UK SMEs paid a record 33B British Pounds in corporate tax in 2015

SME’s in the UK paid a record £33B in corporation tax in the financial year 2015-2016.This figure excludes income from financial services providers & oil & gas companies.

Asset based lenders can provide support for UK SMEs in wake of Brexit

The Managing Director of the UK’s biggest invoice finance company, has released a statement praising the asset based finance sector, stating that this is best way to support small and new businesses through the uncertain economic times brought on by the UKs decision to leave the EU. The comments were…

UK report illustrates the effect of non-domiciled tax reforms

The proposals mean that non-domiciles will no longer be able to mitigate UK inheritance tax on residential property in the UK through the use of an overseas company or trust, and permanent non-domiciled status will no longer be allowed for UK tax purposes. Those who have been UK tax resident for at…

New trust rules invoke uncertainty for UK AML Directive

As reported in the first week of July, the European Commission released a reformed version including all amendments to be made to the 4ML, following its announcement in February this year that further restrictions were necessary to combat terrorist financing. The so-called 4ML Directive, agreed in May…

2016 UK Immigration Statistics

The Home Office’s Immigration Statistics for the first Quarter of 2016 have been released, providing the latest figures on immigration acceptances in the UK. We have compiled some of the highlights from the official data below:

HSBC announce more cuts to its investment banking sector

After reports of two Senior Executives leaving HSBC, the bank is believed to be restructuring its current workforce, meaning that more senior positions will potentially be removed from its investment banking unit. The reason given was to reduce costs, ultimately making the business more supple.

Singapore will surpass the UK as offshore financial centre by 2020

In the next 4 years, figures show that Singapore is projected to surpass the UK, becoming the second biggest offshore financial centre internationally, behind Switzerland, marking the shift of global wealth to the east.

BPF: New tax regime will cost the UK almost 10,000 potential jobs

The UK Government have released controversial proposals that will limit tax deductibility of interest, which could mean an additional spending expenditure of £670 million each financial year for the housing market. This is the equivalent of the creation of 9,500 jobs in the construction sector.

UK: Tax avoidance measures brings additional half a billion in 2015

HMRC the UK has released figures showing that as a result of the crackdown on income tax avoidance, an additional £500 million has been collected from 2014 to 2015, according to figures obtained by UK Law Firm Pinsent Masons.