Most small firms absorb the cost of wage increases

Around 7 in 10 small business owners paid themselves less to absorb increasing employee wages this April, a survey by the Federation of Small Businesses (FSB) shows. Following the national living wage increase to £8.21 in April 2019, 71% of business owners said they...

Number of non-domiciled taxpayers falls

The number of wealthy individuals who are UK-resident but not UK-domiciled for tax purposes has dropped to a record low, according to HMRC figures. In 2017/18, around 78,300 individuals claimed non-domiciled taxpayer status on their self-assessment returns, down from...

Creative businesses receive £1.1bn tax relief

Companies in the creative industries were awarded a total of £1.1 billion in tax relief in 2018/19, Government statistics show. A range of corporation tax reliefs are available for businesses involved in the development of certain creative productions, including film,...

VAT reverse charge ‘should be delayed’

A major change to VAT in the construction industry could cause significant disruption to businesses unless it's delayed, the Chartered Institute of Taxation (CIOT) has warned. The VAT domestic reverse charge is set to come into effect on 1 October 2019, and will apply...

Treasury to review tapered annual allowance

The Treasury has announced it will review the tapered annual allowance for pensions, following calls from high-earning NHS clinicians to abolish it. The amount of pension contributions that can be made tax-free in a year stands at £40,000 in 2019/20, but this is...