Technical Updates

Update: The changes described below which were planned to come into effect from 1 January 2021 have been delayed until 1 July 2021 due to Coronavirus. Since 1 January 2015 businesses supplying digital services (telecommunication services, radio and TV broadcasting services and electronically supplied services) to non-business customers have been liable to account for VAT in the…

The Charity Commission published their second Update Bulletin on 5 October. The amendments apply to all charities for reporting periods beginning on or after 1 January 2019, except for the clarifying amendments which are applicable from the publication date. Early adoption is permitted, but all changes will need to be adopted at once. Note that the published SORP FRS 102 document…

This document highlights the more important tax changes and announcements from the 2018 Budget.

Please click the download PDF button to view the UK Tax Data Card 2019/20. There is also a version of the tax data card which should be easier to read on a mobile device here.

Museums and Galleries Exhibition Tax Relief (MGETR) is available to incorporated museums and galleries from 1 April 2017. The objective of the relief is to recognise the cultural value of museums and galleries in the UK and encourage more diverse and high quality exhibitions. The relief allows companies to claim an enhanced corporation tax deduction for qualifying expenditure or…

The worldwide debt cap rules were repealed effective from 1 April 2017 and have been replaced by the new corporate interest expense rules. The motivation behind the new rules is to restrict the amount of tax relief for interest expenditure claimed by large or multinational groups that are highly leveraged. For companies that have a year-end spanning this commencement date (e.g 31…

This note sets out the steps Dixon Wilson are taking to ensure the firm complies with the General Data Protection Regulation (GDPR).

A recent court ruling in the Scottish Land Courts has provided food for thought for landowners operating contract farming arrangements.  The case, Fyffe v Esslemont, was not primarily concerned with taxation but nonetheless provided interesting analysis on contract farming arrangements.

Prior to 1 April 2017, relief for carried-forward losses for companies was much more restricted than relief for losses arising in the current tax period. In the current tax period, losses could generally be set against other forms of profits (“sideways loss relief”) and also relieved against profits in other group companies (“group relief”). For carried-forward losses, the relief…

The substantial shareholding exemption rules broadly exempt from corporation tax the capital gain or capital loss arising on the disposal of a 10% or higher shareholding of ordinary share capital in a trading company. The rules have been relaxed so the exemption will be available under wider circumstances with effect for disposals taking place after 1 April 2017. The key change is…

The Government is to introduce laws to allow personal addresses to be removed from the publicly available information at Companies House.  It is believed the laws will come into force by the end of summer 2018.  The law is aimed at tackling fraudulent use of personal information.

Charitable Incorporated Organisations (CIOs) were introduced by the Charities Act 2011 and became available for new entities in 2013.  Until recently, only unincorporated charities could convert into a CIO.  Since 1 January 2018, existing charitable companies have been able to convert into a CIO structure, which has led to a number of charities reassessing their requirements and…