Recent findings published following research carried out by YouGov have suggested that more than a third of the UK’s top businesses have made use of tax planning measures to reduce their tax liabilities.
Over recent months, corporation tax has been a mainstay within the news following reports that multinational companies have paid little or no corporation tax in the UK, despite large profits.
However, the results of the YouGov research – which involved 100 individuals in leading UK businesses, and 500 decision makers from SMEs and members of the public – suggests that it is not just multinationals who have made use of tax planning measures to reduce their tax payments.
According to the findings of the research, thirty-four percent of the business elite who took part claim their businesses were likely to have taken advantage of tax planning measures which enable them to reduce their tax payments; compared to eighteen percent of SMEs.
In addition to revealing the current tax planning measures of businesses within the UK, the research also looked at predicted tax planning measures over the coming years, and found that less than a quarter of the top businesses believe that they will be looking to minimise their tax payments by 2018.
As Chartered Accountants, we understand and appreciate that tax issues provide the biggest threat to financial planning and control for businesses; especially with the ever changing “goal posts”.
Thankfully, our team are committed to not only staying one step ahead of the possible tax advantages that could benefit your business; but we are also committed to providing you tailored and honest advice relating to tax matters, which has the main aim of reducing your tax burden.