UK businesses paid approximately £186 billion in tax during the 2017/18 financial year, a new report from the Confederation of British Industry (CBI) has revealed. Read more
The Government has alerted business owners and directors to a new scam email professing to be from Companies House. If you receive one of these emails, do not open it and report it to the relevant authority. Read more
More than a third (38 per cent) of UK small and medium-sized enterprises (SMEs) are planning on expanding their business portfolios this year by acquiring new premises and investing more money in e-commerce and new technology, a new survey reveals. Read more
In recent days, HM Revenue & Customs (HMRC) has been forced to remove a popular online calculator from its website, after it emerged that the software was giving users “incorrect” information about how much money they can save into their pensions. Read more
Employers who are required to deduct foreign tax in addition to UK PAYE from the salaries of employees who work abroad should take note of an important reminder. Read more
The Office of Tax Simplification (OTS) has called for a “detailed review” of the ways in which the UK’s tax system affects businesses, amid concerns that urgent simplification is required in order to stimulate growth.
In recent days, the Government body has published a report assessing the nature of existing tax reliefs and charges, their effectiveness and how they interact with one another, the FT Adviser reports.
Upon assessing how the UK’s tax framework affects firms throughout all key stages of the business life cycle, the OTS has concluded that an urgent overhaul is needed in order to reduce complexity and improve access to tax reliefs and incentives for businesses.
In particular, the OTS is seeking views on Capital Gains Tax (CGT), Inheritance Tax (IHT) and Entrepreneur’s Relief (ER).
However, it is also interested in gaining opinions on how the operation of the Enterprise Investment Scheme (EIS), the Seed Enterprise Investment Scheme (SEIS) and Venture Capital Trust (VCT) schemes might be simplified or improved.
Angela Knight, Chair of the OTS, said: “This is a time when the need to encourage innovation, support growing businesses, the economy and employment in the UK, is a priority.
“It has never been so important that the business tax system is fit for this purpose and supports these aims.”
Paul Morton, Tax Director at the OTS, added: “This paper takes a significant first step towards meeting the pressing need to undertake a detailed review of the tax system as it operates across the business life cycle.
“It is aimed at helping the businesses that are the lifeblood of the UK economy to maximise their opportunities and to make the system clear and simple to understand and use.”
Business confidence among small and medium-sized enterprises (SMEs) soared to a three-year high in the first three months of 2018, a new study has revealed. Read more
EU State Aid approval for the Enterprise Management Incentives (EMI) scheme expired on 6 April 2018, meaning any share options received after this date may not be eligible for tax reliefs. Read more
A new study suggests that the majority of Britons who work for small and medium-sized enterprises (SMEs) are highly satisfied with their roles. Read more
In the first known prosecution of its kind, a national recruitment company accused of illegally ‘meddling’ with its workplace pensions scheme is facing legal action at the hands of The Pensions Regulator (TPR). Read more
Businesses which store goods imported from outside the EU will need to register for a new scheme designed to combat the abuse of VAT rules. Read more