This week in tax: G20 moves towards a global tax reform
The chances of international tax reform got a boost this week when G20 finance ministers moved towards a global minimum corporate tax rate after the US declared its support for the proposal. The Biden administration has set out a Made in America tax plan to realign the US fiscal system with OECD efforts to solve […]
National Living Wage and National Minimum Wage rise from 1 April
Millions of workers in all parts of the UK will receive a pay increase from today as minimum pay rates rise, with the age threshold reduced to 23 year olds Around two million of the UK’s lowest-paid workers will benefit from an increase in National Living Wage and National Minimum Wage. The National Living […]
Businesses are losing 12% of revenue due to unclaimed VAT
The survey, which questioned 500 UK business and finance leaders, looks at the ways businesses are recouping money in response to the Covid crisis and the reasons preventing them from reclaiming VAT effectively. The pandemic has created new problems when it comes to VAT reclaim: in the midst of an already challenging tax landscape, businesses […]
Coronavirus borrowing now over £46 billion
UK businesses have now borrowed over £46 billion through the government-backed schemes that are helping firms during the coronavirus (COVID-19) crisis, according to the latest figures from the Treasury. In total, £46.3 billion has now been lent to over 1.1 million businesses through either the Bounce Back Loan Scheme (BBLS), the Coronavirus Business Interruption Loan […]
Chancellor asks OTS to review capital gains tax
Chancellor Rishi Sunak has asked the Office of Tax Simplification (OTS) to carry out a thorough review of capital gains tax (CGT). In a letter to the OTS, the Chancellor requested that the independent office review CGT and aspects of the taxation of chargeable gains in regard to individuals and small businesses. Mr Sunak requested […]