Autumn Budget 2017: Pressure piles on chancellor Philip Hammond to boost the Tories, save his own job and keep Theresa May in place November 22, 2017 Philip Hammond is facing one of the most challenging days since he became chancellor: unveil a radical, game-changing, vote-winning Budget with enough gimmes to appeal to the youth, while not spending money he doesn’t have or putting up taxes and alienating the party’s core voter. He must tread a tightrope today – one misstep either [...]
Fund customs contigency plans or face “catastrophic” Brexit, Public Affairs Committee warns November 14, 2017 Failure to fully deploy a new customs system by the point the UK leaves the European Union would be “catastrophic”, a report by the influential Public Affairs Committe (Pac) has claimed. If HMRC’s new customs system, the Customs Declaration Service, is not ready by March 2019 it could cause huge disruption for businesses, massive queues [...]
A digital Brexit will spur us to rethink the nature of the state November 2, 2017 As Brexit negotiations continue, with the EU playing for time and the UK insisting that talks move onto the future relationship, the uncertainty can be unsettling for even the most experienced of commentators. However, this uncertainty should not stop us thinking about how we can transform the UK to meet future challenges after we leave [...]
More than a third of self-assessment taxpayers are under-reporting how much they owe the government | City A.M. October 26, 2017 More than a third (36 per cent) of self-assessment taxpayers under-report their taxes, according to research by the Institute for Fiscal Studies (IFS) out today. Most underpayments are less than £1,000. However, a small proportion of people owe more than £10,000 and represent close to half of the tax revenue that is unpaid. The average [...]
Ivan Rogers: Brussels negotiators thinking “what business can they suck out of London” October 25, 2017 The government will struggle to stop EU officials trying to break up the City after Brexit, the UK’s former ambassador to Brussels has warned. Ivan Rogers, who resigned earlier this year, told the Treasury Select Committee that many EU negotiators are unwilling to maintain close links between London’s financial sector and businesses across the rest [...]
Cuts to pension allowances boost venture capital trust (VCT) fundraising to highest level in more than a decade October 19, 2017 Investors over the last year ploughed the most money into venture capital trusts (VCTs) in more than a decade, according to new data from HM Revenue & Customs (HMRC). The listed private equity-style investment funds, which give their investors tax relief on any money committed and tax-free returns, have seen increased interest from wealthy individuals [...]
Transport for London (TfL) Tube repair work delayed due to exodus of agency workers after IR35 tax changes October 16, 2017 Work on a critical London Underground programme repairing Bakerloo Line trains has been delayed due to an exodus of agency workers in the wake of tax changes earlier this year. Transport for London (TfL) has admitted that “a significant number” of vital employees left TfL as a result of IR35 changes, revised tax legislation affecting [...]
New government hub to create centre of excellence for public services for 2,900 civil servants September 21, 2017 In July this year, the UK Government announced it had selected Edinburgh’s New Waverley as the centrepiece of a new HMRC HQ function, bringing 2,900 civil service jobs into the historic heart of the city’s Old Town. The new development, adjacent to Waverley Railway Station, will deliver grade-A offices to be occupied by civil servants [...]
UK house prices: Property transactions fell again last month September 21, 2017 The number of homes bought and sold in the UK fell again between July and August, providing further evidence the property market is beginning to stagnate. On a seasonally adjusted basis, property transactions fell 0.5 per cent between July and August to 103,490, figures by HM Revenues and Customs (HMRC) showed. Although the figure is [...]
Uncertainty is a large problem for small businesses September 14, 2017 Today’s economic and political environment creates a number of challenges for the UK’s 5.5m small businesses. One of the most prominent is uncertainty, and the impact this has on the cost of doing business; it affects the ability of businesses to access finance, invest, export, and ultimately, grow. Consequently, the provision of tailored guidance and [...]