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New business taxes net HMRC billions

The latest research by the UHY Hacker Young chartered accountancy firm has revealed that additional business taxes imposed by HMRC during the past 10 years have brought in £37bn.

This research shows that during the 2018/19 financial year alone, the amount that UK companies and contractors paid in taxes had risen to £7.6bn compared with £7.4bn the year before – with the increase being attributed to eight additional tax charges that have been introduced.

The chartered accountancy firm is stating that HMRC may well look at how much this has boosted its annual revenues and seek to squeeze even more from business owners and freelancers in the future. However, one of the UHY Hacker Young partners, Clive Gawthorpe, pointed out to Accountancy Age that hitting companies and contractors with ever greater demands in the form of fresh tax liabilities is at odds with the stated desire of the government to make the tax system easier for them. He said:

“These new taxes have already brought in billions of pounds in a relatively short space of time. If we want tax simplification shouldn’t we be reducing the number of taxes.”

Given how complex the tax system is for many contractors and business owners, it is no wonder that they often look to get help from a qualified tax return accountant. New tax plans are being mooted that would further complicate things for them, including a potential tax on ‘trans fats’ that could be costly for firms that make foods.

Posted by Louise
September 10, 2019

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