TaxPersonal TaxTaxman’s clause to spoil Santa’s season.

Taxman's clause to spoil Santa's season.

As this group of Santas take the bus to the supermarket to bring some Christmas cheer, KPMG has warned that companies will face huge tax charges in the New Year, writes Lucinda Kemeny. The firm has calculated that many companies will see an effective tax charge of 115% next month as they will have to pay last year’s corporate tax Bill along with the second instalment of the new corporate tax self-assessment regime. The news comes only weeks after an Inland Revenue promise to increase the number of self-assessment investigations to more than 750,000 for the first time. Many of its investigations are only launched in January, coinciding with the next self-assessment deadline, so many accountants could find themselves under severe pressure to meet both obligations. In the meantime, Pannell Kerr Forster has urged individuals and businesses to dig deep for charity this Christmas if they want to be eligible for tax relief on their donations.

Related Articles

HMRC appeal rejected in Tottenham Hotspur case

Administration HMRC appeal rejected in Tottenham Hotspur case

2w Emma Smith, Managing Editor
HMRC urged to clarify impact of income allowances on Self-Assessments

Personal Tax HMRC urged to clarify impact of income allowances on Self-Assessments

2m Alia Shoaib, Reporter
New trading allowance: simplicity, but not as we know it

Administration New trading allowance: simplicity, but not as we know it

2m Emma Rawson, ATT Technical Officer
Wealthy individuals could circumvent top tax rate rises

Personal Tax Wealthy individuals could circumvent top tax rate rises

4m Alia Shoaib, Reporter
Italy grants first successful non-dom status application to former UK non-dom

Personal Tax Italy grants first successful non-dom status application to former UK non-dom

4m Emma Smith, Managing Editor
Industry reaction: Taylor Review does not go far enough in addressing tax issues

Legal Industry reaction: Taylor Review does not go far enough in addressing tax issues

5m Alia Shoaib, Reporter
Does the Taylor Review sufficiently address the gig economy?

Corporate Tax Does the Taylor Review sufficiently address the gig economy?

5m Alia Shoaib, Reporter
HMRC tax evasion assistance requests double in five years

Corporate Tax HMRC tax evasion assistance requests double in five years

5m Emma Smith, Managing Editor