Philip Hammond chooses to splash the cash in his Budget rather than pay down the deficit October 29, 2018 Chancellor Philip Hammond declared “austerity is coming to an end” as he unveiled a raft of spending increases and tax cuts on Monday. Hammond used better-than-expected tax revenues of £12bn to pour extra cash into the NHS and bring forward by a year an increase in the 40p tax threshold to £50,000. The new level will [...]
IR35: Campaigners welcome delay to private sector tax shake-up, but say business costs will increase October 29, 2018 Industry experts welcomed the chancellor’s decision to delay a tax clampdown on self-employed private sector workers today, but claimed it would still hurt businesses when it is introduced. Changes that seek to tax off-payroll workers as full-time employees won’t hit the private sector until April 2020, Philip Hammond announced in his autumn Budget, after a [...]
Personal allowance increase to arrive one year early as higher rate tax threshold change to occur in 2019 October 29, 2018 The personal allowance is to be raised to £12,500 and the higher rate tax threshold is to be lifted to £50,000 in April 2019, the chancellor Philip Hammond announced today. The Conservative Party promised to lift the personal allowance and higher rate tax threshold in 2020 but the changes are now being introduced a year [...]
HMRC to be made preferred creditor in tax avoidance crackdown October 29, 2018 A range of measures designed to crackdown on tax avoidance and evasion with a view to raise £2bn over the next five years have been announced by the government. HMRC will be made a preferred creditor in insolvencies, Chancellor Philip Hammond announced today. The government will end the practice of purchasing services through offshore countries and introduce a [...]
Going it alone: Tech giants to be hit by UK digital services tax October 29, 2018 Technology giants operating in the UK will be served with a narrowly-targeted digital services tax, chancellor Philip Hammond announced today. With consultations to occur before the tax goes live in April 2020, the chancellor said the move is to ensure "the UK continues to be the best place in the world to start and scale [...]
DEBATE: Should Hammond keep the Tory promise and increase the higher-rate tax threshold to £50,000? October 29, 2018 Should Philip Hammond keep the Tory promise and increase the higher-rate tax threshold to £50,000? Ben Ramanauskas, researcher at the Taxpayers’ Alliance, says YES. People earning £45,000 (the current threshold) can no longer be considered wealthy, particularly considering the high cost of living in our major cities. There is a housing crisis in the UK, [...]
What to expect from chancellor Philip Hammond’s Budget October 28, 2018 Ahead of tomorrow's Autumn Budget City A.M. looks at the areas that chancellor Philip Hammond is likely to focus on in his last chance to tweak the UK’s fiscal regime before the Brexit deadline in March Roads Hammond is expected to announce almost £30bn for new road projects and repairs which will be partially funded [...]
The City helps fuel economic growth right across the country, so be wary of those who want to clip its wings October 28, 2018 One of the most pernicious elements of Labour's current economic platform is the idea that the City is entirely distinct from (and damaging to) the so-called real economy. Jeremy Corbyn and John McDonnell's stump speeches routinely contain attacks on predatory bankers, fat-cats and financial speculators. The labour leader also seems to have a personal vendetta against [...]
Reimagining the way we use space could reawaken our deserted high streets October 26, 2018 A group of some of the biggest restaurants in the UK have called on the government to tax web giants in order to save the high street. Since 2008, 11,000 major high street outlets have gone bust, while 1,500 restaurant insolvencies were reported in the UK in 2017, and 15,000 more are under threat. The [...]
The carbon tax cost my company millions – and I’m calling on the chancellor to raise it on Monday October 26, 2018 Normally in the week before a Budget, you would expect businesses like mine to be making last-minute pitches to the chancellor for less regulation and a cut in taxes. Yet here I am about to make a case in favour of the carbon tax – a tax which in the past cost my company millions [...]