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Tax
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 Employee Issues practice can help.
On 1 February 2010, President Obama released his 2011 proposed budget, and the US Department of Treasury ("Treasury") released its "Green Book" explanation of the budget's revenue proposals. The total revenue estimate for the international tax reform proposals included in the 2011 proposed budget is $122 billion.
HMRC has recently announced 3 separate opportunities for people to make disclosures:
It hardly needs saying that the Bank Payroll Tax - a 50% levy on bank bonuses on top of existing Income Tax and National Insurance liabilities - has gone down badly with the banking community. In broad terms the tax will apply to bonuses greater than £25,000 per employee where these bonuses are awarded between 9 December 2009 and 5 April 2010.
The worldwide debt cap rules potentially restrict the tax deduction available for interest costs for UK companies. These new rules apply for accounting periods commencing on or after 1 January 2010. The rules are complicated, depend largely on accounting rules and are likely to impose a major compliance burden on many groups. Have you taken steps to determine if your group falls within the ambit of the rules and, if so, whether your group will suffer an overall restriction on interest deductibility?
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?
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.
With income tax rates rising to 50 precent for some individuals from April 2010, the need for proactive tax advice has increased.
Are you aware that the current differential between the income and capital gains tax rates is 22 percent? From 6 April 2010 onwards it will be 32 percent. This means capital returns have a significant tax advantage over income returns.
Find out how KPMG can help you to structure your life and investments for maximum tax efficiency.
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 Chancellor of the Exchequer, Rt Hon Alistair Darling MP, will present his 2010 Budget on Wednesday 24 March at 12.30pm.
KPMG will be monitoring activity and bringing you exclusive commentary and analysis in the lead up and following the Budget statement.
Make sure you register today for KPMG's Budget Online Briefing to find out how the Budget will impact you.
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.
Good, Better, Best: The race to set global standards in tax management. KPMG 2009 Tax Department Survey is a survey of tax directors in 20 countries throughout Europe, Asia Pacific, and the Americas.
KPMG in the UK has authored a guide to the online e-filing language, XBRL, for the Institute of Chartered Accountants in England and Wales' IT Faculty and Tax Faculty. The eight page guide includes; an outline what XBRL is all about, what the potential benefits and issues arising from the new format are and advice what to do now.
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.
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.
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.