Results 1-20 of 7,406 for (in the 'Commons debates' OR in the 'Westminster Hall debates' OR in the 'Lords debates' OR in the 'Northern Ireland Assembly debates') speaker:Stephen Timms

Oral Answers to Questions — Treasury: VAT Returns (3 Nov 2009) has video

Stephen Timms: Businesses turning over more than £100,000 per year, and all newly registering businesses, will be required to file online from 1 April. Savings of about £4 million a year are expected within three years as a result, but the main reason for the change is to make the service work better—fewer errors, faster turnarounds and an extra seven days before businesses have to pay the...

Oral Answers to Questions — Treasury: VAT Returns (3 Nov 2009) has video

Stephen Timms: Yes, we have been thinking about that. We have consulted and will announce our conclusions shortly. However, we have provided quite substantial financial help to businesses signing up to online filing—£900 million in total before the scheme closed earlier this year. I can reassure my hon. Friend that we will provide a detailed, step-by-step guide to registering for online services...

Oral Answers to Questions — Treasury: VAT Returns (3 Nov 2009) has video

Stephen Timms: We are making very good progress, and there will be—indeed, there already has been—a substantial campaign to inform businesses of their obligations. Over the next few months more efforts will be made to ensure that everybody is aware of them. Telephone support, for example, will be available to businesses that have queries, and help will also be provided through a programme of...

Oral Answers to Questions — Treasury: VAT Returns (3 Nov 2009) has video

Stephen Timms: Of course, one of the great strengths of filing online is that it speeds up the whole process—for exactly the reason that the hon. Gentleman set out. We have had very good experiences, for example, with online filing of self-assessment returns, and I am confident that those benefits will be repeated when businesses go online for VAT filing and other taxes.

Oral Answers to Questions — Treasury: Small Businesses (3 Nov 2009) has video

Stephen Timms: Among other measures, we have extended loss relief, we have deferred the increase in corporation tax for small companies, we have helped businesses spread payments through the Business Payment Support Service and we have introduced the capital for enterprise fund and the enterprise finance guarantee.

Oral Answers to Questions — Treasury: Small Businesses (3 Nov 2009) has video

Stephen Timms: First, I agree with the hon. Gentleman on just how important the small and medium-sized enterprise sector is to the UK, accounting as it does for nearly 60 per cent. of the private sector work force. That is why we have gone to such lengths to support those businesses, not least through the Business Payment Support Service. About 150,000 businesses have benefited from those agreements, and...

Oral Answers to Questions — Treasury: Small Businesses (3 Nov 2009) has video

Stephen Timms: My right hon. Friend the Chancellor will be referring to the question of bonuses in his statement to the House in a few minutes' time.

Oral Answers to Questions — Treasury: Small Businesses (3 Nov 2009) has video

Stephen Timms: I agree with the Federation of Small Businesses and others who have reported that credit conditions are improving. That is a welcome development. However, I can tell the hon. Gentleman that we will continue to give real help to businesses and reject calls from Opposition Members to let the recession take its course.

Oral Answers to Questions — Treasury: Small Businesses (3 Nov 2009) has video

Stephen Timms: My hon. Friend is absolutely right to draw attention to the importance of supporting innovative businesses like the one in her constituency, and we will continue to talk to the banks about it. It is encouraging to hear reports that conditions are improving, but they are not yet as good as we would wish them to be, which is why we will continue our support and our efforts with the banks.

Oral Answers to Questions — Treasury: Time-to-Pay Arrangements (3 Nov 2009) has video

Stephen Timms: The business payment support service was introduced last November. Since then, more than 220,000 time-to-pay arrangements have been agreed with 150,000 businesses—employing between them some 600,000 people—enabling them to spread tax payments of almost £4 billion.

Oral Answers to Questions — Treasury: Time-to-Pay Arrangements (3 Nov 2009) has video

Stephen Timms: We are certainly looking for changes in banking, as my right hon. Friend the Chancellor of the Exchequer will be setting out in a few moments' time. However, I would not agree with my hon. Friend in characterising this scheme as a cover-up, because it has given a lifeline to thousands of businesses in constituencies such as his. One of the most impressive things about it is the very good...

Oral Answers to Questions — Treasury: Tax Avoidance (3 Nov 2009) has video

Stephen Timms: We have taken action domestically and internationally to change the game for those who bend rules on tax. We detect avoidance early, we tackle it quickly and the tax avoidance disclosure system introduced in 2004 has helped to close more than £12 billion in avoidance opportunities.

Oral Answers to Questions — Treasury: Tax Avoidance (3 Nov 2009) has video

Stephen Timms: We have led work internationally in the G20 on tackling tax evasion and have won plaudits from many for doing so. Her Majesty's Revenue and Customs will be setting up a dedicated tackling tax evasion unit to target those with offshore bank accounts who do not come forward under the current new disclosure opportunity—I believe that he will welcome that. In the G20, we have led a dramatic...

Oral Answers to Questions — Treasury: Topical Questions (3 Nov 2009) has video

Stephen Timms: This matter was discussed in the Finance Bill Committee this year. There has been a tax break for furnished holiday lettings for some time but, as it is available for UK properties only and not for properties in Europe, it is no longer clear that it is consistent with European law. We have announced a change, and we will publish an impact assessment of that change at the time of the...

Oral Answers to Questions — Treasury: Topical Questions (3 Nov 2009) has video

Stephen Timms: As I explained earlier, the change was made for a straightforward legal reason. It looked as though the law required it but, as I said, we will publish an impact assessment that will be available for widespread discussion.

Oral Answers to Questions — Treasury: Topical Questions (3 Nov 2009) has video

Stephen Timms: We are concerned about what happens on the night of 31 December. I said in May that businesses that are open across midnight, such as pubs and clubs, will be able to continue charging VAT at the lower rate. I can confirm today that they will be able to do so until 6 am on the morning of 1 January 2010. That will be very welcome news to institutions such as those about which the hon....

Agricultural Building Allowance (13 Oct 2009)

Stephen Timms: I congratulate the hon. Member for Orkney and Shetland (Mr. Carmichael) on securing the debate. He set out clearly for the House the depth of his and his family's commitment to the well-being of agriculture in the UK. It is good to hear about his parents' continuing commitment on their farm. I welcome this opportunity to explain the principles behind the business tax reforms of 2008, which...

Agricultural Building Allowance (13 Oct 2009)

Stephen Timms: The question is why it is sensible to subsidise one kind of building in rural areas. Why should we subsidise agricultural buildings rather than commercial buildings or science parks? We have done that in the past and the evidence is that it distorts investment decisions in a way that is not in the interests of rural areas or communities. There is no economic sense in providing a selective tax...

Agricultural Building Allowance (13 Oct 2009)

Stephen Timms: The measures that I have set out reflect those requirements and obligations. The ABA forms only one element of the business tax treatment of agriculture. We must consider the rate of corporation tax and other capital allowances. A consideration of the overall business tax picture led the Government to announce a big package of reforms to business tax in Budget 2007. The ABA was only one plank...

Agricultural Building Allowance (13 Oct 2009)

Stephen Timms: I am happy to check that figure, but I do not have it in front of me. As part of the package, we introduced a new £50,000 annual investment allowance, which allows 95 per cent. of businesses to write off their expenditure on plant and machinery, other than cars, in the year in which it is made. Plant and machinery used on farms and in agricultural buildings will qualify for that...