Value of UK business tax breaks hits record £105bn in past year alone November 14, 2022 The value of business tax reliefs in the UK hit £105.3bn in the past year, up from £100.3bn in 2020-21, shows new research shared with City A.M. this morning. The £105.3bn figure represents the combined cost estimated by HMRC for the 58 significant tax reliefs available to corporates. However, these represent just a fraction of [...]
‘Be careful what you wish for’: OEUK warns against expanding windfall tax September 7, 2022 Windfall taxes are a "really blunt" instrument that threatens to deter investment in the North Sea, warned OEUK's boss Mike Tholen.
Delinquent tax balloons to £38bn as HMRC walks ‘fine line’ to avoid mass insolvencies November 16, 2022 Unpaid tax has ballooned by 10 per cent to almost £38bn in the last three months of the year, but HMRC is concerned about triggering a wave of insolvencies. HMRC denied claims it is ramping up its debt collection, as it comes under increasing pressure to chase up delinquent payers in a time of economic [...]
Truss mulls another tax cut U-turn after bruising day for PM October 14, 2022 Rumours that Liz Truss could U-turn on her tax cut plans intensified yesterday, with the Chancellor telling journalists “let’s see” when asked about the possibility of a change of course. Number 10 held crisis talks over whether to scrap more of the mini-budget as speculation over the Prime Minister’s future reached fever pitch in Westminster. Many [...]
Taxing kerosene on flights could bring £6.7bn per year into Treasury’s pockets November 14, 2022 Taxing the use of kerosene on flights could bring an additional £6.7bn a year into the Treasury’s pockets, according to research. A study by NGO Transport & Environment (T&E) published today showed that airlines should be subjected to the same rules as motorists, who pay road fuel unlike carriers. “The UK is effectively a tax [...]
With an average claim in excess of £50k, it really is time to see if you qualify for an R&D Tax rebate January 23, 2023 What are Research and development tax credits? Simply put R&D Tax Credits are a niche, but a lucrative part of the UK tax code that could bring your company significant tax relief. Most companies we speak to at SAS R&D don’t think that they will qualify for these payments with the common misconception amongst business [...]
Rishi Sunak and Jeremy Hunt to shun tax cuts in March budget despite £11bn energy windfall January 23, 2023 Jeremy Hunt and Rishi Sunak will hold fire on tax cuts at the 15 March budget despite being handed an around £11bn windfall from international energy prices falling to pre-Russia-Ukraine war levels, according to top economists’ predictions gathered by City A.M. Brits will have to wait until the run up to the next general election, [...]
Truss ‘giving with one hand and taking with other’ through stealth taxes, IFS says October 6, 2022 Liz Truss is “giving with one hand and taking with the other” by keeping stealth taxes, a new study out today reveals. Some £2 for every £1 returned to Brits in the prime minister and chancellor Kwasi Kwarteng’s tax cutting mini-budget will be lost to “fiscal drag,” the Institute for Fiscal Studies (IFS) said today. [...]
IFS: No room for tax cuts or spending rises at March budget despite Jeremy Hunt pocketing £60bn windfall February 28, 2023 There is no room for tax cuts or spending increases at the 15 March budget despite Jeremy Hunt being handed an around £60bn windfall from lower energy prices and interest rates, a top economic think tank has forecast today. The Chancellor will be held back from handing households and businesses a tax giveaway due to [...]
Tax cuts are not enough to help the small businesses facing crippling energy bills September 2, 2022 Households facing soaring energy bills have rightly been front and centre of the political conversation. But, as both candidates to become prime minister have pointed out, ultimately our prosperity depends on economic growth. And it’s through prosperity that the government acquires the ability to finance public services and support families in need. And, with GDP [...]