TBA Global

TBA’s latest news – 3rd of October 2023

Taxpayers need to pay an additional £3,500 in taxes

With less than a month until the UK’s Autumn Budget is set to be released, Chancellor Jeremy Hunt has stated in an interview that it’s highly unlikely there will be any tax cuts. A spokesperson for the Treasury admitted that the country’s primary focus is on reducing inflation.

This news is once again proving to be potentially true. Moreover, British households may be facing the possibility of tax increases. On October 2nd, several media outlets, including the BBC, reported that British households might be required to pay significantly higher taxes during the next general election, with an average of £3,500 in additional tax per household.

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UK Property Prices Decline

Nationwide has released its latest House Price Index, and as of September 2023, UK property prices have seen an annual average decline of 5.3%, approximately £14,500. Looking at a monthly breakdown, there hasn’t been any change in property prices for the time being, with a consistent annual decline rate of 5.3% in August—maintaining the same figure. When calculated in actual prices, the current average property price stands at £257,808, compared to £259,153 in August.

This morning, Nationwide continued to release its latest quarterly data (covering the three months up to September 2023), showing a 4.7% average decline in property prices compared to the same quarter last year, with a 0.7% average price decrease compared to the previous quarter. It’s worth noting that property prices in all regions of the UK have seen synchronized declines for the first time, with the southwest of England experiencing the largest drop at 6.3%, while most other regions have seen declines exceeding 5%.

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UK Exporters Face Substantial EU Green Tariffs

The European Union’s Carbon Border Adjustment Mechanism (CBAM), also known as “green tariffs,” is an additional tariff imposed on the emissions of greenhouse gases during the manufacturing process of goods imported into the EU. Typically, governments impose taxes on the import of high-emission products such as steel, aluminium, and cement. Various industries are currently preparing for the green tariffs as they will phase in starting in 2026 and be fully implemented by 2034.

According to the Financial Times, the weakening of the UK’s climate targets by Prime Minister Sunak will result in UK exporters facing hundreds of millions of pounds in green tariffs over the next decade.

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Many Companies Opening Offices in Suburbs

A survey conducted by the flexible office space provider IWG of 500 companies found that over half of the UK, businesses have opened offices or workspaces outside the city centre in response to the shift towards hybrid working.

The data shows that 82% of businesses have already changed their office space requirements to accommodate more flexible working. Among them, 54% of companies now have offices or co-working spaces outside the city centre, and 38% of businesses have a second office location in commuter towns.

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41% of taxpayers wish to be able to contact the tax authority directly

Taxpayers are likely aware that the UK tax authority has been promoting its online tax filing system. However, nearly half of taxpayers are not on board with this approach. They believe that, due to the complexity of tax rules, they prefer to speak directly with tax officials for reassurance rather than relying on the UK tax authority’s website.

This information comes from a survey report of 3,644 taxpayers. The report reveals that, despite the UK tax authority’s recent investments in improving online services and the introduction of personal tax accounts, business tax accounts, and the HMRC app, people seem less interested in using digital services. Among these respondents, only 12% said they would use online tax accounts, and just 7% would use the HMRC app.

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