Election

The UK’s first quarter figures for corporate insolvencies were almost 40% lower than the corresponding quarter for 2020. No surprise really, given the level of Government support to business these last 12 months. Part of this support has been in the form of the Bounce Back Loan Scheme aimed specifically at the SME market whereby the Government has guaranteed 100% of the loan up to the maximum loan available of £50,000. The figures are truly astounding, with £46.6b of BBLs having been approved by 21 March 2021 and shared amongst over 1.5m qualifying claimants. There has been much speculation regarding fraudulent claims, particularly as the Office for Budget Responsibility has itself predicted a default rate of 40% on BBL and Coronavirus Business Interruption Loans.  In a classic case of closing the barn door after the horse has bolted, the Government is proposing new legislation to try and close a loophole…

Capital Gains Tax and the end of Entrepreneurs’ Relief? On the 14th of July this year, in the midst of the Coronavirus Pandemic, with Her Majesty’s Government helicoptering money throughout the United Kingdom, the Chancellor of the Exchequer decided that now was the time to order a review of Capital Gains Tax , to consider how gains are taxed compared with other types of income as it applies to individuals and small businesses. A burning issue, I think you will agree, in these unprecedented times. And who is to undertake this review? Why, the Office of Tax Simplification. And what is the OTS? Well, it terms itself as an “independent office of HM Treasury” which according to its website gives “independent advice to the government on simplifying the UK tax system, to make thing easier for taxpayers”. To make things easier for taxpayers, right, yes, so nothing to do with…

25 November 2019: "Entrepreneurs in the cross hairs" 2019 UK Election Manifesto Commitments from the main parties to the UK Entrepreneur “Cross Hairs” noun a pair of fine wires crossing at right angles at the focus of an optical instrument or gunsight, for use in positioning, aiming, or measuring. Example: "I raised my rifle and got the deer in the cross hairs" “Entrepreneurs” noun persons who sets up a business or businesses, taking on financial risks in the hope of profit. Example: "I raised my rifle and saw many entrepreneurs in the cross hairs" “Entrepreneurs Relief” definition is a tax relief that reduces the amount of Capital Gains Tax when you dispose of shares in your business. It results in a tax rate of 10% on the value of the disposal and you can claim as many times as you like up to £10 million of relief during your lifetime…