Government must ‘urgently reform’ road taxes to avoid £10bn shortfall created by EV transition, says think tank June 1, 2023 The government must “urgently reform” its road taxes in order to avoid a multi-billion pound revenue shortfall created by the EV transition, says a new think tank report. According to research from the Resolution Foundation, lower taxation of EVs, particularly the absence of a fuel duty, will create a growing £10bn “fiscal hole,” within the [...]
Autumn Statement: Another windfall tax raid would further damage Britain’s reputation November 15, 2022 We are now less than 48 hours from the Autumn Statement, and knowing quite what medicine Jeremy Hunt feels it necessary for Brits to choke down to fix the so-called ‘black hole’ in the finances. One hopes the rumours of higher council tax, a reversed bank surcharge reduction and a variety of other pocket-pinching measures [...]
Tesla tax? We need a road pricing scheme for a modern congestion-free future November 18, 2022 Given the plethora of misery that accompanied yesterday’s Autumn Statement, it might have been possible to overlook a significant measures namely that electric vehicles will no longer be exempt from Vehicle Excise Duty from April 2025. This is a glimmer of good news. It reveals something deeply encouraging as half of new vehicles will be [...]
Labour backs 25 per cent corporation tax rate amid calls to scrap rise ahead of budget March 6, 2023 Labour will back the government’s bod to keep the planned corporation tax rise to 25 per cent amid “siren calls” to scrap the move ahead of the budget. It comes as the shadow chancellor is set to say Britain must be in “lockstep” with the G7 and work to “incentivise investment”, at the announcement of [...]
UK’s review of remote working holidays sparks tax crackdown fears September 1, 2022 The UK’s Office for Tax Simplification (OTS) has opened a review into those who work abroad remotely, in a sign the government may soon begin to crack down on remote working holidays. The OTS has begun collecting data on people who work for UK companies from abroad, following a major uptick in the numbers of [...]
We will all feel the squeeze, but squeeze too hard and tax receipts will dry up November 18, 2022 Doom and gloom was the name of the game in the run-up to the Autumn Statement. Yet the measures delivered by the chancellor ended up being more positive for hospitality businesses than many had feared. It was a pragmatic response to a turbulent economic market. Crucially, it delivered stability. The one important part missing, however, [...]
Treasury grabs extra £85bn in taxes from Brits after Covid measures end December 19, 2022 The UK government has added an extra £85.1bn in tax revenues over the last year after a raft of Covid-19 support measures were scrapped, new figures out today show. Total revenue flowing into the treasury from Brits’ pockets hit £775.6bn in the year to April 2022, up from £690.5bn in the previous year, according to [...]
Get a complimentary review of your research and development tax credit process August 31, 2022 HMRC has recently announced a set of changes to its research and development (R&D) tax credit scheme, which will be implemented for accounting periods starting on or after 1 April 2023, and will involve inclusion of modern computing methods, focusing on UK innovation, tackling abuse and improving compliance. It’s now more important than ever that [...]
Johnson says NI tax rise ‘unquestionably’ right thing for UK as tax hike comes in today April 6, 2022 Boris Johnson has said the increase in National Insurance is “unquestionably the right thing for our country” on the day the tax hike comes into place. Johnson said he has “absolutely no problem” with the tax hike as “we’ve got to give our doctors and our nurses the wherewithal, the funding” to deal with the [...]
Gordon Brown predicts government will ditch tax rises June 19, 2022 Gordon Brown has predicted Boris Johnson and Rishi Sunak will ditch a series of planned tax rises in the face of the UK’s poor economic outlook. The former PM also hit out at the government for having “no plan” and lurching from “crisis to crisis”. The Bank of England this week moved to raise interest [...]