In 2015, HMRC announced significant changes to the future of the tax system – the move into a digital world for tax administration. HMRC have not released a lot of the fine details on these changes but we do know that they include digital tax accounts, quarterly tax reporting and possible changes to when and how tax can be paid. Read more
The non-statutory renewals basis, which was a concession, ceased to have effect in April 2013.
Wear and tear allowance is abolished for 2016/17 onwards for income tax purposes (accounting periods beginning on or after 1 April 2016 for corporation tax). Where a company has an accounting period beginning before 1 April 2016 and ending on or after that then so much of the straddling period as falls before 1 April 2016, and so much of that period as falls on or after that date, are treated as separate accounting periods. Any amounts brought into account in calculating the profits of a property business for the straddling period are apportioned on a time basis or, if that method produces a result that is unjust or unreasonable, on a just and reasonable basis. Read more