Founder Favourites: Richard Farleigh on what playing chess, investing and starting a business have in common
Most businesses would accept tax rise in exchange for simpler rules March 2, 2020 Two thirds of UK businesses would accept a tax rise in exchange for a simpler tax system, a survey from accountancy firm BDO has found. The survey comes ahead of the 11 March Budget, when new chancellor Rishi Sunak is expected to increase spending and cut entrepreneurs’ tax relief, a tax rise equivalent to £2.7bn [...]
Businesses and government in entrepreneurs’ relief row March 2, 2020 A row has broken out between the government and businesses over plans to scrap the entrepreneurs’ relief tax scheme, which small firms have warned will “destroy retirements”. Separately, a report has found that the use of the scheme is growing more than twice as fast in the north of the country than in London, questioning [...]
Exclusive: Distillers demand cut to spirits duty in March budget March 2, 2020 A coalition of British distillers have written to Rishi Sunak to urge him to stick to his party’s election manifesto and cut spirits duty in this month’s budget. The letter – drawn up by the UK Spirits Alliance and signed by 40 of its members – asks the chancellor to “reduce the excise duty burden” to [...]
Government set to scrap entrepreneurs’ relief in £2.7bn tax grab March 1, 2020 Plans have been drawn up by the Treasury to hit businesses with a £2.7bn tax rise in this month’s budget. Chancellor Rishi Sunak is set to scrap entrepreneurs’ relief, which gives a capital gains tax cut to people who start their own businesses. The scheme cuts the amount of capital gains tax paid, when they [...]
Foxtons shares slip after profit takes Brexit blow February 28, 2020 Estate agent Foxtons has posted a 30 per cent drop in annual profit against the backdrop of last year’s Brexit uncertainty. Earnings before interest, tax, depreciation and amortisation (Ebitda) fell to £2.5m during 2019, a year-on-year decrease of 30 per cent from 2018’s £3.6m. The estate agent narrowed its loss before tax from £17.2m last [...]
Chancellor Rishi Sunak needs to step back and rethink IR35 February 27, 2020 When Philip Hammond announced in 2018 that IR35 would be extended to the private sector, he heralded it as a move that would “open a new chapter in our country’s economic future”. But fast-forward two years, and the new chancellor, Rishi Sunak, is still facing a huge headache over the tax legislation changes, effective from [...]
Cancelled Budget forces OBR to run two forecasts in two days February 27, 2020 The cancellation of last autumn’s Budget, in place of one next month, means the OBR will now publish two sets of economic forecasts within two days of each other, to avoid falling foul of the law. The Office for Budget Responsibility is legally required to produce two forecasts annually, tied to a fiscal event. However [...]
IR35: Government confirms ‘light touch’ tax rollout February 27, 2020 People will not have to pay penalties for IR35 errors in the first year of the tax changes, as the government confirmed a “light touch” approach today. The government has published its review into the tax changes after announcing it would look into IR35 following concerns from business. HMRC said: “Customers will not have to [...]
Keep calm and drink Yorkshire Tea until the Twitter storm blows over February 27, 2020 Another day, another Twitter pile-on. This time, the warriors of social justice turned their ire on homely hot-drink merchants Yorkshire Tea. Their equally voluble online opponents rallied to its defence. Why? Because Yorkshire Tea had the temerity to be, unbeknownst to them, our new chancellor’s choice of brew. Or, more precisely, the drink selected by [...]
Storm in a teacup as Yorkshire Tea wins Twitter February 26, 2020 The story was predictably silly: Tory Chancellor Rishi Sunak poses with a big bag of tea, and anti-Tory Twitterati say they will never drink that brand again, dropping a fair few expletives in their ranty responses to a completely imagined outrage. What have we learnt from this storm in a Yorkshire Tea cup? On the [...]