Some in the industry have claimed the new measures could be the death-knell for British film. But many film-makers including Chris Jones, an independent producer and director, believes the measures will legitimately close some ‘staggering loopholes’, exploited by accountants and business people.
Despite this, in excess of 20 films are under threat because the Revenue has provided no transitional period to allow those projects about to get underway time to find alternative funding arrangements. A Revenue statement said the changes would protect ‘the relief for legitimate film-makers, whilst tackling people [planning to] take advantage of the relief’.
A spokesman for the British Film Council said it had submitted to the Revenue a list of affected films and was ‘sitting with baited breath’ waiting for a decision.
Making Tax Digital will impose significant additional tax compliance costs on small businesses for little or no medium term benefit, tax and small business experts told MPs
MHA MacIntyre Hudson has partnered with cloud accounting software provider Xero ahead of the government’s requirement for digital records
The drive towards a fully digital tax regime is an admirable one, but mandation is simply wrong, according to one of the UK's most senior tax technology practitioners - Paul Aplin
Does Darwin's theory apply to taxation? Colin ponders...