Articles

The UK Government have introduced new transfer pricing rules, coming in to effect for accounting periods commencing on or after 1 April 2023.

Northern Ireland has hosted some high profile visitors in recent weeks as it pauses to reflect on 25 years of the Good Friday Agreement. What struck me the most about the media of our US visitors was the distinct absence of Northern Irish politicians at the various events that took place.

It seems we have been talking about Northern Ireland taking control of its own Corporation Tax regime for years - if not decades. The view is so often espoused that lowering the rate alone could represent the ‘golden ticket’ that would unlock the potential of this place as a destination for international investment.

As we approach the end of the 2022/23 tax year, employers and payroll software providers will be hoping for fewer changes from Government and some stability for 2023/24.

Northern Ireland’s commercial property market continued at pace in 2022, with £330 million of investment across 36 transactions, according to CBRE NI. Therefore, the importance of getting the VAT treatment on the sale of commercial property correct cannot be overstated.

The New Year brings a new penalty regime for VAT, replacing the existing VAT default surcharge regime starting with VAT periods starting on or after 1 January 2023. The new regime aims to create fairer results for taxpayers and this should be well-received by taxpayers, as there was a risk the VAT default surcharge regime could result in significant penalties being issued by HM Revenue & Customs (HMRC) for minor errors in comparison with other taxes.

I scanned a carton of milk at the supermarket last week and was convinced the machine was faulty. Had I accidentally lifted a more expensive brand? I was so shocked that, against my usual nature, I even queried it with the shop assistant. To my slight embarrassment, the explanation was simple: that’s the price of milk now. Clearly, our net pay is not stretching as far as it once did. Is there anything employers can do to help?

Has your business made a loss in the last couple of years? If so – you may have a decision to make. NI businesses have been particularly tested over the last number of years, not only from the Covid-19 pandemic and the implementation of the NI Protocol but furthermore by the current “cost of living crisis”. These challenges have impacted the bottom line for NI businesses, pushing many companies into loss-making positions for the first time.

On September 23, Kwasi Kwarteng, the now short-lived Chancellor of the Exchequer, delivered the much anticipated ‘Growth Plan 2022’, otherwise known as the ‘Mini-Budget’. In what was one of the biggest tax cutting budgets in living memory, the aim of the ‘Mini-Budget’ was to stimulate the UK economy and encourage growth, whilst counteracting the ongoing impact of the cost of living crisis.

On 23rd September Kwasi Kwarteng, the new Chancellor, delivered the so-called ‘mini-budget’, with the intention to kickstart growth in the UK and counter the negative impacts of the ongoing energy crisis.

Inheritance tax (IHT) is payable by individuals who die, leaving behind estates valued in excess of the IHT nil rate band of £325,000.

Every day thousands of people cross the border between Northern Ireland and the Republic of Ireland for work.

In a bid to reduce the current budget deficit, the government are introducing widespread changes across a range of taxes that will unfortunately see a reduction in the post-tax profits and take home pay of corporate and individual taxpayers in general.

Historically, family businesses have been the backbone of our economy. Time and again they have proved their resilience and emerged through societal turmoil and economic hardship

On the 15 March, the Economic Crime (Transparency and Enforcement) Act 2022 became law in the UK. This new piece of legislation introduces a number of new obligations, some of which will apply to Irish companies that own land in the UK.

Many countries in the world, including the UK and Ireland, have tax regimes that provide a lesser tax burden for foreign domiciled residents than for their own citizens. Portugal, Italy and Greece, for example, have favourable tax rules for non-domiciled residents with the aim of attracting wealth and talent from abroad. The UK’s regime has hit the headlines in recent weeks – but what are the rules that have come under scrutiny and are they set to change?