Features and articles from ICAEW on capital allowances within the UK tax regime.
Chancellor Rishi Sunak wants businesses “to have their say” in how investment taxes should be reformed to “drive and sustain growth in the UK.”
In his Spring Statement, the Chancellor Rishi Sunak announced a review of the capital allowances system in advance of the Autumn Budget. Several potential options for reform are being considered and will be discussed with businesses and other interested parties.
In light of a possible announcement on tax relief for business investment at the Spring Statement on Wednesday, 23 March, ICAEW’s Tax Faculty looks at the current incentives and when they are due to expire.
Highlights from the broader tax news for the week ending 16 March 2022, including: guidance for businesses who continued to use the Lennartz mechanism; and a warning from HMRC about sharing personal information.
Highlights from the broader tax news for the week ending 9 March 2022, including: HMRC guidance on new power; HMRC payments; refunds of VAT wrongly charged; freeport tax site designation; QAHC guidance; new VAT regulations; HMRC webinars; guidance for employers paying overseas tax; and COVID travel easement ending.
Sam Inkersole explains how electric company cars offer a favourable benefit in kind for employers and employees alike.
Highlights from the broader tax news for the week ending 17 November, including: HMRC contacting taxpayers about the extension of MTD VAT from April 2022, designation of the first freeport tax sites and a warning about self assessment scams.
A number of measures announced in the Autumn Budget are designed to make the UK a more attractive place to do business. ICAEW’s Tax Faculty outlines the key tax-related measures, including changes to R&D reliefs and enabling companies to move their place of incorporation to the UK.
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Dean Needham explains how the timing of investment expenditure can affect the level of tax relief available, as the annual investment allowance (AIA) reverts to the pre-pandemic level of £200,000 on 1 January 2022 and transition rules will apply to accounting periods straddling that date.
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Richard Jones assesses the recently announced tax incentives available for freeports around the UK.