Category: Tax

Government begins reversal of ‘staircase tax’

Property, Economy, Tax

The Government has begun the process of reversing the so-called ‘staircase tax’ in order to ease the burden on business owners. Communities Secretary Sajid Javid will today publish draft legislation to reverse the tax, which is expected to benefit up to a thousand firms. Companies which occupied more than...

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HMRC targets small businesses in tax avoidance crackdown

Tax

Small business owners have been urged to improve their record keeping, as a new report reveals HMRC has tightened its grip on tax avoidance by increasing investigations into the UK’s smallest firms. Research from accounting group UHY Hacker Young revealed HMRC collected an additional £474m in corporation tax from small business owners...

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Government to ease tax on asset managers to boost post-Brexit Britain

Tax

The Treasury has issued an Investment Management Strategy II paper, intended to support the country’s £8.1tn asset management industry. The paper says the government recognises the importance of the UK’s tax and regulatory systems in facilitating growth post-Brexit and will consult on maintaining the UK’s competitiveness in the asset...

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Penalty system for late tax returns to be reformed

Tax

Automatic £100 fines for filing tax returns late will be scrapped under Treasury plans and replaced with a driving licence-style points system where fines are paid after four points are accrued. HMRC sources said the changes were part of a new “holistic” approach from the taxman to go after...

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City makes record tax payment

Tax

The UK’s financial services sector paid its highest recorded tax bill last year, with the industry shelling out a total of £72.1bn in tax contributions in the year to March 31. It marks a 1% increase from a year earlier and represents the highest amount that the sector has...

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Penalty system for late tax returns to be reformed

Tax

Automatic £100 fines for filing tax returns late will be scrapped under Treasury plans and replaced with a driving licence-style points system where fines are paid after four points are accrued. HMRC sources said the changes were part of a new “holistic” approach from the taxman to go after...

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Tax breaks scheme faces Budget clampdown

Tax

Tax breaks designed to support start-ups are facing a clampdown, after wealthy investors exploited them to cash in on less risky schemes. Philip Hammond is set to launch a crackdown on the £1.9bn Enterprise Investment Scheme in the Budget, in a bid to ensure that anyone claiming the relief...

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VAT reform: What do proposals mean for small businesses?

Tax

An independent review has proposed significant changes to the VAT system, promising to simplify the tax burden for small business owners. But, with indications the entry threshold could be reduced, an organisation representing smaller firms has called for reform to instead focus on supporting entrepreneurs.   Click here for full article Click here...

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SMEs fear VAT shake-up

Tax

Up to 600,000 small businesses could be affected by a change in rules requiring firms to charge VAT on goods and services. Currently, companies with a turnover of under £85,000 are exempt, but there is speculation the Chancellor will lower the threshold to companies with a turnover of up...

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HMRC to stop accepting credit cards

Tax

HMRC is to stop accepting credit cards from next year following a government crackdown on excessive charges. From January, “rip-off” fees charged to consumers by companies and government bodies when they pay by credit card will be completely banned in the UK. HMRC said the move means it will...

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