Q4 2024 UK Tax Policy Updates
The final quarter of 2024 brought significant developments in UK tax policy, impacting corporate tax enforcement, R&D tax relief, and Capital Gains Tax (CGT).
Category
Policy & Legislation
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UK Tax Updates: July-September 2024 (Q3 2024)
With the latest developments in corporate tax enforcement, changes to R&D tax relief, and looming Capital Gains Tax reforms, this quarter has been anything but quiet for tax professionals. We’ve sifted through the most impactful updates from Q3 to ensure you're equipped with the key insights to help steer your company’s tax strategy in the right direction.
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Implications for UK Business Taxation Under the Starmer Administration
As we edge closer to the 2024-25 fiscal year, the UK's financial landscape is witnessing a significant uptick in tax revenue, expected to reach 36.5% of national income. According to an Institute for Fiscal Studies report, this nears the historical peak of 37.2% seen in 1948, with projections suggesting a rise to 37.1% by the 2028-29 fiscal year.
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UK Tax Updates: April - June 2024 (Q2 2024)
The past quarter has seen several tax changes aimed at addressing fiscal challenges and fostering business innovation. Here's a roundup of the key updates that could influence your company’s tax planning. Corporate Tax Hike – April 2024 Implementation TLDR: The UK’s corporate tax rate increased from 19% to 25% in April 2024, affecting businesses with profits over £250,000.
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Pillar Two Tax Reform and its Implications for UK Businesses
Navigating the Global Minimum Tax Rate and the UK's Response to OECD's Initiatives The digital revolution has not just transformed how businesses operate; it has also reshaped the very foundations of global taxation. In this era where digital enterprises can operate almost anywhere without significant physical presence, the age-old paradigms of tax competition are being challenged.
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HMRC Gets Tougher on Tax
Since 2020, HMRC - The UK’s tax, payment and customs authority has been lenient on late filing and waiving payment penalties. This is due to the financial difficulties and backlash many business owners and sole traders faced as a by-product of the Covid-19 pandemic.
