Cut taxes to benefit retailers

The Chancellor, Philip Hammond, has announced the prospect of introducing a tax on online retailers. However, the Sunday Telegraph’s political correspondent, Anna Mikhailova, argues against it.

According to Mr Hammond, the “Amazon Tax” would support traditional retailers, by providing a tax system which is fairer. But according to Ms Mikhailova, at a time when Britain needs to attract tech companies, it would make more sense to help traditional retailers by cutting their taxes instead.

Meanwhile, the Centre for Retail Research (CRR) has warned that retailers are facing their worst year since 2008, in terms of both store closures and job losses. The CRR predicts that 10,000 stores will shut this year, of which half will be independents.

The figures have prompted renewed calls for an overhaul of business rates, which have been blamed as one of the key factors sending retailers to the wall. Federation of Small Businesses policy chairman Martin McTague says: “For too long the system has been confusing, outdated and unfair to small businesses.”

In order to survive and thrive in these challenging times, business owners need accurate, reliable and timely financial information, whether that be profit or cash focused, or both, to accurately and effectively manage the company’s finances and drive growth. Being able to understand and evaluate your business through real-time information on actual performance is critical and could mean the difference between survival and business failure.

At Beavis Morgan, our retail business experts can help you identify your requirements and then design and implement a system that will provide all the information you need, within a cost effective and efficient framework.

Our diverse team of tax professionals are also committed to ensuring that your tax reporting obligations are fully satisfied and that every opportunity to lawfully exploit tax savings is made known to you, restructuring your affairs in a tax effective and efficient way.

For more information about how we can help you and your retail business, please contact Steve Govey in the first instance, or your usual Beavis Morgan Partner.