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About In House Tax

This weblog is a news and views site for tax professionals within the UK and international in-house tax community.  You will find information about appointments and people moves in and around the in-house tax market, issues affecting the in-house tax professional, opinions on the state of the tax job market, updates on tax technology, and other general thoughts of the day.

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This site has been developed by Simon Godley, who also runs the niche tax recruitment company Talentpool Selection . Simon spends a lot of his time placing tax specialists into FTSE companies, large in-bound groups and some professional services organisations. He also recruits and is well networked around the UK tax technology and VAT markets.

Tax News

Tax Regime not suppporting business - review by PwC

Tuesday, 8 November 2011

Source: FinancialDirector.co.uk

ALMOST THREE-QUARTERS of UK private businesses say the tax regime does not support enterprise, according to a new survey by PwC. In 2007, just 59% said the same thing and respondents also warned SME-targeted measures are failing to deliver.

Higher tax relief for research and development will have no impact, according to 60% of respondents, while the extension of the small business rate relief holiday and reforms to Venture Capital Trusts received similarly lacklustre reviews.

Head of private business Ruby Parmar, said: "Private businesses hold the key to future economic growth, many having weathered the recession better than their listed counterparts.
"The Government says it recognises this, but certain measures designed to support business endeavour are not having their intended effect, or at least not being appreciated across the private business sector."

Broader tax changes were also unpopular, with 91% saying higher national insurance contributions negatively impacted their business, while three-quarters are unhappy with the VAT hike to 20%.
Despite the grumbles, optimism is on the rise, with 82% expecting the business environment to brighten in the next five years and around 70% confident their revenues and pre-tax profits will climb within 12 months. Many are looking to Brazil, Russia, India and China to grow, as well as developing new products and increasing market share.
Parmar highlighted access to finance as crucial to success, warning banks' reluctance to lend remains a major threat to private businesses.

"The chancellor's plans for a credit-easing scheme could be a big help, but much will depend on the level of finance available, whether it will be easy to access and the cost to the borrower," she concluded.

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