News and Events

Late payments ‘remain a worry’

Late payments ‘remain a worry’

Late payment remains a concern for many small businesses according to the latest research from the national small business group, the Forum of Private Business. In the organisation’s latest banking and finance survey, published on 22 April, 23 per cent of members reported an increase in late payment over the past year compared with only three per cent who reported a decrease. A total of Read more…

Speak up on auto-enrolment issues, employers urged

Speak up on auto-enrolment issues, employers urged

Employers struggling to meet their automatic enrolment duties should raise the alert with the Pensions Regulator sooner rather than later, the organisation has warned. The alert came as the regulator published its first automatic enrolment report under section 89 of the Pensions Act 2004, designed to help employers avoid non-compliance. The report, issued on 24 April, set out problems experienced by homewares and soft furnishings Read more…

Property tax net set to catch non-residents

Property tax net set to catch non-residents

The government has launched a consultation on its proposals to introduce capital gains tax (CGT) for non-UK residents when they dispose of residential property, which could have significant implications for overseas property investors. UK residents pay capital gains tax on disposals of any residential property that is not their main home, including on gains made on any residential property owned abroad. However, gains made by Read more…

HMRC targets second incomes

HMRC targets second incomes

Employees who have undeclared income from self-employment are being urged to notify HM Revenue & Customs (HMRC). HMRC published guidance on its Second Incomes Campaign 9 April aimed at employees who have additional income from working for themselves, for example through: consultancy work, e.g. for providing training organising parties and events providing services like taxi driving, hairdressing or fitness training making and selling craft items Read more…

New tax statements on the way

New tax statements on the way

Around 24 million people are to receive a personal tax statement from HM Revenue & Customs (HMRC), setting out how much tax they paid in 2013-14 and how it contributed to public expenditure. The new initiative will take effect from October this year, as part of the government’s drive to make the UK tax system simpler, easier to understand and more transparent. Chancellor George Osborne Read more…

Buying a Business

Buying a Business

Being in a position to buy a business may be the result of two scenarios; A business may be offered to you through an agent, or you may identify a target and take the initiative by making an unsolicited approach. Either way, there are a number of matters to take into consideration. In this article we will discuss some of the key milestones in buying Read more…

Reform business rates, say MPs

Reform business rates, say MPs

The current system of business rates is not fit for purpose and needs to be fundamentally reformed, says an influential committee of MPs. In a report issued on 4 March, the Business, Innovation and Skills Committee called for a wholesale review, going beyond the administration of business rates, to examine whether retail taxes should be based on sales rather than the rateable value of a Read more…

Thousands respond to ‘zero hours’ consultation

Thousands respond to ‘zero hours’ consultation

More than 30,000 responses have flooded in to a government consultation on zero hours contracts. The 12-week consultation, launched last December, focused on the two key issues of exclusivity in employment contracts and lack of transparency for employees. The government said that some businesses employing people on a zero hours contract bar them from working for anyone else and that some employers did not make Read more…

‘Don’t stick head in sand on RTI’, says tax chief

‘Don’t stick head in sand on RTI’, says tax chief

More than 70,000 employers have been warned that they face penalties unless they submit employees’ Pay As You Earn (PAYE) information in real time. Employers who have never used the new Real Time Information (RTI) system to file PAYE returns were sent an email in March telling them to do so by the end of the year. Failure to send HM Revenue & Customs (HMRC) Read more…

New deal to make bank account comparisons easier

New deal to make bank account comparisons easier

Major current account providers have signed up to an agreement that will give customers their account data in a simple, standardised format that can be used in comparison sites for the first time. The agreement, brokered by HM Treasury and the Department for Business, Innovation and Skills, should enable consumers to carry out quick and easy comparisons of accounts, including fees, charges and benefits attached, Read more…