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Articles in the Taxes Category

Business management, Economy, Taxes »

[24 Nov 2017 | Comments Off | ]

For a man better known for his “hawkish-ness” than his humour, the Chancellor wasn’t slow to deliver his first “gag”. Within minutes of taking to the Despatch Box he delivered a mawkish, poorly-worked double-act with Theresa May who ended up waving her cough sweets like Excalibur behind his head. This was like Budget Panto with the pair exchanging props. It didn’t matter; this was fluff of the first order, a performance masking a budget that tinkered with many things but made no major difference to anything…apart from maybe his own …

Economy, Taxes »

[6 Dec 2012 | Comments Off | ]

Mini-Budget not Autumn Statement?

This was really a mini-Budget which produced some good news and surprises for business and some expected bad news for personal taxation.

Economy, Taxes »

[23 Mar 2012 | Comments Off | ]

I would have thought it unlikely that we would see the term “Granny tax” trending on Twitter but that’s what George managed to achieve yesterday.┬áNick Clegg had claimed in the pre-briefings that this year’s budget was the “Robin Hood” budget, taxing the rich to pay the poor. But George Osborne wasn’t quite listening properly when he said that and has proceeded to tax the old to pay just about everyone else! OK, so that’s a bit of a sweeping generalisation but it will be one of the lasting impressions left …

Business management, Economy, Taxes »

[24 Mar 2011 | Comments Off | ]

“Forget the cuts, just fill up your petrol tanks” was the headline in the┬áGuardian this morning. While The┬áTelegraph weighs in with “Osborne puts fuel in the tank, but potholes lie ahead”. I personally wasn’t sure whether these comments were aimed at me or at Muammar Gaddafi until I drove into work this morning and discovered again the enormous pothole on the main road into Plymouth – perhaps it was aimed at us after all?
Having laid his strategy out in sweeping style in the Emergency Budget last year, Osborne maintained his …

Economy, Taxes »

[23 Jun 2010 | Comments Off | ]

The first thing that struck me about yesterday’s budget speech was the ties. The shimmery bluey-green of Osbourne’s effort and the blue and yellow of Cameron and Clegg. Wow, what a change from the normal dull red efforts that we have seen for the past 13 years. Perhaps the fashionista broom really does sweep clean. But how would the coalition policy broom do?
Well, what the Chancellor had to do was to persuade all of us that the epic reconstruction job that he has started on the UK economy was worthwhile …

Taxes »

[19 May 2010 | Comments Off | ]

Our last blog entry about the possible changes in tax rates and targets for the “Emergency” budget on 22 June caused more calls to the office than any other we have written. ┬áWas the cause of those calls the possible rise in VAT to say 20%? Perhaps the dropped promise on IHT? The confusion on NIC changes? No, the possible increase in Capital Gains Tax (CGT) has been the over-riding issue. ┬áAnd rightly so if the commentators are to be believed.
The rumours are that the new government is planning to …

Economy, Taxes »

[25 Mar 2010 | 4,789 Comments | ]

Well, that was exciting wasn’t it?┬áInstead of the normal pre-election bribery, this time we had a bunch of IOU’s being spread around like an over-used library card. As a politicking exercise it was pretty bland with Darling using his time at the despatch box to set out the rationale for the Labour economic policy for the election.
For all we know, this budget may last only as far as the election date plus 50 days – and that’s not long. And while it was a statement that was rather short of …

Taxes »

[23 Mar 2010 | 14,513 Comments | ]

Tomorrow is Budget Day, but one tax increase has already been announced: the rise in national insurance rates.
Employers national insurance has long been viewed by many economists as simply a tax on jobs. It is a direct imposition on companies payable as a percentage of (most) salaries; in 1997 it was levied at a rate of 10 per cent but from April next year it will be 13.8 per cent.
It does not take a genius to grasp that a tax of this nature will lead to a cut in incomes …

Taxes »

[8 Mar 2010 | Comments Off | ]

While most businesses already submit their VAT returns online, this will be compulsory from 1 April for all VAT registered traders with a turnover of more than £100,000 annually as well as for all newly registered traders.
If you still pay your VAT by cheque, from 1 April HMRC will treat the payment as having been received by them on the day when cleared funds reach their bank account – so if you still pay by cheque you should be mailing it to them at least a week before the due …

Taxes »

[23 Feb 2010 | Comments Off | ]

OK I have to admit: this may not apply to you.
But in the course of some leisurely reading I found “Publication 525″ from the United States Department of the Treasury: Internal Revenue Service. You can find this here; it’s a pdf file. It explains what is taxable and non-taxable income for US taxpayers to help them with their 2009 returns.
It’s fairly comprehensive. On page 36, for example:
“Stolen property. If you steal property, you must report its fair market value in your income in the year you steal it unless in …

 
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