Small business would suffer from a capital gains tax hike – not just investors September 28, 2020 Capital gains tax (CGT) increases were reported to be in the chancellor’s sights before the Autumn Budget was cancelled to allow Rishi Sunak to focus on his winter economic plans. However any changes to CGT down the line could discourage small business investment just when it is needed most, says Claire Madden. Has there ever been a [...]
How mid-market businesses can keep on top of their evolving VAT obligations September 24, 2020 | City Talk In this article, I ask my VAT colleague, Mitchell Piper, for his views on how businesses can keep up to date with VAT changes. Value Added Tax (VAT), like all taxes, evolves over time to adapt to changes in society, technology and business practices. Good examples of this are the recent VAT rate reductions in [...]
The digital services tax is targeting the wrong companies September 21, 2020 Cost-pass-through is a well-established economic theory. It describes what happens when a business changes the price of the products or services it sells following a change in the cost of producing them – be that an increase in procurement or production costs, increased demand, or a tax hike. When the government announced its ban on [...]
A property wealth tax is the only fair way to pay for the Covid-19 crisis July 28, 2020 Two years ago, the director of the Office for Budget Responsibility wrote the following: “Broadly speaking, the fiscal position is unsustainable if the public sector is on course to absorb an ever-growing share of national income… The baseline projection in each of our reports — since the first was published in 2011 — has pointed [...]
Want a recovery that works for everyone? Fix the injustices in the tax system July 27, 2020 The lockdown shone a spotlight onto a two-speed, two-nation Britain, where better-paid white-collar professionals worked from home, while less well-off key workers had to keep travelling to work, often on crowded public transport, to do riskier jobs. Even worse, it turned out that those less well-off key workers were paying much higher tax rates than [...]
DEBATE: Is there any point in members of the wealthy elite calling for higher taxes in response to Covid-19? July 14, 2020 In light of this week’s Millionaires for Humanity letter, is there any point in members of the wealthy elite calling for higher taxes in response to Covid-19? Gary Stevenson, inequality economist and trader, says YES. On Monday, 83 millionaires — myself included — signed an open letter calling on governments to raise taxes on people [...]
The quiet crisis: IR35 and the UK’s forgotten freelancers July 10, 2020 In a crisis which has shaken so many aspects of our lives, it can be hard to get some issues heard above the noise. News that would once have made headlines seems to slip almost unnoticed under the radar. One such development was the quiet confirmation that changes to IR35 self-employed taxes will come into [...]
Exclusive: London firms revolt over business rates payments during lockdown June 29, 2020 Tens of thousands of London companies are believed to be mutinying against the taxman by refusing to pay business rates for the three months of the coronavirus lockdown. In light of the pandemic, the government has handed firms in the retail and tourism sectors a year-long holiday on the tax, which is applied to companies’ [...]
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 [...]