Jeremy Hunt’s Spring Budget 2023: The four E’s
Jeremy Hunt announced his Spring 2023 Budget today, once again returning to his familiar four pillars of growth: Enterprise, Employment, Education, Everywhere. Below are a few of the announcements in today’s Budget Statement, we will add more in our full budget report tomorrow morning which can be downloaded on our website. Energy Government energy […]
Celebrating International Women’s Day
It’s International Women’s Day – a global day of celebrating the achievements of women everywhere. We’re very proud of the work our teams do, and today wanted to spotlight just a few of the many amazing women here at Gravita. They’ve shared their thoughts, inspirations and insights on being a woman in business. “Surround yourself […]
Controlled Foreign Companies (CFCs) – Requirements for UK Companies
Written by Tax Partner, Thomas Adcock The CFC rules are designed to protect against international groups diverting profits to non-UK jurisdictions. The CFC rules will only apply if the UK company has more than a 25% interest in an overseas company. However, importantly, the CFC legislation includes a number of exemptions which most international […]
Hybrid Mismatch Rules: Requirements for UK companies to consider their cross-border transactions and structure
Written by Tax Partner, Thomas Adcock Put simply, the hybrid mismatch rules (as they are known) are there to make the global tax system fairer. They do this in two ways: By ensuring that where a company within the group gets a deduction for an intra-group payment, that the recipient company is taxed […]
HMRC compliance: More data, more questions
HMRC’s ability to gather and analyse data is extensive, and with every piece of information it acquires, its ability to target compliance activity increases. Input comes from many different sources, national and international – from regulated commercial bodies, like online sales platforms; to government organisations, like the Land Registry. Proposals recently tabled would extend […]
Venture capital tax relief: where are we now?
Venture capital tax relief is all about providing early stage finance to new, higher-risk companies, and rewarding individual investors with generous tax relief for doing so. The venture capital schemes were envisaged as time-limited, and given sunset clauses in the legislation. But the position is now changing. The schemes comprise the Enterprise Investment […]
Year-end tax planning seminar recording
During this year-end tax planning session, Gravita’s Tax Partner, Nigel May, took a look at a number of tax areas. Video recordings found below [41 minutes total]. Nigel covers: The effect of the new 25% corporation tax rate from 1 April 2023 R&D The new basis for taxing self-employed and partnership profits £1M AIA/capital […]
Global Minimum Tax Rate – Pillar Two
Written by Tax Partner, Thomas Adcock The Global Minimum Tax Rate, or as it is better known, the OECD’s ‘Pillar Two’, only applies if your global turnover is at least €750m per year. Ultimately Pillar Two looks to ensure that a multinational group suffers a minimum tax on profits of 15%; no matter where […]
Corporate Interest Restriction (CIR)
Written by Tax Partner, Thomas Adcock The CIR was introduced in 2017 and looks to bring in a level of equality to the extent by which UK companies within international groups obtain a tax deduction for debt finance. Historically, international groups have often funded UK businesses through debt, rather than equity, as relief would […]
Higher tax bills for sole traders and partnerships?
A change ahead could result in higher tax bills for sole traders and partnerships as the procedure for assessing when trading profits are taxed is changing radically. The change means a major overhaul for unincorporated businesses using anything other than 31st March or 5th April as their accounting date. Businesses with year ends between […]