Back to the UK for this week’s Individual Business
Briefing, then, with the news that the Frankenstein’s
monster that is the Vince Cable/George Osborne pairing have
published a green paper on ‘industry led’ solutions
to the financing crisis being faced by small businesses in
the United Kingdom; measures
similar to those being put in place in France seemingly having
failed to make the leap across the Channel.
The green paper published by the Business Secretary and
Chancellor of the Exchequer, entitled ‘Financing
a Private Sector Recovery’, and under consultation
until September 20, outlines a number of proposed market-led
solutions to the lack of financing for SMEs, including “…more
use of equity and encouraging venture capital and ‘business
angels’ to invest in a wider range of businesses, and
a responsible return to securitisation”.
Way to keep ahead of the curve there, guys. How many
months have we been writing about this? (Hint: lots
.)
The paper also addresses the success of existing government
schemes, such as the Enterprise Finance Guarantee, and whether
they should be improved or extended, although it stresses
that industry-led solutions are likely to be the preferred
solutions for market failures in the future, with government-led
interventions acting as a last resort.
The Treasury is obviously in a ‘consulty’
(I know it’s not a word, spellcheck. Shut up, or I’ll
turn you off – then youlle be verry sory…) frame
of mind this month, as it also launched a number of consultations
on various (nine!) planned tax reforms,
including to the PAYE system, to the tax rules dealing with
furnished holiday lets, to pensions tax relief, to the rules
covering associated companies and their interaction with the
small profits rate of corporate income tax, and a number of
other issues.
So if you’re a small business-person of a letter-writing
persuasion, there’s a lot to keep you busy this month.
Let us know how you get on - I’ll be over here…um…not
holding my breath while I’m waiting.
Speaking of waiting, our campaign for more - or indeed
any - office space continues, albeit without a great deal
of success. We’re in negotiations for a corner of the
Lowtax tearoom (biscuits, wheee!) but morale is low in the
broom cupboard, and a tussle broke out yesterday between PBTG
staffers over the use of the best broom…
Petitions to ‘Free PBTG’ can be sent to the
Editor at editorial@lowtax.net
. Just don’t tell him I sent you. Please.
According to figures recently released by the UK's Federation of Small Businesses, SMEs and micro-businesses were hard hit in the final quarter of last year by a combination of factors, including increased utility bills, high inflation, and reduced consumer spending power. RSS
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The implementation of new rules and support for SMEs and other businesses in Singapore to re-employ older workers, in the face of a rapidly ageing population took effect earlier this month. RSS
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Figures published by the Hong Kong Companies Registry earlier this month have revealed that the number of start-ups registering in 2011 showed an increase of 6.31% last year on 2010 figures, with a record 148,329 registering over the course of the year. RSS
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The Irish Small and Medium Enterprises Association (ISME) has this month slammed the Republic's government once again for delays in implementing the jobs initiative that was a key post-election pledge. RSS
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Concern has been expressed regarding a ramping up of HM Revenue and Customs' Business Record Checks programme set to take place in April, with many small businesses fearing that the fine which can be imposed if they fail to provide adequate records to support their tax returns may push them into insolvency. RSS
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I am facing a dilemma and would like to invite any reader to advise me.
I am a Brit who has lived outside UK since 1993- initially in Belgium (5 years) & subsequently in 4 African countries. After a year outside UK, the UK Inland Revenue confirmed my status as ‘non-resident’ for tax purposes and as I have had no income in UK, I have not completed a UK tax return for many years. I visit UK very rarely, normally for one or two weeks per year.
In May 2011, I was made redundent by my employers, who were downsizing. This coincided with a move to retire in the Netherlands, where I now have official residency (my wife is Dutch). I thought that, at 63 years of age, I would be unlikely to find suitable employment; in fact, I have not tried hard and had resigned myself to permanent (but slightly premature) retirement.
However, to my surprise, I have recently been approached (through a mutual acquaintance) by a company that wishes to use my skills on a project in the Isle of Man. The role, if & when confirmed, would see me working for about 10 days a month in Isle of Man, with about 5-7 additional days per month, working from home. Contract will be for about two years. The firm has asked me to confirm if I would prefer to be paid (and therefore be taxed) in Netherlands or Isle of Man, the idea being that I create a self-employment entity for this employment. I have no data on which to base a response. Given Isle of Man's traditional ‘low tax ‘environment, are there any benefits to declaring an income in IOM? Are there any Isle of Man residency implications? Netherlands takes a tax cut on total world wide income, and, as I have never had any contact with the Dutch authorities, I am reluctant to start such a relationship now. Do I have to declare income in both countries, with a breakdown prorata to the time spent in each jurisdiction? Should I declare income to UK Inland revenue?
If anyone has pertinent advice on these points, I’d be grateful to hear them.
Just wondering if anyone 'on the ground', as it were, might be reading and able to help me...I was considering relocating my hairdressing business from the UK to Ireland before the economy started to go properly belly-up...now, not so much.
Are things as bad as they seem over there, or is it being over-hyped by the media? And is the government still keen to support small business people? Cos if not, I'll look elsewhere...
Hi, I live in South Africa, and along with 2 business partners (one in South Africa and one in Ireland - all South African citizens though) are setting up a company that designs Smart phone applications. As they will be sold on the various platforms (none of which operate out of South Africa)we have to list our company as operating out of Ireland anyway. As such, we have decided to set up our company in the best tax country and are wanting info on whether Jersey or Malta is best? If anyone has some inside info we would really appreciate it!! Thanks!Mary
I am moving full time to France in Jan 2012 where I will be working as a freelance contract engineer to a number of Australian based companies. It is my choice to move to France not a work requirement. I will be renting my house out in Austrlalia and renting a house while I am in France. I hold both EU & Austrlain citizenshiip. I am married with 2 young children. Approx total family income $100k AUD. Do I pay tax in France or Australia or both ? Any help or guidance would be much appreciated.France move
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