Six out of 10 business leaders in London told the latest
London Business Survey the city is under threat, blaming changes in the
taxation regime for non-domiciled residents in the UK.
The survey found the percentage of business leaders believing the city’s
competitiveness to be threatened had doubled in the past year, while one in 10
said it had deteriorated. Only one in 12 thought it had improved, down from one
in three a year ago, the Financial Times reports.
Heading the list of threats to London’s as a place to do business was the new
taxation regime for non-domiciled residents in the UK, cited by 70% of
respondents for damaging London’s attractiveness as an international business
A vast majority of eight out of 10 said the £30,000 annual fee and multitude
of changes had adversely affected Britain’s reputation for tax stability and
planning, prompting only 37% to rated it very good, the lowest score since the
half-yearly survey began in January 2005.
MTD represents 'the single most significant change to the UK’s system of taxation in recent times', says Knill James partner Nick Rawson. So, how prepared are SMEs for digital tax reporting?
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Unincorporated businesses under the VAT threshold given an extra year to prepare before MTD becomes mandatory