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Tax voice - June 2019

14 June 2019

Welcome to June's edition of tax voice, a monthly round-up of the most important tax news.

Creative sector tax breaks – important update

14 June 2019

Creative sector tax incentives have been available for some time now, however, many potential claims have not been made. We also understand that a number of claims have been made incorrectly or without sufficient supporting information, meaning companies and charities have these claims challenged. Care must be taken to ensure relief is maximised but also that claims are made correctly.

Making tax digital - HMRC’s guidance updated

14 June 2019

Over a month after some organisations began their first making tax digital (MTD) compliant VAT return period, HMRC made a series of changes to its guidance on this reform. While there are a number of welcome changes, affected organisations should take note to ensure that their implementation takes account of them.

Corporate tax instalment payments changes

14 June 2019

The Government has introduced an accelerated quarterly instalment payment regime, for accounting periods commencing on or after 1 April 2019, for ‘very large companies’. The new regime requires very large companies (companies with taxable profits exceeding £20m) to pay their corporation tax instalments earlier, with the first payment typically due two and a half months after the start of the accounting period and the final payment due in the final month of the period.

Don’t get wound up

14 June 2019

With effect from 6 April 2016, ‘phoenixism’, which involves a similar business being carried on within two years of the cessation of the previous business, has been open to challenge by HMRC and the liquidation proceeds are liable to income tax rather than capital gains tax.

How can recruitment companies ensure they are paying national minimum wage correctly?
Charlie Barnes

12 June 2019

We have seen HMRC focus its attention on a range of sectors to enforce compliance with national minimum wage (NMW) regulations. The recruitment sector has come under the spotlight, with the recent case of Staffline, the recruitment and training group, who had a historical breach of NMW.

Pub and restaurant groups report zero growth in May

11 June 2019

Britain’s managed pub and restaurant groups saw trading flat-line in May, according to latest figures from the Coffer Peach Business Tracker. Collective like-for-like sales growth across the market was zero, compared with the same period last year.

Amendments to FRS 102 for pension accounting
Danielle Stewart OBE

10 June 2019

The FRC has amended FRS 102 in relation to multi-employer defined benefit plans regarding the transition from defined contribution accounting to defined benefit accounting.

Valuations of intangibles and share options in a private company
Phil Robinson

07 June 2019

In this series of videos, RSM’s experts guide clients through some of the common valuation techniques used in preparing valuations for financial reporting purposes.

It's boomtime for Scottish tourism but will the good times last?
Stuart McCallum

06 June 2019

Last year, Scotland welcomed a record number of international visitors, domestic tourism ticked upwards and total overnight stays rose by a healthy 3 per cent. But while the latest visitor numbers from Visit Scotland are encouraging, tourist spending is down and new threats are coming into view.