The UK Treasury is considering online sales tax for retailers such as Amazon, Asos and Ocado, after a drastic increase in online shopping and the current “uneven system”, has caused many in-store retailers to be at a disadvantage.
Is it cheaper to lease a car through a limited company? It’s a question we’re often asked, but the answer isn’t quite so straightforward.
There are plenty of misconceptions around ‘reducing’ corporation tax. Not to be confused with ‘evading’ tax, reducing tax is perfectly legal and even encouraged.
The Treasury has today responded to the Office of Tax Simplification’s (OTS) major new report, simplifying tax for smaller businesses.
Making Tax Digital (MTD) for VAT was launched in April 2019, which means that hundreds of thousands of businesses are now recording and reporting their accounts digitally to HM Revenue & Customs (HMRC).
MP’s are backing calls for changes to the current tax regime in a bid to halt the current decline in UK high streets and town centres and allow them to flourish in the future.
Although the government has stated that cuts in corporation tax will ultimately increase revenue, HMRC has argued that it could actually cost the public around £6.2 billion a year.
The UK financial services (FS) sector paid a record high of £14.6 billion worth of corporation tax (including Bank Levy) in the last year, up 24 per cent from the £11.8bn paid during the 2015/16 financial year according to industry