The Wealth Tax Commission has released a report recommending a one-off wealth tax in the UK to raise revenue and repair public finances in response to the COVID-19 pandemic. The one-off wealth tax on millionaire households is estimated to raise up to £260bn over five years, if the threshold was set at £1m per household […]
This week, the EU has added four countries and jurisdictions to its blacklist of tax havens, including British overseas territory the Cayman Islands. “The EU set up the system in 2017, to put pressure on countries to crack down on tax havens and unfair competition, sanctioning those it considered unfair in offering tax avoidance schemes. […]
The start of a new year is a fantastic time to get your finances in order, with the deadline for filing your self-assessment tax return coming up fast on January 31st, 2020 and the end of the tax year only three months away Being proactive in order to stay tax smart and minimise payments is […]
Making Tax Digital (MTD) is a new initiative from the Government aimed at simplifying the tax process for businesses and individuals. And a new survey says that more than 10% of all businesses in the UK are totally unaware, and therefore unprepared, for this new tax requirement. What is Making Tax Digital (MTD)? Through MTD […]
Small business tax can seem complicated and is certainly not one of the most exciting aspects of launching a new business. However, it’s important to understand what you need to do to comply with your tax obligations. We’ve collected details on the main small business taxes that apply in the UK. You’ll find links to […]
When it comes to starting a small business, it’s natural to focus most of your energies on the day-to-day organisation. It’s often an ‘all-hands-on-deck’ scenario, with everyone involved ensuring sales are being made, products are being developed and marketing is being carried out. All too often, things like finding out about business tax breaks get […]
Many businesses across the UK think the tax system in this country is fundamentally unfair, according to new research from the British Chambers of Commerce (BCC). A report released in April 2019 from the BCC indicates that not only do businesses report its intrinsic unfairness, but they also want more support to ensure compliance. The […]
Half of small businesses in the UK are not yet ready for the Government’s Making Tax Digital (MTD) scheme, according to the Federation of Small Businesses (FSB). They’re urging the Government to underline its commitment to light-touch enforcement of the measures as research by the FSB shows 50% of small businesses cannot yet comply with […]
A tax haven is any country that allows you to reduce the amount of tax you pay. Let’s state at the beginning that there is nothing wrong with using tax havens provided you are careful not to break any rules in your country of residence. Some people use tax havens to hide their money from […]
As part of the Autumn Budget, the Government announced that HMRC (HM Revenue & Customs) would publish a new offshore tax compliance strategy. The Government also reaffirmed its intentions of fighting offshore tax avoidance, tax evasion and general non-compliance. The new strategy is designed to build on the strengths of the current one. According to […]