Weekly tax highlights ― 20 January 2025

Produced by a Tolley Owner-Managed Businesses expert

Owner-Managed Businesses

Guidance

Indirect taxes

Free Zone (Customs Site No 1 Forth) Designation Order, SI 2025/26

This Order designates Customs Site No 1 within the Forth Green Freeport in Scotland as a customs free zone. Designation has effect from 14 January 2025 for a period of 10 years.

Free zones are secure customs zones located within a freeport where business can be carried out inside the UK's land border, but where different customs, VAT and excise rules apply. The VAT, customs duty and excise duty rules which apply for UK free zones are set out primarily in the Free Zones (Customs, Excise and VAT) Regulations, SI 2021/1156.

See De Voil Indirect Tax Service V3.321 and V17.140.

International

Updates issued on Pillar One

The Co-Chairs of the Inclusive Framework on BEPS (IF) have issued a progress update on Pillar One:

•
amount A (allocation of taxing rights): the update recaps work leading to the revised multilateral convention text for adoption, and confirms the current position of majority support but with some objections remaining around lack of consensus having

Continue reading

To read the full Guidance note, register for a free trial of Tolley+™

TAKE A FREE TRIAL

Popular Articles

Owner-Managed Businesses

Tax implications of administration and liquidation

Tax implications of administration and liquidationThis guidance considers the tax implications of a company going into administration or liquidation.Introduction to company administration and liquidationCompany going into administrationA company which is in financial difficulty may go into

14 Jul 2020 15:29 | Produced by Tolley Read more

Owner-Managed Businesses

First year allowances

First year allowancesFirst year allowances (FYAs) are available on the following items:•first-year relief on qualifying new main rate plant and machinery (at 100%, which is described by HMRC as ‘full expensing’) and special rate assets (at 50%) from 1 April 2023 (companies only). These FYAs were

14 Jul 2020 11:41 | Produced by Tolley Read more

Personal Tax

Interest and penalties on late paid tax under self assessment

Interest and penalties on late paid tax under self assessmentInterestIf the capital gains tax, the balancing payment or payments on account of tax and / or Class 4 national insurance contributions (NIC) are paid late, HMRC will charge interest on the amount overdue from the original due date. The

14 Jul 2020 12:00 | Produced by Tolley Read more

UU��ֱ��