In this edition of RSM’s weekly round-up of the most important tax news, we cover the latest developments. Please feel free to share this update with any of your colleagues.
British retailers reapply pressure for the return of tax-free shopping
Sarah Halsted and Peter Williams
The Mayor of London, Sadiq Khan has joined renewed calls from the retail and travel sectors for the government to reinstate tax-free shopping, which was abolished when the UK left the EU’s VAT system on 1 January 2021. How did we get here and how will the government respond?
RSM calls for enhancement and simplification of the UK’s audio-visual tax credits
Graham Steele
RSM has responded to the government’s consultation on modernising the audio-visual tax reliefs regime. The consultation stated that the government aims to continue support for this thriving and valuable sector, however many industry participants are concerned the proposed changes could have negative impacts.
Are you ready for a transfer pricing enquiry? HMRC statistics show the time and cost involved
Duncan Nott
Recent statistics published by HMRC highlight that their transfer pricing enquiries take on average nearly three years to conclude. As HMRC continues to focus on transfer pricing, businesses should not just be concerned by the prospect of additional tax, but also the resource requirements and uncertainty of an enquiry. Robust, up-front compliance with transfer pricing rules remains the best defence.
