Five-year high for number of company car drivers
According to HM Revenue & Customs (HMRC), the number of employees paying company car tax has reached a five-year high, boosting Treasury receipts by millions of pounds.
Darren Specterman Blog |
According to HM Revenue & Customs (HMRC), the number of employees paying company car tax has reached a five-year high, boosting Treasury receipts by millions of pounds.
Chancellor Philip Hammond announced in March that there would be millions of pounds of support awarded to businesses hit by the biggest hikes in their business rates bill. However, many firms are still waiting for the cash, even though the new tax year started in April, partly because councils’ software has not been updated to…
Now that it has been confirmed that the Government is reintroducing the 2017 Finance Bill, business owners need to be aware that tax investigations are likely to increase once the new tax avoidance corporate offence comes into effect on 30 September.
Small business owners are up in arms about the fact that holiday homeowners, who make their properties available to rent, receive millions of pounds’ worth of tax relief ‘at the expense of the businesses that pay full business rates’.
The Government is clamping down on tax breaks for entrepreneurs, specifically Entrepreneurs’ Relief, which can cut a business owner’s Capital Gains Tax (CGT) from 20 per cent to 10 per cent when they sell or give away all or part of their business.
Following the disarray since the general election, with the Conservatives failing to reach any solid deal with the DUP and the tragic events of Grenfell Tower – not to mention the start of Brexit negotiations – filling the Prime Minister’s time, the only solid thing to look forward to is today’s (21st June) Queen’s Speech…
According to figures released earlier this month by the Society of Motor Manufacturers and Traders (SMMT), the UK new car market declined in May, with demand falling by 8.5 per cent.
Businesses from every sector are calling on whoever wins the election to address business rates reform, particularly as the UK negotiates a deal to leave the European Union.
Sales of new cars plummeted by 20 per cent in April after an increase in Vehicle Excise Duty (VED), which came into effect on 1 April, although the industry believes this was merely due to consumers bringing purchases forward.
New figures have revealed that businesses paid a record £56bn in taxes in 2016/17, accounting for over 30 per cent of all tax revenue taken in the UK, an increase of over 21 per cent on the year before.
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