Despite growing revenues, which may be unsustainable in the longer term, the
chancellor is unlikely to bring about whole sale changes to the corporation tax
regime on 22 March when he reveals his fiscal plans for the coming year, John
Whiting, tax partner at PricewaterhouseCoopers, has said.
Whiting said that with the UK’s tax system looking less competitive for
businesses than it once was and the government taking a relatively high
proportion of its taxes in corporation tax, it was time to ‘commission a long
hard look at where the tax is going’.
However, he said ‘the chances are that we will have to wait with action
limited to tasters.’
These he said would include ‘much needed moves on bringing aspects of the tax
system into line with EU rules in the wake of European Court of Justice
decisions’, the abolition of the outdated schedular system, ‘possible tweaks to
the profits limits for the 19% small companies rate’ and some gestures to
smaller with higher capital allowances.
Making Tax Digital will impose significant additional tax compliance costs on small businesses for little or no medium term benefit, tax and small business experts told MPs
MHA MacIntyre Hudson has partnered with cloud accounting software provider Xero ahead of the government’s requirement for digital records
The drive towards a fully digital tax regime is an admirable one, but mandation is simply wrong, according to one of the UK's most senior tax technology practitioners - Paul Aplin
Does Darwin's theory apply to taxation? Colin ponders...