Tax Specialist Calls for Changes to Benefit Female Workers and Low Earners
Urgent reform to the UK’s taxation system is necessary if the UK is to make headway in closing the gender gap. Such taxation reform would also benefit millions of low earners, according to one of the UK’s leading tax preparation specialists. David Redfern, Managing Director of DSR Tax Refunds Ltd, is calling for taxation reform to be made a priority in order to lessen obvious areas of inequality in the UK, as well as make the UK economy more competitive.
Closing the gender gap in terms of pay and taxation benefits has been widely discussed in recent months, with parliamentary panel, the Women’s Budget Group, criticising the UK government’s latest round of tax cuts as primarily benefitting men. They found that cuts to fuel tax, alcohol duty and Income Tax were predominantly of benefit to male workers, especially the cuts to Income Tax due to the proportion of female workers being low paid or under the personal allowance threshold. However, in their Power of Parity report, global management consultancy McKinsey reported benefits of closing the gender gap being worth up to £150bn by 2025 and bringing an additional 840,000 women into the workplace.
Redfern commented that “as an economy, it is vital that we broaden the skill base of our workforce by making it more inclusive so that the collective talent base is fully utilised. At DSR Tax Refunds, we are committed to placing female employees in leading roles within the business so that we fully utilise the skill-base within our organisation. However, although companies have an important role to play in terms of ensuring equality within their workplace, changes to ourtaxation system would play an equal if not greater role in supporting diversity in the workplace”. DSR Tax Refunds Ltd Chief Financial Officer Karen Sale added “a person should secure their position in an organisation due to their skills, knowledge and experience regardless of their gender… The workforce make-up of an organisation should generally reflect the make-up of the working population, specifically the number of women in leading roles should be proportionate to that of males. But not at eithers’ expense. The best person should be appointed to the job regardless of sex, age and other factors”.
Reform of the taxation system would also benefit low earners. Critics of the November Budget pointed out that the increase in the personal allowance to £12,500 from April next year would bring in an extra £130 per year to an employee on £12,500 per annum while the increase of the higher-rate threshold to £50,000 would be worth £860, not withstanding National Insurance contributions, per year to an employee earning £50,000 per annum. Redfern commented that “currently, changes to personal allowance thresholds have minimal benefit to lower paid workers as any benefit is practically wiped out by National Insurance as well as potential reductions to tax credits or universal credit. In order to create a more equitable society in which the economy can flourish to the benefit of all, tax reform must be placed high on the agenda next year”.
About DSR Tax Refunds Ltd
DSR Tax Refunds Ltd are a firm of tax rebate specialists serving clients nationwide. DSR Tax Refunds are tax preparation experts who specialise in identifying potential allowable expenses for tax rebates for clients. Their specialist team can help employed and self-employed subcontractors with all relevant paperwork to ensure their claim is handled in an accurate and efficient manner.
For more about DSR Tax Refunds, visit https://tax-refunds.co.uk/
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DSR Tax Refunds Ltd
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