Tax breaks for businesses planned
The Express reports that the government is to offer British businesses tax breaks as an incentive to boost exports. According to a Whitehall source, firms which boost the country"s overseas sales will be given an export tax credit. Rebates could also be given against corporation tax bills to reduce the costs of seeking new business abroad. "One of the ideas being considered is the introduction of an export tax credit to cover the cost of translation or advice or anything that adds to the cost of exporting," the source said. The Department for International Trade is understood to be studying the recommendations, along with America"s IC-DISC (Interest-Charge Domestic International Sales Corporation) scheme for exporters, which hands tax breaks to SME manufacturers. The proposals have been backed by HSBC, which in 2013 recommended the idea of offering export tax credits to SMEs in its Manifesto For British Exports. Chief European economist Karen Ward, who has recently been appointed as Philip Hammond"s key economic adviser, said such tax breaks had helped firms to raise exports by millions.
Source: Sunday Express (16/10/2016)
If your business needs advice on tax, give us a call!