Link: Budget 2004
The rules had only applied to transactions between parent companies and overseas subsidiaries. Many observers have complained that an extension of the rules would create massive administrative costs and burdens for UK companies.
Sara Pickering, a partner at Ernst & Young, said: ‘It’s disappointing that the new rules for UK transactions has been introduced so quickly before enterprise has had time to prepare.’
Transfer pricing rules are designed to ensure that transactions between companies in the same group are carried out at fair values and not at unfairly advantageous prices.
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...