Tax voice - February 2019

Welcome to February's edition of tax voice, a monthly round-up of the most important tax news.
End of tax year review

16 February 2019

The run up to the end of the tax year is a key time to health check your personal tax position.

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Further changes to entrepreneurs’ relief

16 February 2019

On 29 October 2018 (Budget day) additional conditions were introduced which changed the way in which ER operates – the changes were designed to prevent abuse of the rules and restrict relief to those entrepreneurs who have a genuine economic stake in their business.

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Intangibles reform – small steps in the right direction

16 February 2019

The Government consulted on the reform of the corporate intangibles tax regime in Spring 2018, with the aim of simplifying it and making it more competitive. We are now starting to see the outcome of that process and this article considers two of the key developments to date.

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Making Tax Digital – relaxation period for complex organisations

16 February 2019

HMRC announced on 16 October 2018 that certain VAT registered entities that are deemed to be ‘complex’ will benefit from a six month deferral in relation to complying with the new rules for Making Tax Digital (MTD) for VAT.

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New disclosure facility to tackle the diversion of profits away from the UK

16 February 2019

HMRC believes some multi-national enterprises have cross border arrangements in place which are not consistent with the OECD’s transfer pricing guidelines, that result in the diversion of profits away from the UK such that profits are taxed at lower rates or not at all. These types of arrangements are targeted by transfer pricing rules, together with the diverted profits tax (DPT) legislation, effective from 1 April 2015.

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