United Kingdom – Corporate Taxes Summary

Resident companies are taxable in the United Kingdom on their worldwide profits (subject to an opt-out for non-UK PEs), while non-resident companies are subject to UK corporation tax on the trading profits attributable to a UK PE, the trading profits attributable to
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Tax Faculty supplements ICAEW’s Spring Budget 2024 representations by writing to government on HMRC service performance and VAT simplification.

On 29 January 2024, ICAEW Head of Tax Strategy, Frank Haskew, sent two letters to the Financial Secretary to the Treasury (FST), Nigel Huddleston MP.   The first letter concerned HMRC service performance. It called for increased investment in HMRC to develop better digital
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UK – Changes to accounts preparation and filing requirements

As well as measures to tackle economic crime, the new Economic Crime and Corporate Transparency Act aims to improve information held on the UK companies register. Following a lengthy parliamentary process, the Economic Crime and Corporate Transparency Act (ECCTA or the Act)
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Possible UK international tax reform?

There is broad support for measures to reform the transfer pricing, permanent establishment and diverted profits tax rules. Respondents to the consultation on UK law reform of the transfer pricing, permanent establishment and diverted profits tax rules launched in 2023 broadly agree
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Guidance for making R&D claims released

HMRC issues its guidelines for compliance on what qualifies as R&D for tax purposes. The publication of HMRC’s latest guideline highlights the importance of correctly identifying whether a research and development (R&D) claim meets the necessary conditions to qualify for tax relief.  
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Changes and implications of the Economic Crime and Corporate Transparency Act

Following a sometimes challenging parliamentary process of debate and amendment, the Economic Crime and Corporate Transparency Bill received Royal Assent on 26 October 2023, becoming the Economic Crime and Corporate Transparency Act 2023 (ECCTA). The majority of the measures outlined in the
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The government has responded to the Treasury Committee’s call for a wholesale review of tax reliefs.

Company Formation Org In the summer, a Treasury Committee report concluded that a “comprehensive and systematic” review of all tax reliefs is needed to identify opportunities for simplification.  Responding to that report, the Financial Secretary to the Treasury (FST), Victoria Atkins, states that the
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Multilateral convention brings pillar one another step closer to implementation

Company Formation Org If ratified by at least 30 jurisdictions, the convention will introduce a new mechanism for allocating taxing rights to market jurisdictions. The convention released by the OECD and G20 on 11 October 2023 relates specifically to ‘amount A’. This
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HMRC to remove paper form for VAT registration

Company Formation Org The VAT1 form will only be available to customers through the VAT helpline from mid November 2023. Over 95% of businesses, or their agents, already use HMRC’s online VAT registration service (VRS) to apply for VAT registration. HMRC wants to increase
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