Complexity of corporation tax compliance requires companies to have expert advice.
Head of Tax
The potential for political change at both national and EU level could mean significant changes in tax legislation. We need businesses and their owners to invest for the future of UK Plc – whatever that holds.
Businesses make investments every day; for example, in employing people, leasing and fitting out a factory, or investing in new business ventures. In today’s tumultuous environment it is hard for small and medium-sized businesses to evaluate the total net of tax costs and returns from their business investments with any certainty. This is because the tax treatment that applies now may no longer apply when they come to realise the benefits of their investment decision. If there were a wider range of non-statutory clearances or advance rulings to confirm how HMRC will tax a transaction in future, SMEs would have some welcome certainty about these essential investment decisions. Widening the availability of advance tax rulings will encourage investment until we have a more predictable economic environment in the future.
I’d like to see some of the unfairness in the tax system sorted out, such as the removal of child benefit, which is not currently based on household income. It would also be good to review how the additional 3% rate of Stamp Duty Land Tax (SDLT) can apply in unintended situations, such as when a person with rental property buys a residence for the first time.
I would like to see some ambitious thinking about how the tax system might be simplified to deal with the challenges of the 21st century, represented by disruptive technologies. This has already started with the taxation of businesses through base erosion and profit shifting (BEPS) project initiatives, but could also extend to individuals, for example by way of a universal basic income.
Our tax services for businesses
- Advising you on the tax implications of any business decisions you are about to make
- Documenting and planning your major corporate changes, such as property investment, new plant or machinery, business expansion at home or overseas
- Corporate tax advice on acquisitions, disposals, mergers, corporate reorganisations and demergers
- Negotiating with HMRC on difficult and important business matters, and handling tax enquiries on your behalf
- Giving you tax opinions on complex corporate matters
- Being your outsourced tax services if you have no dedicated tax resource or where you would like a particular project delivered externally