Breakthrough week for historic corporate tax deal: 140 nations including Ireland are on board October 9, 2021 The international community is moving towards sweeping changes to how big multinational companies are taxed to prevent them from stashing profits in offshore havens where they pay little or no tax after 140 countries have agreed to sign the deal. Under the agreement, countries would enact a global minimum corporate tax of 15 per cent [...]
Nick Clegg says Facebook is ‘pleased’ with historic tax deal, even if it means paying more October 9, 2021 Nick Clegg, Facebook’s vice president for global affairs, said today the social media giant welcomes the corporate tax agreement that 140 countries around the world agreed this week. “We are pleased to see an emerging international consensus,” Clegg said in a statement sent to City A.M. this afternoon. Under the agreement, countries would enact a [...]
Letters: UK Hospitality says VATsEnough October 8, 2021 [Re: Boris Johnson expected to reveal ‘national living wage’ hike, Wednesday]Hospitality businesses are being battered by a perfect storm of labour shortages, disruption to supply and escalating food and utility costs. Margins are being squeezed as they try to rebuild. Contrary to some perceptions, wages in hospitality have increased steadily, by approximately 20 per cent [...]
Council tax rise needed just for town halls to keep services running, warn fiscal analysts October 7, 2021 Millions of Brits across the UK face steep rises in council taxes as they need to climb by up to 5 per cent a year for the next three years to keep services running and pay for social care reforms, an influential think tank warned this morning. The Institute for Fiscal Studies (IFS) said that [...]
HMRC annual pension stats: ‘The genie is well and truly out of the bottle’ October 4, 2021 HMRC published its annual update to personal and stakeholder pensions statistics at the end of last week. The document included an update on the impact of the lifetime and annual allowance tax charges. Moreover, HMRC also shared the most recent data for flexible pension payments under the pension freedoms rules. Scrutinising the data for City [...]
Rishi Sunak does not rule out council tax rise as he will ‘cut up Boris Johnson’s credit card’ October 4, 2021 Chancellor Rishi Sunak does not rule out further tax rises, including a hike in council tax to pay for social care. Asked about a warning from the Local Government Association that council tax may have to rise to plug a black hole in social care, Sunak said it would be wrong to “pre-empt” the local [...]
VAT rise likely to hurt hospitality recovery and may cause more permanent closures September 30, 2021 The upcoming 7.5 per cent VAT rise will slow down Covid recovery for the hospitality sector and may lead to a number of additional closures, a SME tax expert told City A.M. today. The Government’s scaling back of its Covid support measure is coming too soon for businesses with little or no cash reserves, according [...]
£265bn in spent by quangos every year not properly accounted for, MPs warn September 24, 2021 MPs warned this morning that a review of arm’s-length bodies which are responsible for spending £265bn a year of taxpayers’ money has not been completed five years after it was promised. The Commons Public Accounts Committee (PAC) said that although the Cabinet Office had promised to review every so-called quango between 2016 and 2020, just [...]
HMRC delays move to make income tax digital by another year September 24, 2021 HMRC has delayed its planned move to make tax digital (MTD) by a further year, now scheduled to come into force in April 2024. The delay means businesses or landlords with a business income of over £10,000 a year will have now have an extra year to prepare for the digitalisation of income tax. General [...]
Exclusive: Record £38bn in tax by self-employed shows HMRC’s ‘peak leniency has passed’ September 23, 2021 The amount of income tax paid by self-assessment taxpayers has jumped 31 per cent to hit a record £38bn in the past year, up from £29bn the previous year, according to an analysis of HMRC tax receipts that was shared exclusively with City A.M. today. The boom in tax revenues from the self-employed is because [...]