Second wave of nudge letters seeking offshore funds lands from HMRC April 2, 2020 In last month’s Budget, chancellor Rishi Sunak declared that the Treasury would raise an additional £4.7bn over five years by further combating tax evasion and avoidance. Thousands of letters were sent at the end of February by HMRC, asking individuals suspected of not disclosing offshore assets to review their affairs. This is sent along with [...]
Put tax at the heart of digital transformation decisions March 30, 2020 | Sponsored Tax runs through the heart of every business process and so must be central to discussions around moving to a new enterprise resource planning (ERP) in the cloud. Q) What has been the impact on tax of digital transformation and companies moving to the cloud-based ERP systems? A) It’s providing the perfect opportunity to ensure [...]
Coronavirus: The tax questions facing those stuck in the UK March 26, 2020 Covid-19 is impacting everybody in one way or another, including those who were not expecting to be UK tax residents but now find themselves unable to leave the country. City A.M. asks Helen Jones, a tax partner at BDO, the key questions that need answering for those stuck in Britain during the pandemic. What residency [...]
DEBATE: Do the chancellor’s reforms to entrepreneurs’ relief strike the right balance for founders? March 13, 2020 Do the chancellor’s reforms to entrepreneurs’ relief strike the right balance for founders? YES, says Mike Cherry, national chairman at the Federation of Small Businesses. Compromise is a fact of business life. Every dealmaker knows that it’s better to bend a little than break off negotiations. Entrepreneurs’ relief is a vital incentive that’s central to [...]
Budget 2020: Chancellor introduces digital services tax March 11, 2020 Chancellor Rishi Sunak today confirmed the introduction of a digital services tax as the government looks to ensure tech giants pay their fair share of tax. The new tax, which will come into force from 1 April, will charge two per cent levy on sales for certain digital businesses. The move is set to raise [...]
Businesses urge Chancellor to introduce tax incentives to address trade challenges in a post-Brexit world March 11, 2020 | City Talk Ahead of the Budget, the views of over 500 finance professionals from across the UK were canvassed to find out what policy initiatives the Chancellor should announce to provide an economic boost to a post-Brexit Britain, and to understand the biggest threats to the country’s tax competitiveness. The survey, conducted by EY, reveals that one-third [...]
COVID-19: potential tax responses in the UK Budget? March 11, 2020 | City Talk The rapid development of cases of Covid-19 in the UK, and the disruption that this is causing in the UK and globally, may prompt the Chancellor to act in the Budget to help businesses or take powers to do so. So, what might the Chancellor do? Read more: UK interest rates slashed to battle coronavirus [...]
Entrepreneurs’ relief: A tax break unravels? March 11, 2020 Chancellor Rishi Sunak’s first Budget beckons, and business founders will be looking out for one announcement in particular: will he scrap entrepreneurs’ relief? The controversial tax break enables people who start their own successful businesses to pay less capital gains tax when they eventually sell it on. It was originally intended to encourage people to [...]
Reforming business rates – is Land Value Tax really a viable alternative? March 9, 2020 | City Talk The Business Rates system has long been considered by businesses as outdated and in need of reform. It imposes its tax burden whether the business is “in the red or the black”, i.e. profitable or not. Also, whilst purported to be a tax on business collected by means of property, it has a distinct bias [...]
What will Rishi Sunak’s Budget mean for personal taxes? March 6, 2020 | City Talk With a commitment to leave rates for income tax, national insurance and VAT unchanged, the new Chancellor may be looking for other areas to raise tax in March’s Budget – possibly in capital gains tax and inheritance tax. In addition, the Conservative Party manifesto contained commitments to “review and reform” entrepreneurs’ relief (ER) as well [...]