Category Taxation in UK

British Newspapers Wants Facebook Tax

September 26, 2018 Taxation in UK

media license feeLONDON – British newspapers need to take back some of the money flowing to Facebook and Google, according to an industry body.

On September 25th the UK News Media Association (NMA) issued a press release calling for large internet companies to pay a license fee to fund journalism in the UK.

The NMA is claiming that “tech giants” such as Google and Facebook are seeing an increase in revenues from advertising derived by hosting and displaying articles and journalism made by UK journalist.

As the advertising revenues is “…now flowing to the global search engines and social media companies who make no meaningful contribution to the cost of producing the original content from which they so richly benefit,” revenues for publishers is plummeting.

In the 10 years between 2007 and 2017...

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Pay Up and Fund UK Media, Jeremy Corbyn Tells Digital Giants

August 24, 2018 Taxation in UK

Jeremy CorbynLONDON – Jeremy Corbyn wants Google and other online giants to pay for a better BBC.

In a speech made at the Edinburgh TV Festival this week, the leader of the UK opposition, Jeremy Corby called for a new tax to be paid by internet giants in order to fund media in the UK.

Jeremy Corbyn referred to the internet giants such as Google and Facebook as digital monopolies which “profit from every search, share and like we make”.

He claimed that a windfall tax would be an adequate way to raise funds which could be used to pay for an improvement and expansion of “public interest media” such as the BBC.

He even indicated that the funds could be administered by an independent body, which would be charged with the betterment of media in the UK.

Alternatively, he said that the funds could com...

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Brexit May Spoil Your Next Holiday

August 8, 2018 Taxation in UK

Travel Company Taxes After BrexitLONDON – If the UK follows through with Brexit, it may spoil people’s holiday plans.

In a press release issued earlier this week, Seasonal Businesses in Travel (SBIT), a UK-based travel industry advocacy group, claimed that the cost of holidays will increase following Brexit.

The cost increases were attributed to the fact that following an exit, UK companies with staff overseas will no longer be able to use UK staff during peak seasons.

The need to employ EY staff will mean that employers will need to pay local employment taxes, which are in many cases more onerous than their UK equivalents.

SBIT claims that following an exit, the costs felt by holiday companies will rise by as much as 58 per cent.

In addition to the increasing costs, the companies will reduce the number of UK workers ...

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UK Tax Burden Reaches Historic High

July 30, 2018 Taxation in UK

tax burdens in the UKLONDON – Taxpayers in the UK are paying the highest taxes in since the 60s, and the government looks keen to raise tax burdens even further.

Last week the UK think-tank the Taxpayers Alliance issued a new report which showed that the tax burden faced by individuals in the country is now higher than it has been in decades.

Currently, the amount of taxes collected by tax authorities in the UK is equivalent to approximately 34.3 percent of the national GDP.

The current tax burden level is the highest since 1969-70 when the tax burden reached a level of 35 percent.

The increased tax burden is a product of increased funding needs in key areas such as the national health system, along with mounting pressure from areas such as education and military spending.

The Taxpayers Alliance notes that ...

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UK Launches 9 Major Taxes in 10 Years

July 10, 2018 Taxation in UK

Taxes in the UKLONDON – Over the last decade, the UK has decreased its appeal as an investment destination by enacting a series of new taxes.

Earlier this week the UK accounting firm, UHY Hacker Young, issued a new statement which detailed the taxes enacted by the national government over the last 10 years.

Since the 2008 Global Financial Crisis, the government of the UK enacted 9 new taxes, consisting of the apprenticeship levy, the bank levy, the bank surcharge, diverted profits tax, bank payroll tax, enveloped dwellings tax, Swiss capital tax, and the tax on sugar-sweetened beverages.

Cumulatively, the new taxes raised an extra GBP 27.9 billion in tax revenues, over and above what the government already collected from previously enacted taxes.

Commenting on the new taxes, Darren Grimes, Partner at ...

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