UK small businesses say the UK tax system is in need of urgent reform, arguing that it is too complex and favours big business, it has been revealed.
A poll carried out by the Forum of Private Business (FPB), found more than half of small and medium-sized businesses believe the tax burden placed on them is [...] CONTINUE
The government’s proposed landline tax could cost small businesses £70 million a year, according to The Telegraph.
A new government consultation document proposes that in order to improve Britain’s broadband infrastructure, almost 5 million businesses would have to up to £1,500 a year in a new phone line tax.
The Department for Business, Innovation and Skills, who [...] CONTINUE
Raising taxes for small businesses would ultimately cost the UK billions of pounds and hundreds of thousands of jobs, a new independent report for the Federation of Small Businesses (FSB) has found.
The report, by the influential Centre for Economics and Business Research (CEBR), shows that increasing the burden of taxation on the country’s small businesses [...] CONTINUE
Conservatives have criticised the Governments landline tax proposals, saying it will only deter private companies from spending the money required to upgrade the country’s internet infrastructure.
The proposed tax would take 50p per month from landline owners in order to fun a high-speed broadband roll-out, and has been heavily criticised since it was announced earlier in [...] CONTINUE
If you are an employee, or an employer, then you will have to pay National Insurance contributions (NICs), in addition to tax.
NICs are payable to HM Revenue & Customs (HMRC), and fund various state benefits, such as the state pension and various welfare schemes. There are various classes of NICs, and you will pay at [...] CONTINUE
There are a range of tax reliefs and credits available to small businesses, which will help you to reduce your taxable profit, and your overall tax bill.
Capital allowances
Capital allowances allow businesses to write off the cost of certain purchases or investments on their taxable profits..
Businesses may claim a 100 per cent annual investment allowance (AIA) [...] CONTINUE
The introduction of a £6 levy on fixed phone lines to fund next-gen broadband is still being considered, despite hints from Treasury minister Stephen Timms that these plans could be shelved.
A spokesperson from the Innovation and Skills department told the register that the UK government “remains committed to the timetable for introducing the 50p levy [...] CONTINUE
A £6 annual broadband tax will not be enough to fund fibre broadband to the entire country, a BT exectutive has said.
Olivia Garfield, group director of strategy and portfolio for BT, said at a briefing yesterday that the tax would not pay for every home in the UK to have fibre broadband, but rather 80 [...] CONTINUE
UK landline owners will be charged a levy of £6 per landline each year to help pay for the roll-out of high-speed broadband across the country.
Details of the proposal were laid out in Communications Minister Lord Stephen Carter’s Digital Britain report on Tuesday.
According to the report, the tax would add 2 per cent to the [...] CONTINUE
According to the Observer, small businesses have held off paying taxes totalling nearly £2.5bn as they struggle to cope during the recession.
Figures released to the paper by Her Majesty’s Revenue & Customs (HMRC) reveal that they have arranged to rechedule 141,000 tax payments in the past six months.
Tax may be rescheduled via HMRC’s Business Payment [...] CONTINUE
