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Tax and Pensions
In a time of change, when it appears that the economy is starting to improve, there are ever increasing tax and compliance burdens facing UK corporates and private individuals.
Whether you're looking from cost saving ideas, to optimising your structure, to complying with new legal requirements, KPMG's Tax and Pensions practice can help.
The rise in VAT, announced in the June emergency budget, from 17 ½ percent to 20 percent could tip some retailers over the edge and banks will be hit, too. At least the pain will be delayed until next year.
David Kilshaw, head of Private Client at KPMG, said of the Capital Gains Tax rate announced in the June emergency budget: "A 28 percent rate sounds relatively good in the circumstances - but only because people were fearing a 50 percent rate. It still gives the UK one of the highest rates in Europe: this is one league table we are near the top of.
The Liechtenstein Disclosure Facility (LDF) provides a framework for the disclosure of irregularities connected with overseas assets held anywhere in the world with unique benefits and on favourable terms.
Read KPMG's new weekly tax publication which provides tax and finance professionals with an overview of the latest tax developments and forthcoming issues every Monday.
Do you have systems and controls in place to cope with the VAT rate change on 1 January 2010? Can your customers recover all of their VAT? If not, are you planning to invoice/ receive payment prior to 1 January 2010 for supplies which will be physically delivered in the New Year?
Do you have annual income of over £150,000?
Now that income tax rates have risen to 50 percent for some individuals as of 6 April 2010, the need for proactive tax advice has increased. Now is a good time to review strategies to ensure they are consistent with your personal objectives.
From March 2010, companies in the UK have to file their accounts and tax returns online in the electronic format known as extensible business reporting language (XBRL). This open-data standard is a version of the XML format used for the electronic transmission of data, which has been adapted for tagging specific information for financial reporting, and the UK is just one among many countries mandating or considering its use.
From the 1 January 2010 the VAT Package introduces new rules to the place of supply and time of taxation of certain cross-border services. Are you confident that you will be fully prepared?
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The 2010 edition of KPMG International's Taxation of cross-border mergers and acquisitions covers 60 countries and focuses on M&A-type transactions that have become the means by which companies of all kinds - across all industries and regions - are restructuring and generally adapting to the new, post-crisis environment.
The Chancellor of the Exchequer, George Osborne MP, presented his emergency Budget statement on 22 June 2010. For exclusive KPMG commentary and analysis see www.kpmg.co.uk/budget.
Read KPMG's new weekly tax publication which provides tax and finance professionals with an overview of the latest tax developments and forthcoming issues every Monday.
If your business has open or emerging tax issues we can help you achieve resolution quickly and effectively, realising potential benefits and value from reaching agreement with HMRC.
HM Revenue and Customs (HMRC) has made it compulsory for all organisations filing CT600s, regardless of size or ownership status, to file both entity accounts and tax returns for accounting periods ending after 31 March 2010 online in an electronic format called iXBRL.
Senior Accounting Officers (SAO) of approximately 2,000 of the largest companies in the UK are to be held personally responsible for the adequacy of the framework of responsibilities, policies, appropriate people and procedures in place for managing tax compliance risk, as well as the systems and processes which put this framework into practice.