Category Taxation in UK
April 5, 2017 Taxation in UK
Invest Northern Ireland, a regional development agency promoting investment into Northern Ireland, has dropped its suggestion that the country may gain devolved powers to set its own corporate tax rate by April 2018.
The group had previously attempted to entice investors into Ireland with the promise that in April 2018 the country would reduce its corporate tax rate to 12.5 percent.
It has now been revealed that the Department of Finance has admitted that there is a chance that the deadline for devolution of the tax powers “may slip”.
The cause of the delay has been attributed to a political stalemate which has led to a lack of agreement between political parties...Read More
April 5, 2017 Taxation in UK
The Mayor of London, Sadiq Khan, has announced that new taxes will soon be enacted on drivers in the city, in an effort to reduce urban pollution and help alleviate the burden of poor air quality.
The new taxes will come into effect from April 2019, and will see all high-polluting cars and vans driving in the to-be-established ultra-low emission zone (ULEZ) charged a daily tax.
The tax will apply to petrol cars that are older than 13 years old, and to diesel cars that are more than 4 years old.
The tax is expected to be set at GBP 12.50 per day.
The Mayor added that he wants to see the tax expended in the future to cover other highly-polluting vehicles like b...Read More
March 9, 2017 Taxation in UK
On March 8th, the chancellor of the exchequer of the UK Philip Hammond announced that VAT will soon be applied to the roaming charges incurred by UK tourists.
The VAT will be levied on the roaming charges incurred by individuals using the services of a UK-based mobile-provider, when they are travelling outside of the EU-bloc.
The VAT will be levied at a rate of 20 percent, meaning that the cost of using roaming services while travelling will rise by 20 percent for all UK SIM card holders.
The Chancellor claimed that the new tax measure was introduced to combat tax evasion, and also to bring the tax treatment of roaming charges in line ...Read More
February 10, 2017 Taxation in UK
In a new article published on February 8th in the medical journal, the British Medical Journal, the researcher Richard Layard suggested that a new tax on personal incomes be enacted in the UK, with the revenues being ringfenced exclusively for use in the national medical system.
It was proposed that the new tax be levied on top of existing taxes and levies, although some tax cuts could be enacted to the personal income tax system to compensate for the rise.
The exact rate for the tax should be set to cover the total of the expenses of the medical system.
The rate could be varied based on the needs of the medical system, and taxpayers’ satisfaction ...Read More
The HM Revenue and Customs has released a new version of its Making Tax Digital policy document, suggesting that in the near future the standard tax return faced each year by businesses and individual will be a thing of the past.
It was proposed that the annual paper tax return be preplaced with an online system to be updated by the individual or business-owner once every quarter.
The improved system should reduce and spread out the task of ensuring compliance with tax requirements over the course of the year, reducing the burden of the end-of-year crunch.
Alongside with filling the taxes online, taxpayers will also be able to pay their owing taxes through the same online system.
As part of the digital r...Read More