Tax convinces companies to think of moving overseas

HMRC

A reported commissioned by the taxman has revealed that up to a fifth of big companies have considered moving their HQs overseas for tax reasons, according to the Daily Telegraph.

Compiled by specialist public policy researchers TNS-BMRB, the report showed 64% of large businesses believed the past 12 months has seen the tax system become a greater burden.

The Telegraph reports UHY Hacker Young tax partner Roy Maugham saying that only a small fraction of the companies moving abroad could "decimate" UK tax revenues.

The June Budget saw a cut in corporation tax and recent statistics have shown a sharp increase in corporation tax revenues.

However, recent years have seen consistent criticism in business circles that the tax system is increasingly making the UK uncompetitive as a place to do business.

An HMRC spokesman said that the survey showed the majority of businesses were happy with its service to large customers.

“...We are committed to making it as easy as possible for businesses to do business in the UK whilst complying with their statutory responsibilities and ensuring that the UK receives its proper share of tax.

“HMRC is in regular contact with large businesses over a very wide range of tax issues and if a large business has any queries or concerns they can contact their customer relationship manager or customer co-ordinator for help and guidance.”

Read more:

HMRC holds back stats on Time to Pay

New amnesties pulls in £91m for taxman