24 Mar 2011

Each year, the government introduces regulatory changes affecting businesses on two common commencement dates. These dates are 6 April and 1 October. There are a number of changes due to come into force in April 2011. What follows is a summary, but not an exhaustive list, of the more important new rules with which businesses will need to comply. Some changes have a bearing on the finan...

16 Mar 2011

Last year's Budget, coupled with the Comprehensive Spending Review, was intended to get most of the unpleasant news out of the way - large spending cuts - in the Government's efforts to tackle the public finance deficit. Now comes what may be the harder part: encouraging sufficient private sector growth both to boost the tax take and to compensate for the inevitable slide in public sect...

01 Feb 2011

HM Revenue and Customs (HMRC) has issued a reminder about important changes that will be affecting corporation tax this April. Under the changes, all company tax returns sent in from April 2011 must be filed online for accounting periods ending after 31 March 2010. What's more, returns will need to be submitted in a data format known as Inline XBRL or iXBRL. Corporation tax payments m...

12 Dec 2010

HM Revenue and Customs (HMRC) has announced that, in future, there will be just a single telephone point of contact for employee tax enquiries. The number is 0845 300 0627. Employers as well as employees can use this number if there are issues with employee tax codes. But for any other enquiries related to the running of a payroll, employers should continue to call the Employer Helpli...

05 Nov 2010

Next year's Budget will be delivered on 23 March. The date was announced by the Chancellor, George Osborne as he was giving evidence to the House of Commons Treasury Select Committee on the consequences of October's Comprehensive Spending Review. Mr Osborne told the MPs: "You can put that in your diary." The announcement is unusual in recent years in that it gives months rather than w...

05 Oct 2010

Taxpayers are being reminded that the date for submitting a paper self-assessment tax return is looming. The cut-off point for paper returns is 31 October. Last year, some 2,467,000 people submitted self-assessment tax returns in paper format. Of those, 2,143,000 (87 per cent) managed to meet the deadline. Late returns could mean a £100 penalty. However, HM Revenue and Customs (HMRC)...

22 Sep 2010

Employers are being reminded that new national minimum wage rates will be coming into force in October. There is also a new rule affecting 21-year-olds. As from 1 October, employees will no longer have to be aged 22 to become eligible for the top hourly minimum wage adult rate. The new rates are: £5.93 per hour for low paid workers aged 21 and over, up from £5.80; £4.92 per hour for 1...

03 Sep 2010

Employers have little time remaining in which to share their views with HM Revenue and Customs (HMRC) on possible changes to the PAYE system. The government is looking to update the system and to reduce admin costs for businesses, and is seeking input from employers. However, the consultation is due to close on 23 September. Launching the consultation, David Gauke, the Treasury Secret...

26 Aug 2010

HM Revenue and Customs (HMRC) has announced that 180 websites that send scam emails to taxpayers have been shut down over the past three months. The "phishing" emails promise recipients a tax refund in return for details of their bank accounts and other personal information. The promise is, in fact, bogus, and the criminals use the details they cull from the scam either to empty vic...

26 Jul 2010

The Treasury has issued nine consultation papers on various aspects of the personal and business tax system in what amounts to a far-reaching overhaul of the entire regime. The papers are asking for views on, among other topics, a reform of the PAYE system, pensions tax relief and inheritance tax. Announcing the consultations, David Gauke, the Treasury Secretary, said: "We want to m...