The UK economy is expected to grow at a slower rate than previously expected from next year, the government's official forecaster has said. The Office for Budget Responsibility (OBR), which maps out how the economy is set to perform based on the government's tax and spending policies, increased its growth expectations for this year, but downgraded its forecast for the following four.
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
The case for arguing that a significant cut to the VAT registration threshold will stimulate growth is far from clear cut. A sudden, material reduction in the current £90,000 VAT threshold would bring large numbers of small businesses into the scope of quite a complicated tax. The impact of higher prices on consumer spending is likely to hit business's profitability and in turn investment and employment.
Small businesses are bracing for a major shake-up after it emerged the Treasury is considering slashing the VAT registration threshold from £90,000 to just £30,000. The move, reportedly under review ahead of the November 26 Budget, would pull tens of thousands of sole traders and small firms into the VAT system for the first time, forcing them to charge customers more and deal with additional red tape.
The city has been experiencing a structural deficit, projected to peak at nearly $2 million in 2029 or $6 million in 2035 due to growing pension liabilities and unfunded capital projects.
Daryl Hanberry from Deloitte Ireland remarked that the increase in VAT indicates strong employment and consumer spending, emphasizing the need for further investment to support the growing population.
The party is writing to all Labour MPs this week asking them to join forces in a push for a much more comprehensive deal with Brussels, arguing that this would help revive the public finances.
The UK government's new company classification thresholds will cost the Treasury around £20m annually in lost tax revenue due to IR35 non-compliance, impacting thousands.
On April 7, the Treasury Department and Department of Homeland Security reached an agreement to allow ICE to utilize confidential tax information to locate undocumented immigrants. Advocates express concern that this collaboration may threaten the estimated $66 billion in federal tax revenue contributed by undocumented immigrants, as it could instill fear among these communities. The implications of this agreement not only remain legally questionable but may also deter undocumented individuals from filing taxes, ultimately affecting federal revenue streams.