ENERGY-INTENSIVE industries are expected to receive a £250m tax relief boost from the government.
The chancellor’s Autumn Statement on Tuesday is expected to outline tax relief for industries burdened by high costs from European Union emissions trading and the UK’s carbon limit plans, reports the Financial Times.
More than £200m in compensation will be paid out to heavy energy users, if the scheme is approved by the EU. Another £40m in costs will be picked up by the Treasury through increasing the rebate available to companies affected by the climate change levy from 65% to 90%.
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