HMRC clarifies capital allowances rules for partnerships

HMRC has updated its guidance to make it clear that a partnership which includes a corporate member may claim capital allowances generally restricted to companies. These include the super deduction and full expensing. A partnership’s profits are calculated in accordance with the tax rules applying to its members, as follows:  where the partners are all […]

OPW offset rules to be introduced from April 2024

The Autumn Statement confirms a welcome new power to offset tax following a correction to an employment status determination. Currently, when HMRC finds that a client has made a mistake in applying the off-payroll working rules, the deemed employer is assessed for income tax, national insurance contributions (NIC) and the apprenticeship levy (where relevant). This […]

VAT rules change for GB-bought second-hand vehicles sold in NI

From 1 May 2023, businesses will no longer be able to use a margin scheme when buying second-hand vehicles in Great Britain and selling them in Northern Ireland. VAT-registered businesses buying second-hand vehicles in Great Britain and selling them in Northern Ireland can currently benefit from the second-hand margin scheme, subject to its rules. This […]

Mandatory disclosure rules replace DAC 6 in the UK

Cross-border tax avoidance arrangement disclosure rules devised by the OECD (known as the mandatory disclosure rules, or MDR) will enter into force in the UK on 28 March 2023. Arrangements entered into on or after this date must be reported to HMRC under this regime. The International Tax Enforcement (Disclosable Arrangements Regulations 2023) were agreed by […]