Should there be more tax breaks in infrastructure?
Tax has the potential to undergo massive change at the moment, and according to KPMG, one of the adjustments made by the government should be in relation to infrastructure.
According to research, small and medium-sized businesses should be able to receive further tax breaks when it comes to capital investment. If this were to happen, it’s believed that more tax could be generated thanks to the thousands of people who would receive employment. The subsequent increase in expenditure on research and development could also make the UK more innovative and competitive in an increasingly global economy.
According to Margaret Stephens, who headed up the report, ‘the UK is the only G20 country which does not give tax relief for this expenditure’.
Other suggestions made in the study include the reduction of corporation tax. However, it’s important to remember that hiring good accountants can ensure that you pay the fair and correct amount to HMRC.
Stonehouse Accountants operate in the Peterborough, Kettering, Corby and Market Harborough area, call us now if you’re looking to change accountant or need a new one. 01733 26588.