Tax Compliance

The Guidance Notes below cover a broad range of applied knowledge in respect of tax compliance that has been provided to our clients, and updated to reflect the companies’ feedback and practical experience.

  • GNT 6: Tax Framework and Strategy

    As soon as an enterprise expands into new international territories it should consider preparing a tax framework/strategy. It serves as a point of reference against which tax decisions can be taken, documents the approach to tax risk and sets out exposures, opportunities and objectives. This Guidance Note outlines some of the issues that a coherent, compliant and efficient tax strategy should address. (Password required)


  • GNT 9: Compliance Best Practice for Development Companies

    This guidance note sets out the principal influences on a BioScience tax computation. It is aimed at personnel who have little or no familiarity with corporation tax. It will serve as a guide to inform companies of the type of information that is needed and what they should expect from their adviser when preparing a submission to HMRC. (Password required)


  • GNT 17: Compliance Essentials

    This guidance note sets out the administrative requirements for registering, preparing and filing a tax return for a new company. (Password required)


  • GNT 29: Tax Model

    Many groups model the tax cost to their business as a straight line percentage based on the headline tax rate of their headquarter operations. By failing to account for material influences on the tax charge, such as losses, incentives and transfer pricing, this is almost certainly going to be incorrect and misleading. This Note sets out how to construct an effective tax model that can be integrated into a long term forecast and links to a working template. (Password required)


  • GNT 38: Bioscience Explained to Support Tax Returns

    For life science companies R&D tax relief is often the most important aspect of the return. In the past, these were reviewed by sector specialists within HMRC but this is no longer the case. As a consequence HMRC may ask questions around qualifying costs and activities that might not seem intuitive to somebody with a basic understanding of the business model. For this reason, it can be advisable to provide background to the sector as part of the submission as set out in this Guidance Note. (Password required)


  • GNT 42: Corporation Tax Loss Relief Reform

    This Guidance Note outlines proposed reforms to corporation tax loss relief rules announced at Budget 2016. The reforms aim to improve groups’ flexibility to use carried forward losses while potentially restricting the amount of losses that can be used in any one year. The amended rules mean there will now be situations where companies will pay tax when their brought tax losses significantly exceed profits. (Password required)


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