It’s over a year now since I pointed out that it is actually in the best interest of the British taxpayer for banks (or any other business) to pay large bonuses to their staff. It isn’t hard to see why this should be so and so I’m rather surprised that neither the media nor Government [...]
Keen readers of this blog will have noticed several articles over the last 18 months regarding changes to the tax treatment of holiday lettings. The first of these was UK Budget Bombshell for Second Home Owners (April 2009). This article highlighted a proposal hidden away in the small print of Alistair Darling’s 2009 Budget. This [...]
There have always been people who liked the idea of starting and running their own business. They like the idea of the freedom and independence this offers – though in fairness there are downsides too – working alone, doing all the accounts and paperwork etc. It isn’t as easy as you might think. In the [...]
On Monday the Institute of Directors (IoD) launched the first ever Corporate Governance Guidance and Principles for Unlisted Companies in the UK. Unlisted companies make a major contribution to UK economic growth and employment. However, the corporate governance needs of unlisted companies have, to date, been relatively neglected by governance experts as well as by [...]
It has been obvious for many months now that the Irish economy was in deep, deep trouble and no one really believed that the Irish government could possibly manage to get the country out of the mess without the sort of help that Greece was forced to accept earlier this year. So it is that [...]
The Institute of Directors (IoD) today publishes the results of a survey of its members on the administrative burdens that the tax system imposes on them. The picture is much gloomier than that painted by last Friday’s World Bank survey, which placed the UK fourth for ease of paying taxes. The IoD argues for specific [...]
I think most people accept that the comments made by Lord Young, that the majority of UK citizens had “never had it so good” were in fact true. Despite the recession most people are benefitting from low interest rates but if you are one of the hundreds of thousands of people who have lost or [...]
On Tuesday 4th January 2011 the Standard Rate of Value Added Tax is increasing from 17.50% to 20%. This change will mean a lot of extra work for VAT registered businesses and any non registered business or private individuals should consider whether there are any steps they can take to try and pay at the [...]
If you have decided to start your own business as a self-employed sole trader (perhaps having read Choosing the Structure for Your Business) then you might think that you have nothing else to do apart from finding some work and getting paid when you have done it. Unfortunately it isn’t quite as simple as that, [...]
On July 20th this year the Chancellor George Osborne announced the establishment of the Office of Tax Simplification (“OTS”) charged with the task of providing the Government with independent advice on simplifying the UK tax system. Not before time! Today the OTS announced details of two initial reviews, which are to be completed before the [...]
Government Ministers are drawing up plans to replace the existing means-tested and contribution-based system with a new flat-rate pension to replace the current basic state pension, the second state pension and pension credits. The proposals are that from 2015 every person will be entitled to a pension of £140 a week. This is a significant [...]
As more businesses take steps to move their tax residence from the UK and as many workers in the financial sector leave these shores because of high levels of personal tax, the UK Chancellor must urgently review the competitiveness of the UK tax system or risk prolonging the recession. Almost all commentators, economists and tax [...]
Today, 1st October 2010, sees a number of changes in respect of the UK national minimum wage (NMW) regulations. From today the age at which UK workers become eligible for the full rate drops from 22 to 21 and the rate itself increases from £5.80 per hour to £5.93. The hourly rate for workers aged [...]
UK business owners and managers who employ staff will need to be aware of the requirements of the new Equality Act the bulk of which come into force today (see below for a list). Failure to adhere to its requirements, some of them fairly onerous and complex, could see them end up in court facing [...]
In recognition of the increase in life expectancy which we all know will have a serious effect on the UK economy – people will draw retirement benefit for longer and will need more health care for example – the government has proposed to abolish the Default Retirement Age (“DRA”) of 65. On the surface there [...]
In a new paper contributing to the debate about higher education funding, the Institute of Directors (IoD) argues that a graduate tax is the wrong policy solution and would damage the UK’s tax competitiveness. Nor would it solve the problem of widening participation. The IoD urges the Government to opt for an extension of the [...]
The Coalition’s June 2010 Budget announced that the Government wished to consider how the Pay As You Earn (PAYE) system could be improved in order to reduce costs, ensure accurate tax calculations, and make it easier for employers and HMRC (Her Majesty’s Revenue & Customs) to administer. In all honesty something does need to be [...]
The last Labour government introduced the Time to Train scheme which enabled any employee with more than 26 weeks service to request time off work to undertake training of any sort. Whilst on the surface that seems reasonable in practice the new right raised a lot of issues not the least being the fear that if a [...]
We live in momentous times. Everything is changing – and a lot faster than you think. The old rules no longer apply. The institutions and traditions you take for granted are faltering. In fact, beneath the surface of what appears on the daily TV news is a much more disturbing story – one which you [...]
Before the general election the business community made it clear that from their point of view the three areas of prime importance that any new government had to address were Deficit Reduction, School Competition, and Regulatory Reform. They expected action on these during the first 100 days of a new government so as to demonstrate [...]
