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). Below is a summary of the key updates and their implications: Capital Gains Tax (CGT) Reforms Key Changes: Effective from October 30, 2024, CGT rates increased from 10% to 18% for […]
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 […]
As the UK awaits the first Autumn Budget under the new Labour government, speculation is rife about what Chancellor Rachel Reeves will announce on 30 October. With talks of significant tax reforms and a growing concern about market confidence, CFOs need to keep a close eye on potential shifts that could affect everything from consumer […]
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 […]
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 […]
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 […]
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. Now that we are officially three years past the announcement of […]
The government has announced significant changes to tax relief schemes in the UK for Research & Development (R&D) from 1 April 2023. Some changes were announced in the 2021 Autumn Budget, while others were more recently announced in the 2022 Autumn Statement. The changes are largely centred around consolidating the SME research and development (R&D) […]
