Business tax

Tax / IRS clarifies guidance for computing transition tax

The US Internal Revenue Service (IRS) has issued additional guidance (Notice 2018-13) for computing the transition tax on the untaxed foreign earnings of foreign subsidiaries of US companies under the Tax Cuts and Jobs Act

Tax / Guidance on claiming relief on corporation tax losses

HMRC has published guidance for companies to work out and claim relief from corporation tax on terminal losses, capital losses and property income losses

Tax / Goodwin: HMRC needs to clear up confusion on crew cab van tax status

A disagreement between HMRC and Coca-Cola over the benefit in kind tax status of crew cab vans has left some businesses and their tax advisers in limbo as the soft drinks giant loses its case at the First Tier Tribunal over vehicle classifications, warns Brent Goodwin, senior VAT manager at Newby Castleman

Tax / Government launches Carillion support taskforce

The government’s newly formed taskforce set up to monitor and advise on mitigating the impacts of Carillion’s liquidation on construction firms has had its first meeting

Tax / Apple to pay $38bn Trump tax bill

Apple, already the largest US taxpayer, has said it anticipates making a one-off $38bn (£27.5bn) repatriation tax payment on profits currently held overseas as a result of President Trump’s recent changes to the tax regime, which it says would likely be the biggest of its kind ever made

Tax / HMRC simplifies claims for group relief for carried-forward losses

HMRC has released a policy note on changes to the rules for relief for carried-forward losses changed which are backdated to 1 April 2017 and are designed to simplify the arrangements for claims for group relief

Tax / Apple pays additional £81m to HMRC

A week after its subsidiary Apple Europe Ltd paid an additional £136m to settle tax and interest payments with HMRC, another subsidiary of the US tech giant, Apple UK Ltd, has also revealed an additional tax and interest payment totalling £81m

Tax / Large business tax investigations taking longer to settle

HMRC investigations into large business tax affairs are becoming increasingly drawn out and are now taking almost three years to settle, according to analysis by Pinsent Masons

Tax / Water companies told to turn off taps on offshore havens

Environment secretary Michael Gove has signalled his intention to crackdown on water companies using offshore tax structures, suggesting they should take steps to ensure their tax planning arrangements meet the standards for responsible behaviour, or face further regulatory challenge

Tax / Overhaul of corporation tax payments for companies with £1.5m plus profits

Meg Wilson CTA, tax writer at Croner-i, explains the key payment dates for corporation tax payments for the largest businesses with profits in excess of £1.5m as new rules reducing the payment period are set to come into force from 1 April 2019

Tax / Apple pays extra £136m tax after HMRC audit

Tech giant Apple has paid an additional £136m in tax and interest payments to the UK tax authorities following an ‘extensive audit’ by HMRC, according to records filed at Companies House

Tax / MPs call for 25p ‘latte levy’ to tackle cup waste

MPs are putting pressure on government to introduce a 25p latte levy on disposable coffee cups to cut the amount of waste, calling for a total ban of single use cups by 2023 unless manufacturers can make them recyclable

Tax / Multinationals report on short-term hit from Trump tax reforms

BP has become the latest multinational company to warn that President Trump’s recently announced tax reform package will have a short-term impact on its balance sheet, with the oil giant anticipating a $1.5bn (£1.11bn) one-off non-cash charge to the group income statement

Tax / Tax updates: January 2018

This month's review of tax cases and tax news including HMRC’s amendment of limited partners’ individual tax returns was lawful in De Silva case, penalty for failure to settle accelerated payment upheld, EU names 17 countries on first tax havens blacklist

Tax / Tax planning around pure farming profit

With the continuing uncertainty in the farming industry, the profit goal becomes more of a problem and there are inevitably complex tax issues to consider. Julie Butler FCA, managing partner at Butler & Co Chartered Accountants, examines some of the more complex tax planning issues from the six-year rule to rental income and loan interest