The Globe and Mail’s Post

A Labour government has been confirmed. So what should businesses be asking of Labour when it comes to Business Rates reform? The tax burden is simply too high. But given the state of Local Authority funding, asking for a reduction in the tax take now is likely to be a pipe dream. So how about reducing the administrative burden on businesses instead? Labour can achieve this with two quick and simple measures. Firstly, scrap the introduction of Duty to Notify, which will place a significant administrative burden on all businesses, large and small, with hefty penalties for non-compliance. The Duty, due to be rolled out towards 2026, would even require the 1.5m business that are exempt from rates to engage and comply with the new obligations. Businesses will most likely need to pay advisors to help them comply with the obligations, increasing their costs with no fiscal benefit to the Government for doing so. Secondly, they need to scrap the restricted appeal rights due to take effect in 2026. They too will place an increased burden on businesses to review their rates assessments and submit Challenges within a 3-month timeframe that is simply unworkable. Long term, the Labour manifesto refers to replacing business rates with a fairer system. Government now needs to provide more detail on their plans, consulting with ratepayers and those of us in industry along the way. At Knight Frank, we’re ready to work with the Government to create a fairer system of property taxation for all. #businessrates #generalelection #knightfrank

Labour wins a landslide - This means big change will happen fast! Our latest blog discusses which taxes are likely to change!

The party looking dead set to form the next government has given very little detail on its policies in its election campaign so far.   Instead, when challenged on what has been left unsaid, the Labour party tells us what it won’t do – such as not raising income tax, corporation tax or VAT, rather than what it will.    The same holds true for the party’s manifesto promise to “replace the business rates system, so we can raise the same revenue in a fairer way”.    In my latest piece for BE News – written in my capacity as Chair of the Shopkeepers' Campaign – I explore Labour’s intentions and why the party’s plans to replace business rates remain an open question.   Read the full piece by tapping below. #BusinessRates #GeneralElection

The Debt Warehousing Scheme (DWS) was aimed at assisting businesses during the Covid-19 pandemic. The DWS allowed for the deferral of the payment of VAT, Employer PAYE, certain income tax liabilities, and subsidy overpayments under the Temporary Wage Subsidy Scheme (TWSS) and the Employment Wage Subsidy Scheme (EWSS).  On the 5th February the Minister for Finance announced that the rate of interest for warehoused tax debt will be reduced from 3% to 0%. Read our latest article, "Repayment of Warehoused Tax Debt" by Padraig O'Donoghue to learn more. #DebtWarehousingScheme #tax #taxadvice #taxcompliance Moore Ireland www.mooreireland.ie

My colleagues Robert, Ceri, Natasha and I discuss how private equity professionals can brace for Labour’s proposed changes to the UK tax regime for carried interest. Read our article on AlphaWeek here👇

What will the new Labour government mean for the UK Tax landscape? This helpful article from Moore Kingston Smith shares some useful insights... https://lnkd.in/eUPfEVrh Considering your options for the second half of 2024, Michelle and I are always happy to help and offer our view on the market. #wearedistinct

I am writing to formally express my protest against the recent tax levy imposed on the salaried class. This tax places an undue burden on individuals who are already contributing significantly to the economy through their regular income taxes. The salaried class is one of the most consistent and reliable sources of tax revenue. Imposing additional taxes on this group not only affects their financial stability but also dampens their morale and productivity. Many employees are struggling to manage their household expenses, education costs, and healthcare needs. The additional tax levy exacerbates these financial pressures and reduces their disposable income, which in turn impacts their quality of life. We urge the authorities to reconsider this decision and explore alternative measures that do not disproportionately affect the salaried class. It is crucial to ensure a fair and balanced tax system that promotes economic growth without unfairly targeting any particular group. We need to unite as the salaried class, and I believe HR should take the lead in recording this kind of protest. I want to mention an example where the petroleum industry protested against a tax levy and called for a strike across Pakistan. The very next day, the Government of Pakistan reversed their decision. We hope that our concerns will be taken into account and that steps will be taken to alleviate the financial strain on the salaried class. Thank you for your attention to this matter.

Dear Government, The middle class is not your cash cow, and we should not be treated as bonded laborers who must pay for your socialism bills. My fundamental duties towards the constitution are sacrosanct, but what about the state's directive principles? While salaried individuals and small businesses have been heavily taxed, another class enjoys benefits without paying a penny. When will you start taxing wealthy farmers with income above a certain level? When will you start taxing the unorganized sector, which still conducts business without bills to avoid GST and scrutiny? #Budget #MiddleClass

It's one month until the UK #generalelection and politicians on both sides have come out swinging. Most opinion polls, however, point to a majority win for the Labour party, the country's current opposition party. For British #privateequity professionals, the prospect of a Labour government has potential tax implications for carried interest, because ending the special carry regime, branded a "tax loophole" by its critics, has been one of Labour's core financial policy objectives. Under Labour's proposals, carry would become subject to a rate of tax that is aligned more closely with current income tax rates. Natasha Oakshett, Ceri Vokes, William Finnerty and Robert Martin of Withersworldwide highlight some of the considerations for Brits in private equity in Carry Under Labour: Private Equity Professionals Beware!, a guest article. https://lnkd.in/ey3cGuhN #alternativeinvestments #privatemarkets #tax #carriedinterest

🚫 The risks of non-compliance with Canadian payroll taxes are high, including fines, back taxes, and audits. Here's what you need to know: • Fines for failing to make payroll deductions start at 10% of the taxes owed. • Late tax payments can incur penalties ranging from 3-20%. • Provincial regulations around employment standards add another layer of complexity. Understanding these regulations is crucial for U.S. employers operating in Canada. Learn more 👉 https://lnkd.in/gxc8FR2u #TaxCompliance #PayrollPenalties #CanadianLaw #EmploymentStandards