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Monday
Aug022010

Government is Willing to Work in Conjunction with Businesses to Improve Recovery

A report was released at the beginning of July that seemed to indicate the government was willing to travel down new paths to help the recovery move ahead at a faster pace.  I was interested to read that the government wants to meet up with business leaders to discuss possible changes to the tax system.  While the government will always have the final say, I found it encouraging that they are reaching out in this way.

The Treasury Minister David Gauke made a speech early in the month that indicated a private sector recovery was in the coalition government’s sights.  They believe that such a recovery would help the country get back on its feet, and they are willing to sit down and discuss potential moves to make this happen with business leaders.

Some may believe that these measures are merely for show, but I think there is great potential here for big changes and improvements to be made.  The new coalition government believes that the taxation system is too complex as it stands.  By asking for input from the private sector – at the same time as cutting costs markedly in the public sector – the government believes it can put the country back on its feet.  But the private sector will also be largely responsible for helping this to become a reality.

One chief difference that will be seen is the drop in Corporation Tax.  This will reduce by four per cent over the next four years, giving businesses the freedom they need to expand.  This in turn will hopefully make the recovery take place faster.

If you have any questions about your own business and where it stands with regard to Corporation Tax or any other matter, you may get in touch with us here at St Matthew now for advice.

 

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