|
Parasol PAYE umbrella company
Over 32,000 satisfied contractors. Get paid quicker. Call 0800 5836000. |
Second Income Shifting EDM calls for sensible measures on family business tax
Posted Mar 27, 2008
Following Budget 2008, in which the much-discussed income shifting legislation was postponed, a second Early Day Motion (EDM) has been tabled calling on the Government to use the delay as an opportunity to come up with a more fair way to deal with "family business taxation".
The second EDM states:
"That this House... calls on HM Treasury and other affected departments to use the additional year that they have allowed themselves for consultation on this issue to undertake a thorough review of more appropriate means of providing smaller enterprises with a suitable legal entity designed for use in the 21st century, and not the 19th century as the limited company was, that will simultaneously reduce the taxation, accounting and regulatory burdens on smaller enterprises, so freeing them to generate wealth and employment in the UK economy, whilst ensuring that they can with minimum effort comply with the taxation and other requirements imposed upon them by law in a way that minimises risk of tax avoidance, creates a level playing field in which all in the sector can compete fairly and ensures that the right person is taxed on the reward they have earned at the right time and in ways which do not create artificial and inappropriate incentives to recategorise employment as self-employment, and the reward for labour effort expended as investment income." (see here).
The President of the Chartered Institute of Taxation (CIOT), Roy Ellerby, said:
"The MPs who tabled this motion are right to say that by extending the process for another year, the Government has given itself a great opportunity to think through the issue more fundamentally with a view to coming to a better answer."
In December 2007, the CIOT said it had "grave concerns" about the implications of the proposed income shifting legislation.
Contractor Services
- Clarity - Chartered Accountants - Fixed Fee £95/month. No hidden extras.
- Together we're stronger! - Join PCG, representing contractors
- Professional Indemnity Insurance - Essential contractor PI cover
- AccountsNet CA - PCG Accredited. Great Value @ £65pm - View Demo
- inniAccounts - Online Accountants, 24x7 Access, Free Demo
- Qdos - IR35 experts - Providers of low cost contractor insurance
- Free Umbrella Company - Save over £1400 p.a. on fees with Springboard
- Free IR35 & Tax Review - Call ICS on 0800 195 3750
- K & B Accountancy Group - Fixed fee contractor accounting only £75pm
- Parasol - the UK's favourite umbrella company
- planIT Services - Umbrella, Ltd company, free formation & IR35 review
- Cloud 9 Group - Umbrella Solutions only £9.95 per week
- Key Directories: Contractor Accountants | Umbrella Companies
- Financial Services: Income Protection | Contractor Mortgages | Pensions
- More Services: Compare Business Insurance | Company Formation
Related Articles
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
