Most of the businesses feel that the government must work in partnership with businesses to prioritise stability as Britain starts Brexit talks as per the Confederation of British Industry.
“By supporting businesses to invest, the government can promote growth at a critical time for the UK economy as we enter into EU exit negotiations,” says the CBI.
The CBI says that as uncertainty about how the UK leaves the EU dampens investment and higher inflation erodes consumer spending growth, “the government must show it is serious about supporting companies to invest, to help our regions and nations prosper”.
Another important aspect that the business are worried about is the business rates. It wants Mr Hammond to deliver “real reform” to the business rates system.
“Despite attempts by successive governments to introduce marginal reforms, the fundamental unfairness of business rates remains,” says British Chamber of Commerce. While the government needs to act to help small businesses facing business rate hikes, “we should also look to the future, launching a new Tax Commission to look at what the growth of self-employment and online business mean for the tax system.
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Nov 16
24
Below is a summary of the key points that was outlined during the autumn statement yesterday by the Chancellor.
Taxation
Public Borrowing
State of the Economy
Housing
Business
Transport
Source: http://www.bbc.co.uk/news/uk-politics-38075649
Within the last time there has been a continued decrease of firms which provide audit services. The reason for this might be the regulatory and legislative edicts.
Watchdog Financial Reporting Council published a report called “Key Facts and Trends”, it shows that 304 practices have ditched their audit licences since December 2014.
Smaller audit firms had to deal with regulations that pushed clients out of the statutory audit. The government announced in January that the audit exemption threshold would be aligned with the revised ‘small company’ thresholds, which exempts companies that meet two of the three following criteria:
In addition to that the report highlights an important direction of travel for the large end of the audit market.
Aug 16
15
The response to the question whether a sole trader can claim VAT on a car purchase was no, unless the purchaser is a taxi driver, driving instructor or the person re-hired the car to a third person.
Court of Appeal, has long prevented sole traders from claiming VAT. But now a certain case has come to light giving a different dimension to the situation.
A person insured her new Land Rover Freelander for business use only. Thus private use would be illegal. The Tribunal held that the car was unavailable for private use, so input tax was deductible.
The First Tier Tribunal announced that later on there might be the option that the trader might alter the insurance to cover the private use. However, for the first time she had registered for business use only. Further, following a previous HMRC inspection, when input tax was disallowed, the taxpayer had sought guidance from HMRC. They said; “for purchase VAT to be recoverable, the vehicle should be used exclusively for business purposes, should be registered and kept at the business address when not being so used, and should be insured solely for business use.“
Therefore the Tribunal was entitled to be satisfied caused by the trader’s intention, at the time of the purchase, to make it unavailable for private use.
For advise on VAT, bookkeeping, year-end accounts or tax returns, contact KVS Accountants surviving small businesses in Battersea, Earls Court, Kensington, East Sheen and Chelsea.