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George Osborne, the Chancellor, announces that businesses and people who are self-employed will have to update their tax returns four times a year from 2020

#autumn statement #tax return #Self Employed

Our tax affairs will be organised digitally in the future, Chancellor George Osborne says, but it does not mean it is getting any simpler. So what are the changes?

#autumn statement #tax changes #tax #tax affairs

The Chancellor uses his Autumn Statement to slow the Government's austerity programme by reversing welfare cuts and protecting police budgets, but increases taxes on property and businesses.

#autumn statement #austerity #tax #increase taxes

Bank of England Governor Mark Carney said he did not know when British interest rates should start to rise, once again sounding vaguer than before about when the BoE might begin easing the economy off record-low borrowing costs.

"The question in my mind is when is the appropriate time for interest rates to increase, and that is strongly consistent with the strength of the domestic economy," Carney told members of Britain's parliament on Tuesday.

The Bank surprised many investors earlier this month when it showed no sign that it was gearing up for an increase in interest rates, saying Britain's near-zero inflation would pick up only slowly even if rates stay on hold throughout next year.

#Bank of England #BoE #interest rates #mark carney

Record-breaking pharma deal creates world’s biggest drugmaker but stirs growing furore over tax inversion deals

Pharmaceutical companies Pfizer and Allergan have announced a record-breaking $155bn (£100bn) deal that looks sure to prompt an international row over corporate tax avoidance.

The deal, which would create the world’s biggest drugmaker by sales, is the latest in a series of takeovers in which a US company effectively relocates its headquarters overseas to exploit another country’s lower corporate tax regime – a process known as tax inversion.

#pfizer #pharmaceuticals industry #tax avoidance #business #healthcare industry

British growth could slow to 1 per cent if it leaves the EU.

There is a 35 per cent chance of Britain voting to leave the EU, although the vote is still expected to be close, according to a Morgan Stanley report.

The report cites two reasons for the result. First, there will not be a majority vote for such a risky step given the UK’s strong economic performance. Second, prime minister David Cameron is likely to succeed in negotiating some reforms and will campaign to stay in

#European Union #EU Referendum

Bank of England governor Mark Carney tells the UK Treasury Committee that interest rates are likely to remain low "for some time".

Bank of England governor Mark Carney has said that UK interest rates are likely to remain low "for some time".

His comments came as he spoke to MPs on the Treasury Committee.

UK rates have been held at 0.5% since March 2009. Most economists are not expecting the Bank to raise rates until mid-2016 at the earliest.

Mr Carney said that "even with limited and gradual rate increases it still will be a relatively low interest rate environment".

#BoE #bank of england #mark carney #interest rates

Contractor Solutions - Ltd Company - You can save national insurance (without affecting your pension rights)

http://ow.ly/V0Dvu

#national insurance #pension rights #limited companies #contracting #Self Employed

The amount of underpaid corporate tax collected from big businesses fell 13%

The amount of underpaid corporate tax collected from big businesses fell 13% last year

HMRC's Large Business Directorate, the specialist unit targeting the UKs largest businesses, collected an extra £3.5bn following investigations into underpaid corporation tax in 2014/15.

This is compared to around £4bn in 2013/14, despite an increase in the number of companies covered, according to research from law firm Pinsent Masons

#hmrc #corporate tax #tax #business taxation

Ahead of chancellor’s autumn statement, City University report says Treasury has underestimated impact of welfare and department cuts

#budget deficit #business #economics #economic policy #international monetary fund (imf)

Companies should pay tax on their profits based on where their products are sold, a professor is to suggest.

Prof Griffith's lecture comes a month after social networking giant Facebook revealed it paid £4,327 in corporation tax in the UK in 2014, less than the £5,392.80 in income tax and national insurance contributions someone on the average UK salary of £26,500 would pay.

Several multinational corporations are being investigated by the European Commission over the tax arrangements they have with EU member states.

Amazon, Fiat Chrysler, and Starbucks are among several companies subject to the investigation and the Commission has said it could widen its probe.

The investigation came after Starbucks was revealed to have paid £8.6m in UK corporation tax in the 14 years between 1998 and 2012, despite making more than £3bn of UK sales in the same period.

#tax #corporation tax #income tax

The extra corporate tax collected by tax inspectors targeting the UK’s largest businesses fell 13 per cent last year to £3.5bn, according to new figures. Heather Self, a partner at Pinsent Masons, international law firm, said the decline was likely

#corporate tax #corporation tax #tax inspectors #business tax

HMRC collected an extra £3.

HMRC collected an extra £3.5bn in corporate tax from challenging businesses on their payments in the last tax year, according to figures from Pinsent Masons.

The £3.5bn came from investigations into underpaid corporation tax carried out by HMRC’s Large Business Directorate, which oversees the tax compliance of the 2,100 largest and most complex UK businesses.

#hmrc #tax #corporation tax

Pressure is mounting on George Osborne ahead of next week’s Autumn Statement as “terrible” public finance figures suggested the government would miss its borrowing targets this year. Deficit reduction has slowed so rapidly in recent months that some

#Public Finance #uk deficit #deficit reduction

Her Majesty’s Revenue and Customs’ announcement that it plans to save £100m by closing 137 local offices will hit taxpayers hard and make dealing

#hmrc #tax office #HM Revenue & Customs #taxpayers

A major reorganisation has been announced at HMRC, including the closure of 137 offices nationwide. Robert Maas, tax expert with City-based Carter Backer...

HMRC announced a major reorganisation last week, including the closure of 137 offices nationwide and a transition to a largely digital interface with taxpayers and the agents that act on behalf of businesses and individuals across the UK. But what are the implications of the move and will it achieve its lofty ambitions to nurture a more highly-skilled workforce, combating tax evasion and improving customer service?

#hmrc #tax #reorganisation #HM Revenue & Customs

Falling price of travel and university tuition fees sees consumer prices dip 0.1pc in October

Britain remained stuck in deflation for the second consecutive month, as the falling cost of travel pushed consumer prices into negative territory in October.

Inflation, as measured by the consumer price index (CPI), was -0.1pc last month, matching the lowest level seen in the UK economy since 1960. It is the first time Britain has been in deflation for two straight months since records began in 1996.

Prices were also pushed down by lower university tuition fees, cheaper food, alcohol and tobacco, which offset the rising cost of clothing and footwear, according to the Office for National Statistics.

#finance headlines #deflation #uk deflation #UK economy #economic performance

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