HMRC launch Advance Tax Certainty Service for major investment projects
A first-of-its-kind service for the UK has been launched to provide tax certainty to businesses planning to invest in major projects.
HMRC have launched the Advance Tax Certainty Service to provide clarity on how UK tax rules will apply to major investment projects before project commitment. Businesses planning to invest £1 billion or more in qualifying UK expenditure over a project's lifetime will now be eligible to apply for certainty on key tax issues.
The government hopes that this assurance will help companies to invest with confidence in the UK. The service covers the following UK taxes and schemes:
- Corporation Tax.
- VAT.
- Stamp Duty Land Tax.
- Income Tax.
- PAYE regulations.
- Construction Industry Scheme.
HMRC is using Playday, the national day for play, to remind working parents about the Tax-Free Childcare scheme, which can help eligible families meet the cost of nurseries, childminders, holiday clubs, breakfast clubs and after-school clubs.
According to a BBC report, businesses investing in Artificial Intelligence (AI) are finding it increasingly difficult to predict what their technology bills will look like, as reliance on AI increases.