In its haste to gain Royal Assent before June’s general election, the Finance Bill saw over half its contents removed. But the intent to crack down on tax avoidance still permeates its pages. So it doesn’t hurt to understand what that entails – and what the difference between tax avoidance and tax evasion is.
Chancellor George Osborne’s eighth Budget address since coming into power delivered a treasure trove of announcements for the leaders of small and medium-sized businesses – so here are all the important developments in one place.
In a widely-anticipated announcement, George Osborne revealed the higher rate income tax threshold will rise to £45,000, up from its current level of £42,385.
Two key areas of the Conservatives manifesto, focusing on tax, were reinforced in the Queen's speech during the state opening of parliament.
The Daily Telegraph headline on 5th August disclosed that “ministers are pressing ahead with a £1bn online voucher system that will benefit 2.5m households. However, about 1.2m who choose to stay at home to look after their children will not be eligible for help”.
What’s more beneficial for business owners: a 50 per cent income tax rate or Capital Gains Tax? We do the math.
Britain’s complex tax regime is holding back small businesses from reaching their maximum growth potential. At a time when SMEs need all the help that they can get, changes need to be made.