THE GOVERNMENT has deferred the point at which corporate tax payments will be accelerated in today’s Budget.
It had previously been announced that the government was accelerating payments of corporation tax from businesses than generate more than £20m in profits per year. This measure was expected to be introduced in 2017.
However in the latest budget Osborne announced a deferral on implementation to accounting periods starting on or after 1 April 2019, with the government stating that it “will have a broadly neutral impact on the public finances over the scorecard period”.
Kevin Hindley, managing director at Alvarez & Marsal Taxand UK, commented: “This is a welcome measure that will benefit many of our multinational clients.”
An examination by the Public Accounts Committee (PAC) has revealed serious concerns relating to HMRC’s plans
Andrew Tyrie suggests there will not be enough time to implement Making Tax Digital (MTD) by April 2018
The ACCA has announced a partnership with UK research and development tax reclaim specialist RD Tax Solutions
The tax HMRC expects is underpaid by large companies through “transfer pricing” has risen by 60%