business tax

business tax compliance

HMRC cracks down on business tax compliance

> SMEs are being warned to keep their accounts in order as HM Revenue & Customs (HMRC) officers are likely to increase their business tax inspections from 1 April. HMRC were previously only allowed to inspect a firm’s premises and ask to see the records for the purposes of checking VAT and employer returns. From 1 April, this process has been extended so that officers can check businesses are paying the right amount of income tax, capital gains tax, PAYE, corporation tax and, for contractors, tax under the Construction Industry Scheme. Business owners will usually be given seven days’ notice of an inspector’s visit and will be warned which records they need to produce, but unannounced visits can also be made if the employer is suspected of being dishonest. “HMRC... »

The UK's business tax burden is like a ball and chain

Tax is ‘Ball and Chain’ to Business

A report by the Confederation of British Industry has suggested that our current tax system is a burden to Business. Ahead of Wednesday’s 2008 Budget, the CBI’s independent Tax Task Force, a group comprising of a dozen leading tax experts from some of the UK’s largest companies and smaller businesses, has released a report, the culmination of nine months work collating data to provide a vision for the UK’s tax system. The report "UK business tax: a compelling case for change" suggests that the ever-increasing tax burden on Britain’s small firms has reached a "tipping point" and the current tax system is unsustainable, especially in light of the globalisation of business in recent years. Rather than simply condemning the current system the r... »