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Young entrepreneurs warn of tax hike
A group of young entrepreneurs has raised concerns about a proposed 2p increase in income tax, warning it could harm freelancers and start-up founders. The Young Entrepreneurs Forum claims this change, alongside a cut in national insurance, would discourage enterprise and drive young talent abroad. Sean Kohli, chair of the forum, said: “If Britain wants…
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UK manufacturers face de-industrialisation threat
Make UK warns that Britain faces a significant risk of de-industrialisation due to potential tax increases and high energy costs. The organisation, representing various manufacturers, stated that the upcoming Budget must focus on growth. Chief Executive Stephen Phipson highlighted the dual challenges of weak demand and rising costs, calling energy prices an “existential threat.” A…
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Horse racing to be exempt from gambling tax rise
The Telegraph reports that the Chancellor will exempt horseracing from upcoming increases in gambling taxes, focusing instead on gaming machines and online casinos. Bets placed on the horses in betting shops or online are subject to a levy, but neither is expected to be raised in the Budget following intense lobbying from the industry. Rachel…
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Inflation hits 3.8% in July
Office for National Statistics (ONS) data shows that inflation hit 3.8% in July, with this putting price growth at the highest level since January 2024. The figure from July is up from the 3.6% growth recorded in the year to June and far exceeds the Bank of England’s target of 2%. Economists polled by Bloomberg…
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Reeves plans mansion tax for homeowners
Chancellor Rachel Reeves is reportedly drawing up a capital gains tax on high-value property sales to address a £40bn gap in public finances. The plan could end the current exemption for primary residences, affecting higher-rate taxpayers with a 24% tax on gains. A threshold of £1.5m may impact around 120,000 homeowners, potentially leading to significant…
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UK accounting rules hold Britain back amidst global crypto drive
The UK is lagging behind the US in cryptocurrency regulations, particularly regarding Bitcoin treasury companies (BTCs). Rachel Reeves aims to enhance economic growth by easing regulations, but current UK accounting rules treat Bitcoin as an intangible asset, obscuring its true value. This punitive approach discourages UK firms from holding digital assets, while US regulations allow…
