According to the BBC the ‘governments agree to give each other automatic access to information on their residents tax affairs.’
Hind sight is a wonderful thing but shouldn’t this have happened a long time ago? Never mind, we are not here to kick ‘them’ while they are down. More to pose a question; now that they are levelling the playing fields and ensuring that everyone pays a fair share of tax. Does that mean that the standard rates of tax will be reduced?
We’re hoping that the HMRC can become more efficient so they use the money that develops from this crack down to ease the tax contributions from people throughout the UK and maybe even boost funding) in the small business community.
We would love to hear your thoughts on the latest announcement and we’ll continue to watch this space to see if the changes affect the small businesses that we work with.