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Tax issues for UK businesses in 2021
Out-Law Analysis | 19 Jan 2021 | 2:25 pm | 10 min. read
With public sector debt at a record high and tax revenues down, the big question for 2021 is whether we will see any UK tax increases, one-off taxes or radical changes to the system.
Much turns on the extent to which the coronavirus vaccine roll out and new Trade and Cooperation Agreement (TCA) delivers an economic boost – and whether that comes quickly enough for the Budget on 3 March to be used for tax-raising.
‘Sovereign’ tax policy
The UK is now free of the shackles of the ‘fundamental freedoms’ and VAT directive so can set its tax policy as it sees fit, subject to observing its commitments to the Organisation for Economic Cooperation and Development (OECD) and wider community and its obligations under the TCA. The UK has committed in the TCA not to ‘weaken or reduce’ the level of protection in current legislation of OECD procedures and standards and entere
UK MNEs should share TP arrangements with HMRC, say advisors
Multinational enterprises (MNEs) should engage with HM Revenue and Customs (HMRC) and its Profit Diversion Compliance Facility to prevent the need for investigations.