The UK’s Autumn Budget leaves in place the UK’s low 19 percent corporate tax while vowing to tighten tax rules and crack down on online sales. This post addresses the main points of interest for corporations.
The UK's Making Tax Digital measure will help businesses stay on top of their affairs and make fewer tax mistakes. The plan is part of a worldwide movement to digitize tax collection.
In any tax system, a high level of certainty is required for both ease of tax administration and the efficient collection of tax liabilities. Likewise, for companies and their stakeholders, domestic and international tax-related certainty is a fundamental goal. The UK’s EU referendum and potential exit from the European Union represent serious threats to this desired stability. And the biggest challenge businesses will face from a potential “Brexit” will be negotiating the resulting uncertainty.
Today UK Chancellor of the Exchequer, George Osborne, announced the UK Budget for the year 2016/17. Here is a summary of the new Budget’s key measures.