New European VAT rule proposals could hit technology companies, warns
The UK allows non-trading holding companies to enter a company’s VAT group
and recover VAT. But the European Commission want sto stop them joining a group.
Technology companies often use passive companies as investment vehicles,
which are kept seprate from trading businesses.
“Currently these holding companies are brought into VAT groups so they can
recover the VAT on costs incurred, such as fees for share issues. If the EC
proposal is enforced, it will increase the real cost of raising money at a time
when every penny counts,” said GT’s head of technology Niki Dixon.
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The UK tax gap fell in 2014-15 to its lowest-ever level of 6.5%, revealed official statistics published today
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states