Tax

Contact: Adam Craggs

Tax

Procurement exercise for next phase of Trader Support Service announced

HMRC has confirmed that they will introduce a competitive procurement exercise for the next phase of the Trader Support Service – this will begin by 2025. This service is part of the government's help for businesses as they adjust to the new trading environment.

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ICAEW presents tax recommendations at the Labour Party Conference

During the Labour Party Conference, some members of the ICAEW's leadership team, including CEO Allan Vallances, discussed recommendations for a business tax roadmap with ministers from the Department for Business and Trade. Vallance was also able to discuss tax reform and economic growth topics with the Financial Secretary to the Treasury, Lord Livermore. Iain Wright, Managing Director, Reputation and Influence at the ICAEW appeared on a panel to discuss SME policy, regulation and investment, together with the Secretary of State for Business and Trade Jonathan Reynolds and other industry figures. The ICAEW also took the opportunity to engage with local members in Liverpool and north west England and hear feedback on issues and concerns.

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Tax Bites – November 2024

Our monthly Tax Bites newsletter collates news and case reports from the tax world. The latest edition covers a range of updates from HMRC, including:

HMRC updates its guidance on how to apply for clearance or approval of a transaction
HMRC updates its guidance on disclosing tax fraud using the Contractual Disclosure Facility
OECD issues model competent authority model for simplified transfer pricing
HMRC updates its guidance on R&D tax relief.

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Tax

UK Consultation finalises Carbon Border Adjustment Mechanism

The UK government has published its response to a public consultation on introducing a UK Carbon Border Adjustment Mechanism (CBAM) from January 2027. The CBAM will place a carbon price on imports of certain emissions-intensive industrial goods, including aluminium, cement, fertiliser, hydrogen, and iron and steel. This aims to prevent "carbon leakage" where companies shift production to countries with laxer environmental regulations. The final CBAM design was shaped by over 340 stakeholder responses. Glass and ceramics products will initially be excluded, but the CBAM's sectoral scope may be expanded beyond 2027 as the policy is reviewed. The CBAM will supplement the UK's existing domestic carbon pricing mechanisms.

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Taxing Matters: Crystal ball gazing with Jasprit Singh

In this episode, Alexis Armitage, RPC's Taxing Matters podcast host and Senior Associate in our Tax Disputes and Investigations team, is joined by colleague and fellow Senior Associate, Jasprit Singh. Join them as they gaze into their crystal ball and predict what could be on the horizon for taxpayers under the new Labour government.

Autumn Budget 2024: summary of implications for businesses and individuals

One of the most striking features of the Autumn Budget was the rise in employer NICs by 1.2 percentage points to 15%, coupled with a reduction in the per-employee threshold from £9,100 per year to £5,000. The Chancellor hopes that this change will raise £25bn per year. Whilst the intention is for this increase to be borne solely by businesses, many are predicting that this cost will be passed on to employees in the form of lower pay increases and reduced employment opportunities. In an attempt to ensure the UK's regime remains competitive and provide some certainty and stability, the government have capped Corporation Tax at 25% for the duration of the current Parliament.

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