More UK-based companies are considering moving the headquarters overseas amid
concerns over the UK tax regime, the chief executive of advertising giant WPP
Martin Sorrell told the Financial Times: ‘WPP is not the first to create a
new holding company [abroad] and it won’t be the last. There are people actively
WPP, the world’s second largest advertising agency, last week became the
sixth – and highest profile company – to announce plans to shift its tax
domicile from the UK this year.
Shire, Britain’s third-biggest drugmaker, and United Business Media, the
magazine publisher and conference organiser, have also announced plans to move
their tax domicile from Britain to Ireland to reduce their corporate tax bill.
Sorrell welcomed the appointments of Peter Mandelson as business secretary
and Paul Myners as the new City minister in Gordon Brown’s reshuffle, saying
there were encouraging signs that the pair ‘understood the implications of these
[tax] changes for business’.
Yet, KPMG’s annual survey shows that the UK is still an attractive place to do business, despite falling in rankings in tax competitiveness and FDI appeal
MTD cost estimates are not based on 'facts', and are 'disbelieved' by most small businesses and sole traders, says Lords committee chairman
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?
The SME community voices concern about the chancellor's measures in the Spring Budget