Category Taxation in UK

750k Brits Missed Their Tax Deadline

February 2, 2018 Taxation in UK

HMRC deadlineLONDON – The HM Revenue and Customs have revealed that nearly three-quarters of a million taxpayers did not file their mandatory tax self-assessment forms this week.

The deadline for filing tax self-assessment forms for UK taxpayers was January 31st.

However, a total of 745 588 failed to meet their obligation.

Overall, 10.7 million returns were filed, and 30 348 of those were filed in the last allowable hour.

Despite the significant number of missed fillings, the compliance rate has actually improved.

In 2017 the compliance rate was 7 percent, while in 2016 the rate was 8 percent, and now the rate has dropped to 6.5 percent.

Those who file their return late face a penalty of at least GBP 100, although further penalties may be incurred if no effort is made to comply with their requiremen...

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Sugar Taxes Make You Drink More Beer

January 24, 2018 Taxation in UK

sugar taxesLONDON – Taxes will reduce soda consumption, but it may only be replaced an even more harmful amount of lager.

New research published in the Journal of Epidemiology & Community Health has suggested that a tax on sugary sweetened drinks may lead to a higher consumption of beer.

By analysing historic sales data of beverages in the UK, researchers were able to determine that a relationship exists between the cost of sugar-sweetened drinks and substitute purchases of other alcoholic drinks.

The researchers found an indication that a tax on sodas and other sweetened drinks would lead to a higher level of consumption of larger.

However, while the consumption of larger would rise, the consumption of cider, spirits, and some wines would drop.

The exact nature of how spending patterns change vari...

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Tourism Tax Opposed in Wales

January 19, 2018 Taxation in UK

tourism taxCARDIFF – Wales should not use its new tax powers to enact a tax on tourists, say researchers.

A new report prepared by Prof Annette Pritchard on behalf of the Wales Tourism Alliance is claiming that a tourism tax in Wales will not help the country.

Currently, Wales is evaluating the taxes which it could implement under its new devolved tax powers, with a tourism tax being one of the four that are receiving serious attention.

However, the research claims that the UK already has one of the highest tax burdens on tourism, at a time when many other European countries are opting to reduce taxes on the tourist industries.

It was claimed that a tourist tax would inhibit economic growth and reduce the number of people coming to Wales for holidays, ultimately leading to reduced revenues and empl...

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Sugar Tax Forces Coke Downsize

January 16, 2018 Taxation in UK

Coke taxLONDON – The UK’s upcoming sugar tax will see Coca-Cola downsize their drinks, hoping to mitigate the impact of the tax on consumers and their own bottom line.

The UK arm of Coca-Cola has announced that it will be downsizing the size of its drinks, as a direct response to the extra tax to be levied on the sale of sugary drinks in the UK.

From April this year, all sugar-sweetened beverages sold in the UK will be subject to a tax of GBP 0.18 per litre, if the drink has more than 5g of sugar per 100ml, while drinks with more than 8g of sugar will face a tax of GBP 0.24 per litre.

The government hopes that the tax will lead to total tax collections of GBP 520 million per year, with the funds already earmarked to pay for sports programs in public schools.

Coca-Cola have stated that they do n...

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Big Businesses Paying Big Taxes in the UK

December 6, 2017 Taxation in UK

Micro-writingLONDON – The biggest businesses in the UK saw increased income tax last year, despite a fall in VAT payments and tobacco duties.

The 100 biggest companies in the UK saw their income tax bill rise by a third last year, according to information released by The 100 Group, which represents these major businesses.

The corporate tax payment due by the big businesses rose to a level of GBP 6.4 billion for the year to March 2017.

The corporate tax bill is approximately one third higher than it was in the previous year.

The increase was attributed to higher than expected profits, and the implementation of a surcharge on banking profits.

Despite the increase in the level of corporate income tax, the overall taxes collected from the large businesses did not rise, as the level of collections of VA...

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