Technical Updates

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New intra-EU call-off stock arrangements for VAT

With effect from 1 January 2020, a new arrangement for call-off stock within the EU VAT area has been brought in to simplify VAT treatment. The UK continues to remain within the EU VAT area and so the changes also apply to UK businesses. A “Call-off stock” arrangement is when goods are transferred from a supplier in one EU member state (known as the Member State of origin) to a…
Compliance VAT Technical updates

Changes to Capital Gains Tax payments – residential property

These provisions were introduced in Finance Act 2019 applied to non-UK resident taxpayers since 6 April 2019 and apply to UK residents from 6 April 2020. UK resident taxpayers have, historically, reported the disposal of UK residential property through a Self Assessment tax return, and then paid any tax due by 31 January following the end of the tax year of disposal. Under the new…
Compliance Personal taxes Property Technical updates

COVID-19 - Tax and Financial Reliefs

The disruption to business as a result of measures put in place to limit the spread of COVID-19 is unprecedented. The UK Government has announced a number of measures designed to cushion the financial impact to businesses, and although no details have been announced, what we know about these measures is summarised in this update.
Business taxes Compliance Personal taxes Technical updates

UK Tax Data Card 2020/21

Please click the download PDF button to view the UK Tax Data Card 2020/21. There is also a version of the tax data card which should be easier to read on a mobile device here.
Tax data card Technical updates

Non-Resident Landlord Companies

From 6 April 2020, non-UK resident companies that carry on a UK property business or have other UK property income will be brought within the scope of corporation tax (as opposed to UK income tax, as is currently the case). The change in legislation also applies to those who invest in UK property through collective investment vehicles. The aim of the legislation is to equalise…
Business taxes Compliance Property Technical updates

2020 Budget Update

This document highlights the more important tax changes and announcements from the 2020 Budget.
Budget update Technical updates

French Tax Data Card 2020

Please download the pdf to view the French Tax Data Card 2020.
Tax data card Technical updates

Community Interest Companies (CICs)

A CIC is a company designed for social enterprises which aim to use their profits and assets primarily for the benefit of the community or to trade for a social purpose. They are not strictly 'not for profit', and CICs can, and do, deliver returns to investors. A CIC may be limited by shares, but it is more usual for them to be limited by guarantee. It is even possible for a CIC…
Charity Technical updates

Demergers - Capital Reduction Demerger

Companies are increasingly turning to demergers as a method of separating out various parts of a business. The decision to split off a trade or subsidiary from a company or group may be undertaken for a multitude of reasons including streamlining operations, ring-fencing liabilities, succession planning or shareholder disputes. There are three broad routes to carrying out a demerger…
Business taxes Technical updates

Construction Services Domestic Reverse Charge for VAT

Originally planned for October 2019, the domestic reverse charge for construction services will come in next month. There is also an amendment to the original legislation to make it a requirement that, where businesses are to be excluded from the reverse charge (because they are either end users or intermediary suppliers), they must inform their sub-contractors in writing that they…
Business taxes Property VAT Technical updates

Economic substance requirements for companies in Crown Dependencies and other jurisdictions

New legislation has been introduced in the Crown Dependencies of Guernsey, Jersey and Isle of Man, as well as in Bahamas, Bermuda, BVI and Cayman Islands, which now ensures that certain entities based in those territories can demonstrate sufficient local economic substance. The start date varies slightly among jurisdictions, but for the Crown Dependencies the legislation is…
Business taxes Compliance Technical updates

Corporation Tax Treatment of Goodwill and Related Assets

There are special rules governing the treatment of goodwill and other intangible assets for corporation tax purposes. When the rules were first introduced with effect from 1 April 2002 the tax treatment was intended to broadly follow the accounting treatment. This meant that where a company acquired an intangible asset, it would be able to claim a corporation tax deduction on the…
Business taxes Technical updates