Back in the 2016 Budget, the Government announced that it was again considering making changes to the tax treatment of salary sacrifice for benefits in kind. The Government’s policy paper was published in December 2016.
On Tuesday 10th January the news broke that Snap, the company behind Snapchat, is setting up an international office in Soho, London. This involves expanding the existing office and UK workforce and handling all sales from countries outside of the US (as well as recognising the accompanying revenue).
The Commons Treasury Select Committee has recently published its report into the HMRC Making Tax Digital project. The Committee recognised the benefits that could arise from electronic tax reporting, but made strong recommendations to HMRC regarding the income level at which taxpayers would come within the scheme and the timetable for the introduction of the scheme.
Things seem to be changing in the worlds of the Commercial Producers. As of a few years ago the commercials guys did their thing and the TV world quietly got on with theirs. If you read the latest edition of Televisual (which happens to be the top 30 commercial producer edition), amongst the usual stats there was an interesting question posed. What else are you doing outside TV & Cinema ads?
In September, Peter Owen, Ecovis’ Head of Tax, laid out the basics of the Governments plans to introduce a new digital tax system. In this article, several concerns are highlighted, including the potential administrative and financial burden that could be imposed on SME’s as a result of the proposed changes. Since then the government has consulted with a wide range of businesses and industries who are concerned about the potential for increased compliance burden and more red-tape.
Following the EU referendum in June 2016, which yielded an unexpected Leave result, London Mayor Sadiq Khan launched the #LondonIsOpen campaign to show that London is united and open for business. So undoubtedly, the Mayor will be as delighted as we are to hear that the UK has jumped 5 places to 10th position in the World Bank league table of business-friendly tax regimes.
Highlights of the 2016 Autumn Statement from the Tax experts at Ecovis Wingrave Yeats
We are set for an intriguing Autumn Statement from the new Chancellor. Even if George Osborne had kept his job, the Autumn Statement would have had to deal with the economic fallout from Brexit. Philip Hammond will of course make important announcements on this and has hinted at the potential need to ‘reset’ fiscal policy. That has been interpreted by some commentators as a hint that the government would tone down its commitment to spending cuts.
Making Independent films in the UK is a tough task and trying to get them funded sometimes feels like the impossible. Then along came Indiegogo and Kickstarter with the Crowdfunding revolution and the promise of getting your film financed (or at least partially) appeared much more achievable.
HMRC are pushing ahead with the Government’s plans for a fully digital tax system by 2020. A digital tax system will operate much more closely to ‘real time,’ with information being sent more regularly to HMRC than it is currently. Declaring information on an annual tax return, which is filed up to 10 months after the tax year ends, will become a thing of the past.
Ecovis Wingrave Yeats Senior Partner, Robert McCann, was featured in the first issue of EP's Perspective magazine. In an article that discusses the impact of 21st Century technology on the Hospitality industry, Robert asks the question "Is your finance function keeping up?"
Since the historic referendum outcome on Friday the 24nd of June, there has been a lot of speculation about what the potential effects of Brexit could be. “Praemonitus, praemunitus” or “Forearmed is forewarned” could be a good phrase to repeat to one’s self when thinking about what could happen next and how that could affect the Media and Tech sector.
Many businesses and potential investors will be uncertain as to what the future will bring as a result of the UK’s decision to leave the European Union following June's referendum.
The UKTI Inward Investment Report for the financial year 2014/2015 concludes that the UK represents the number one destination for foreign direct investment (FDI) in Europe with England and more specifically London being at the top of the list.