic is gaining a clear understanding who needs to file US taxes. Individuals, who are US citizens, including the ones with dual citizenship (UK/US in this case), or Green Card holders abroad who earn a minimum threshold for filing a US tax return are required by US tax law to file a tax return and pay taxes you may owe. Below are numbers for 2017:

Read more

UK Tax: Extension Of Security Deposit Legislation

The government are concerned that a small number of businesses choose not to pay the tax they owe or seek to unfairly reduce their tax bill. One of the ways available to HMRC to tackle this is the power to require high-risk businesses to provide an upfront security deposit where there is a serious risk of non-compliance. Currently, these powers only apply to certain taxes and duties, but the non-compliant behaviours which warrant security action will be typically found across other aspects of these businesses’ tax affairs. Read more

UK Tax: Corporate Tax And The Digital Economy

The speed and scale of the changes caused by digitalisation have had implications for the UK tax system especially in respect of corporation tax, where the development of certain business models has challenged the understanding of how and where companies create value and ultimately how that value is taxed.

At the Autumn Budget 2017 the government set out its initial position on the issue underlining the principle which underpins the international corporate tax system that the profits of a business should be taxed in the countries in which value is created. The government were concerned that this principal was being challenged by certain digital businesses and the paper published in November 2017 sought to address that question, by assessing three possible challenges that have been put forward: Read more

UK Budget 2017: Intangible Fixed Assets – Related Party Step-Up Schemes

The realisation of intangible fixed assets (IFAs), contained in Ch 4, Part 8, CTA 2009, broadly expects the profit and loss on the disposal of the IFA to be computed by reference to the proceeds of realisation for accounting purposes. In an arm’s length cash transaction this would normally be the amount received subject to an arm’s length or market value adjustment.

For non-cash transactions involving the transfer of IFAs between related parties, the amount recognised on disposal should be equivalent to the cash that would be received in a market value transaction. Read more