Archive for the ‘UK Tax’ Category

Britain’s economy could face £84bn black hole post-Brexit

Tuesday, November 29th, 2016

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Britain’s economy could face a black hole of £84bn ($102.3bn) by the time the Chancellor sets out his spending plans in the Autumn Statement next month, a think tank has warned.

According to a report from the Resolution Foundation, the deteriorating economic outlook, increased spending and lower tax receipts in the aftermath of Brexit could leave the government facing a shortfall until 2020-21.

The think-tank warned the Treasury would face a £23bn deficit at the end of the parliament, meaning the government would have to find a combined £84bn to balance the books over the next five years. However, the Foundation added, the only way to do so would be by implementing cuts or allow for extra borrowing.

George Osborne’s pledge to achieve a budget surplus by 2020 has already been abandoned by the government, which by then could be confronted with an economy £60bn smaller than it was expected to be before the referendum.

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HMRC slammed by business community over quarterly tax returns

Monday, May 16th, 2016

HMRC slammed by business community over quarterly tax returns

CRITICS of HMRC’s ‘Making Tax Digital’ initiative have slated the taxman’s plans for a quarterly tax filing system, with one business group claiming that the plans  will “substantially increase administrative burdens” for the smallest of companies. This news comes just days after HMRC rolled out digital tax accounts for every individual and small business owner in the UK.

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Reality Check: Has the UK given up its tax and banking veto?

Monday, May 16th, 2016

Reality Check: Has the UK given up its tax and banking veto?

The claim: The EU wants more control of UK banks and taxes and we have lost our veto over this.

Reality Check verdict: Britain has a veto over tax measures, but for some issues that affect UK banks and financial institutions can be out-voted by other EU members.

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