A Taxing Business
New research from the Federation of Small Businesses (FSN) has revealed that the owners of small firms can spend up to 12 days a year purely to keep on top of their tax administration.
Darren Specterman Blog |
New research from the Federation of Small Businesses (FSN) has revealed that the owners of small firms can spend up to 12 days a year purely to keep on top of their tax administration.
According to lawyers acting for 11 European Union members, imposing a financial transaction tax (FTT), also known as the Tobin tax or Robin Hood tax, would be illegal.
The Government has been warned that its mixed messages over corporation tax are putting large multi-nationals off from basing themselves in the UK, which could mean that they decide to reside elsewhere when they eventually move.
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.
Corporation Tax seems to be a topic in every newspaper and magazine at the moment, with news of Starbucks making a voluntary payment to the Government and Justin King of Sainsbury’s saying that paying the tax is a “question of morality”.
Everyone seems to be talking about corporation tax at the moment, from politicians, who say that they want to clamp down on tax avoidance to advisers who say that the current system is too complicated. It has even become a topic for debate in the SNP’s campaign for independence.
The Policy Exchange has suggested that business rates should be frozen for two years to ease the pressure on the high street, as traditional retailers deal with the rise of internet shopping.
As HM Revenue & Customs (HMRC) publishes a new list of ‘deliberate tax defaulters’ and reiterates the Government’s pledge to crack down on firms that avoid paying the tax they should, the Confederation of British Industry (CBI) has drawn up a new statement of tax principles for business.
Corporation Tax refunds from HM Revenue & Customs (HMRC) rose by £2bn last year, to £7bn up from £5bn in 2011, which means that 346,000 businesses received corporation tax refunds with the average amount being paid out for each approved claim totaling around £20,231.
In his Autumn Statement delivered in December last year, the Chancellor George Osborne announced that there would be an extension of the temporary doubling of the Small Business Rate Relief for another year from 1 April this year.
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