Category: News

Key business tax reliefs remain

Business owners had some relatively good news from the Chancellor Phillip Hammond MP, in the Autumn Budget statement as Entrepreneur’s Relief and the Annual Investment Allowance remained intact and for the self employed and small business owners themselves will benefit from income tax threshold rises.

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IR35 tax threat still an issue

Small businesses are said to be immune – at the moment – from the implications for employers and employees of the Government decision to roll out off payroll working IR35 rules to the private sector following their application in the public sector.

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Buy to let landlords hit in Budget with capital gains tax relief restrictions

Buy to let landlords suffered another disappointment in the Autumn Budget Statement with the announcement from the Chancellor Philip Hammond MP, that from April 2020 lettings relief will be reformed so that it will only apply where the owner of the property is in shared occupancy with the tenant and that the final period exemption will also be reduced from 18 months to 9 months.

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Corporate tax rates continue to fall internationally

Countries have used recent tax reforms to lower taxes on businesses and individuals, with a view to boosting investment, consumption and labour market participation, continuing a trend that started a couple of years ago, according to a new report from the Organisation for Economic Co-operation and Development (OECD).

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More businesses paying off tax with credit cards

Freedom of Information Act request has revealed that many businesses in the UK are relying on credit cards to pay their tax bills. Although many businesses rely on some sort of borrowing, paying a tax bill with a credit card could be pretty risky unless they are completely sure they can afford the repayments.

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Tax Updates