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Monday
Sep272010

A Fifth of Big Businesses are Considering Leaving the UK

Most of us have heard of businesses that have elected to leave the UK due to the burden of tax placed on them by staying here. Indeed this very picture has been painted by a survey of big businesses that was commissioned recently by HM Revenue and Customs.

One fifth of the major businesses that took part in the survey admitted to considering the idea of leaving the UK, primarily because of the tax position they were in here. Many businesses find it more appealing to go elsewhere in order to pay less tax.

But this was not all the report found. Almost two thirds of the British companies that took part stated that red tape was a big problem. They felt the situation had worsened over the last year in particular.

Of course we now have a coalition government in place and it has already taken significant steps to change the way business is run in the UK. Corporation Tax is set to get lower and other changes are also happening. The hope is that these changes will encourage more businesses to give up the idea of going abroad instead of staying in the UK. If lots of them left it would have a profound effect on the overall state of the country.

Moving abroad is a big step for any business so it is wise to consider all the options if you have a business that is considering such a move. The best bet is to talk to your accountant for advice before any decisions are made. We can help here at St Matthew in this respect, so come and talk to us in confidence now if you wish to learn more about your tax situation.

 



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