OECD

ICAEW urges gov to focus on UK resilience ahead of general election

ICAEW is calling on political parties to adopt tangible measures that will boost productivity, support business growth and ensure the UK’s economic resilience, following the announcement of a general election on 4 July. At the start of 2024, ICAEW published its manifesto outlining a series of recommendations for the next…

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ICAEW invites research proposal for UK VAT reform

ICAEW has called for research proposals into the simplification of the UK’s VAT system to be submitted by 30 June 2024. The winning entrant will receive a £5,000 prize and the opportunity to present their research at a VAT Conference to be held at Chartered Accountants’ Hall in London in…

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Corporate Tax: Why organisations should pay their dues

Improving organisational performance often requires companies to look at various operational processes – and part of that includes structuring their tax affairs in the most efficient way possible. As part of this, corporations can take advantage of allowances, rebates, deductions and exceptions to minimise their tax liabilities while abiding by…

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CIMA calls for productivity focus in UK’s March budget

The Chartered Institute of Management Accountants (CIMA) has called on the government to use the upcoming budget to implement policies which will increase long-term economic growth by enhancing productivity. The submission covers improving skills provision, increasing investment, providing more certainty to UK businesses and addressing tax barriers to growth. According…

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HMRC to crackdown on online trading income

HMRC will require digital platforms to collect information on how much their users make from 1 January 2024. This means that users on platforms such as Vinted, Ebay or Etsy may be subject to tax bills or fines if they do not comply with the law. The new rules will…

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Are multinational organisations ready for Pillar 2?

With the end of 2023 rapidly approaching, the next 12 months are likely to bring some major changes to the way many businesses conduct their tax affairs.. A long time in the making, Pillar 2’s implementation means that all multinational organisations with consolidated annual earnings over €750 million will be…

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CIOT supports plans to align tax rules for multinational profits

The Chartered Institute of Taxation (CIOT) supports proposals to align UK rules around the taxation of the profits of multinational corporations with those agreed internationally. In a response to an HMRC consultation on transfer pricing, permanent establishment and the UK’s existing diverted profits tax, the CIOT said it supported the…

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Less than half of UK firms complete Pillar Two assessment

Less than half (42%) of UK firms have completed a Pillar Two impact assessment, according to research from EY. The survey found that 89% of UK finance leaders expect their tax planning and business operations to experience ‘moderate’ to ‘significant’ change once BEPS 2.0 is implemented. It also found UK…

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ACCA appoints new chief economist

ACCA has announced it has appointed Jonathan Ashworth as its new chief economist. Ashworth will run the global accountancy body’s global economics research and will lead its work on the global economy to provide insight and analysis at a crucial time for the global economy, including supporting its well-regarded Global…

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End of super-deduction allowance threatens investment, warns GT

The end of the super-deduction capital allowance at the end of this month could threaten business investment going forward, Grant Thornton has warned. Research from its latest Business Outlook Tracker found that since its introduction in April 2021, it had boosted business investment in mid-sized businesses across the UK. Over…

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