Category: tax
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Freelancers warned of hefty tax bills as HMRC issues new guidance on managed service companies
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HM Revenue & Customs (HMRC) has issued new guidance warning freelancers, contractors and consultants about the risks associated with managed services companies (MSCs) – complex tax arrangements that can leave freelancers facing tax bills of up to tens of thousands of pounds. The MSC legislation, introduced in 2007, aims to…
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Tractor Tax Could Affect Five Times More Farmers Than Government Claims, Expert Warns
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Rachel Reeves’ proposed changes to farm relief on inheritance tax – called the ‘tractor tax’ – could impact farmers five times as much as the Government has estimated, according to the Central Association of Agricultural Valuers (CAAV). The Treasury said the changes will affect approximately 500 farmers each year. However,…
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Think tank calls for delay in farm inheritance tax to ensure fairness
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Ministers should give farmers an inheritance tax break to prevent unfair treatment under upcoming tax changes, according to the Institute for Fiscal Studies (IFS). The IFS has warned that the government’s proposed changes to agricultural taxes risk treating some landowners unfairly and could impact food security if not appropriately mitigated.…
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Think tank calls for delay in farm inheritance tax to ensure fairness
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Ministers should give farmers an inheritance tax break to prevent unfair treatment under upcoming tax changes, according to the Institute for Fiscal Studies (IFS). The IFS has warned that the government’s proposed changes to agricultural taxes risk treating some landowners unfairly and could impact food security if not appropriately mitigated.…
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UK Companies Slash Hiring Plans Following Reeves’s Tax Increases
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Nearly two-thirds of UK businesses are set to scale back hiring plans in response to the Chancellor’s £40bn tax rise, according to a new poll by the Confederation of British Industry (CBI). The survey of 266 business leaders found that 62% of them intend to reduce hiring, nearly half expect…
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UK Funds Risk Tax Hit for Underinvesting at Home, Official Warns
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Breadcrumb links BMN Business The UK could claw back pension tax breaks from asset managers who fail to invest adequately domestically, the head of the British Business Bank said in a warning about the risks the industry faces as the government seeks to implement a major growth initiative. Article writer:…
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Gary Lineker liquidates Goalhanger Films ahead of capital gains tax increase
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Gary Lineker, the former England footballer turned broadcaster, has strategically placed his television production company, Goalhanger Films, into voluntary liquidation ahead of upcoming capital gains tax increases. The company, jointly owned by former ITV controller Tony Pastor, reported net assets of more than £440,000 in its latest published accounts. The…
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Gary Lineker liquidates Goalhanger Films ahead of capital gains tax increase
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Gary Lineker, the former England footballer turned broadcaster, has strategically placed his television production company, Goalhanger Films, into voluntary liquidation ahead of upcoming capital gains tax increases. The company, jointly owned by former ITV controller Tony Pastor, reported net assets of more than £440,000 in its latest published accounts. The…
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Fortune 500 CEO’s estate tax obsession explored in new film
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Harvey Sheen was once one of the world’s most influential Fortune 500 CEOs. He moved between New York and Tokyo in the 1970s, running the US arm of Sony, a film brand A revolution in consumer technology It helped launch what became a new digital age. Shane Sony’s sales doubled…
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Business Owners Criticise Tax Hikes, Urge Chancellor Not to Hinder Growth
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Entrepreneurs and family business owners have expressed grave concerns over the recent tax increases announced in the Budget, warning the government against undermining their passion for growth. Criticisms focus on measures they believe will significantly impact their businesses, including increased employer National Insurance contributions, changes to inheritance tax on family-owned…
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Italy, Abu Dhabi, and Cyprus Court Britain’s Wealthy Amid Non-Dom Tax Changes
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Several countries, including Italy, Abu Dhabi and Cyprus, are actively seeking to attract wealthy individuals from the UK following the government’s decision to abolish non-resident tax status. Events are being held across London to encourage the estimated 67,000 non-UK residents – UK residents whose permanent home is outside the country…
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Italy, Abu Dhabi, and Cyprus Court Britain’s Wealthy Amid Non-Dom Tax Changes
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Several countries, including Italy, Abu Dhabi and Cyprus, are actively seeking to attract wealthy individuals from the UK following the government’s decision to abolish non-resident tax status. Events are being held across London to encourage the estimated 67,000 non-UK residents – UK residents whose permanent home is outside the country…
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Italy, Abu Dhabi, and Cyprus Court Britain’s Wealthy Amid Non-Dom Tax Changes
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Several countries, including Italy, Abu Dhabi and Cyprus, are actively seeking to attract wealthy individuals from the UK following the government’s decision to abolish non-resident tax status. Events are being held across London to encourage the estimated 67,000 non-UK residents – UK residents whose permanent home is outside the country…
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John Lewis CEO criticises Rachel Reeves over ‘two-handed’ tax increase
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Nish Kankiwala, chief executive of the John Lewis Partnership, has accused Chancellor Rachel Reeves of carrying out a “two-handed” tax grab on retailers, as she joined a growing backlash against the latest budget. Kankiwala said John Lewis faces increased recruitment costs and higher turnover after the Budget, which could hamper…
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HMRC doubles payouts to tax whistleblowers amid calls for larger rewards
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HMRC has almost doubled the amount paid to individuals providing information about suspected tax evasion, disbursing almost £1 million (£978,256) in the 2023/24 financial year compared to £508,500 the previous year. The increase comes amid growing pressure to reduce the UK’s £39.8bn tax gap – the difference between the tax…
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Crypto Mining and Trading In Russia Will Attract 15% Tax – Here’s How It Compares Globally
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Russia is preparing to implement a 15% tax on all cryptocurrency mining and trading activities. The move aims to strengthen a regulatory framework that supports the growing digital assets industry. 15% tax on cryptocurrency trading and mining activities According to Interfax, the Russian government has done so consent Draft amendments…
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Crypto Mining and Trading In Russia Will Attract 15% Tax – Here’s How It Compares Globally
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Russia is preparing to implement a 15% tax on all cryptocurrency mining and trading activities. The move aims to strengthen a regulatory framework that supports the growing digital assets industry. 15% tax on cryptocurrency trading and mining activities According to Interfax, the Russian government has done so consent Draft amendments…
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Bailey warns employer tax hikes may delay interest rate cuts
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Bank of England Governor Andrew Bailey has warned that the recent increase in employers’ National Insurance contributions could create uncertainty about future interest rate cuts. Addressing MPs on the Treasury Select Committee, Bailey noted that although inflation had fallen faster than expected – prompting the Monetary Policy Committee (MPC) to…
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Taiwan Pledges To Address Crypto Tax Evasion Within 3 Months
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Amid the market bullish trend, Taiwanese financial authorities have pledged to review tax regulations to address the country’s cryptocurrency tax evasion problem. However, local reports have indicated that regulators may face difficulties in implementing an effective tax framework related to digital assets. Taiwanese authorities are reviewing tax laws On Monday,…
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Taiwan Pledges To Address Crypto Tax Evasion Within 3 Months
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Amid the market bullish trend, Taiwanese financial authorities have pledged to review tax regulations to address the country’s cryptocurrency tax evasion problem. However, local reports have indicated that regulators may face difficulties in implementing an effective tax framework related to digital assets. Taiwanese authorities are reviewing tax laws On Monday,…