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As we await the deluge of New Year trading statements from the retail sector there are concerns that Marks & Spencer will deliver a downbeat report on the Christmas and New Year period. There...
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Sunday 19th October 2008
It has been revealed that a massive £2.5 billion of council income has been suspended by the UK’s business community as the downturn continues to hit businesses harder than many had expected. We are seeing instances of large corporations contacting the councils to advise them that they are unable to pay local business taxes at the moment and would like to defer these.
While some local authorities have accepted these pleas and others have not, when you see the likes of Woolworths involved in the pleas you know something is wrong. In reality if a business cannot pay then they wont pay so the councils do not have an awful lot of choice in the matter. It has also put the spotlight on businesses taxes and the amount by which they have increased over the last few years.
Calls for tax cuts in the business arena have been growing stronger for some time but the authorities, already nearly £1 billion short from the Icelandic issue, are not able to accommodate this on a wide scale. Money is now tight in government, right down to the person on the streets and we are all having to pull our belts in a little tighter and reduce outgoings. |
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