Category: Tax

The end of staircase tax

Property, Economy, Tax

Government officially axes unpopular staircase tax Thousands of small business owners in England will be pleased to know that the widely unpopular “staircase tax” has finally met its end. As of yesterday, 1 November, thousands of companies in England are able to ask for rebates to their business rates...

Continue Reading

Is austerity finally coming to an end?

Economy, Political, Tax

Here is the Mark Holt & Co Budget Briefing note which summarises the notable tax changes unveiled by the Chancellor Philip Hammond on Monday. With Brexit on the horizon one would expect minimal surprises, but the Government has provided 281 pages of proposed tax changes (not including the underlying...

Continue Reading

HMRC benefits from film and TV tax breaks

Finance, Tax

The UK film and TV industry generated a record £7.9bn in 2016, helped by government tax reliefs. A BFI-commissioned report found that £632m in tax relief prompted additional spending of more than £3bn on the creation of films, high-end television and computer games. Click here for full article Click...

Continue Reading

Confusing tax policy holds back business

Advice, Tax

A report by the Office of Tax Simplification (OTS) calls for tax policy for small business owners to be overhauled to tackle widespread confusion among entrepreneurs. The OTS is critical of the “complex patchwork” that owners of private companies face, and said that the system needed to be simplified...

Continue Reading

A tax on revenues could backfire

Tax

Glyn Fullelove, chair of the Chartered Institute of Taxation’s technical committee, writes in City AM that proposals to tax tech firms on revenues from customers, rather than on profits, could mean British companies end up being taxed more heavily overseas than in the UK. He says the Treasury has conceded that...

Continue Reading

May told to cut taxes and ease regulation

Tax

Theresa May told City leaders that financial services would be put at the heart of a Brexit trade deal during a meeting at Downing Street yesterday. Mrs May reiterated her determination to achieve a bespoke deal and scoped out the financial sector bosses on ideas for protecting the size...

Continue Reading

Late payers leave firms with £4bn tax overdue

Economy, Tax

Businesses owe the taxman £4.4 billion in overdue corporation tax and VAT, the latest sign that some are struggling to cope with rising operating costs and customers paying late. Corporation tax arrears were £1.9 billion last year, a record high, while £2.5 billion of VAT payments were overdue. Read...

Continue Reading

VAT burden to grow after Brexit

Tax

Legislation to be considered by MPs today could see over 130,000 UK firms forced to pay VAT upfront for the first time on all goods imported from the EU after Brexit. Nicky Morgan, the Tory chair of the all-party Treasury select committee, said the committee would launch an urgent investigation into...

Continue Reading
Call Now ButtonCall us