In support of the British high street, Finance Chief at Primark owner Associated British Foods, John Bason, says that online competitors have an unequal tax advantage due to a tax system which he believes is “unfairly weighted”.
Explaining that Primark paid £70 million in business rates across its 185 UK stores, and £90 million in Corporation Tax, he says: “Online competitors don’t have that”. Unlike brick and mortar retailers, he says, online fashion retailers don’t have to pay the same steep tax bills.
“Let’s make sure we don’t have a tax system that is unfairly weighted,” Mr Bason adds.
Tax doesn’t always seem fair but, whether you are in business as an individual or as a corporate, you shouldn’t need to pay more that you are legally obliged to do.
Our experts at Beavis Morgan can ensure your tax affairs are as efficient as possible to fit your circumstances, and we can look ahead to retirement and inheritance tax planning.
In addition, if you are concerned about a tax enquiry into your affairs, worried that you may have possibly under declared or, worse still, you are already under enquiry, our tax specialists, some of whom are former HMRC Inspector of Taxes, are well versed in dealing with all types of tax issues.
We are also readily available to oversee HMRC disputes on your behalf, as well as to represent clients in appeal proceedings before the Tax Tribunal. In some situations, we can also offer professional fee protection insurance, so the costs are covered in whole or in part.
For more information and to discuss your tax affairs in further detail, contact your usual Beavis Morgan Partner.