Business advice for motorsport businesses

posted in Business advice for motorsport businesses by Phil Harris on 26th April , 2023

Tax take hits record £786.6bn The tax burden hit a record £786.6bn last year, with data from HMRC showing that the tax take rose by 9.9% year-on-year in 2022/23. Receipts from inheritance tax hit a record &po[...] continue reading

posted in Business advice for motorsport businesses by Phil Harris on 25th April , 2023

Despite the highest level of tax burden on people in 75 years, surging Government spending is continuing to outpace tax receipts meaning borrowing relentless rose in March. Borrowing needed to finance Government spendin[...] continue reading

posted in Business advice for motorsport businesses by Phil Harris on 24th April , 2023

Tax simplification plans to be announced next Thursday The Sun reports that Jeremy Hunt, the Chancellor, will unveil measures to simplify the tax system next week. The changes will include simplifying customs on importin[...] continue reading

posted in Business advice for motorsport businesses by Phil Harris on 21st April , 2023

Threshold freezes to deliver tax hikes Middle earners face paying £1,905 more a year in tax by 2028 because of frozen tax thresholds. The £12,570 personal allowance for 20% income tax and £50,270 thres[...] continue reading

posted in Business advice for motorsport businesses by Phil Harris on 20th April , 2023

Corporation tax rise branded a 'historic mistake’ Former Conservative ministers including Jacob Rees-Mogg, Kit Malthouse and Simon Clarke have criticised the Government’s decision to increase corporation tax [...] continue reading

posted in Business advice for motorsport businesses by Phil Harris on 19th April , 2023

HMRC claws back £700m in IHT HMRC has clawed back more than £700m in inheritance tax over the past five years from 2,100 families who had taken steps to avoid paying the 40% levy. The families had tried to e[...] continue reading