Technical Updates

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The Taxation of Trusts Consultation

HMRC recently published a new consultation ‘The Taxation of Trusts: A Review’ considering whether the current system for taxing trusts meets the key principles of transparency, fairness, neutrality and simplicity. The consultation covers the three direct taxes which apply to trusts: income tax, capital gains tax and inheritance tax. The consultation had been trailed in the Spring…
Inheritance tax Personal taxes Trusts & Estates Technical updates

Making Tax Digital for VAT

This update concerns the significant changes to the timing and scope of Making Tax Digital (‘MTD’). For more detailed background information, please see our MTD March 2017 and July 2017
Business taxes Compliance Personal taxes Technology VAT Technical updates

VAT Mini One Stop Shop - Upcoming changes

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…
VAT Technical updates

Charities SORP Update Bulletin 2

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…
Charity Technical updates

2018 Budget Update

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

UK Tax Data Card 2019/20

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.
Tax data card Technical updates

Museum and Gallery Tax Relief

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…
Business taxes Charity Technical updates

Corporate Interest Expense

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…
Business taxes Technical updates

GDPR – Our Approach

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

Contract farming - Fyffe vs. Esslemont

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.
Inheritance tax Property Technical updates

Carried Forward Losses for Companies

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…
Business taxes Technical updates

Protection of Identity Details for Individuals Involved in Companies

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.
Compliance Technical updates