News and Events

1.6m say ‘I’m in’ to auto-enrolment

1.6m say ‘I’m in’ to auto-enrolment

More than 1.6 million people have started saving for retirement under the government’s auto-enrolment initiative. The rollout of automatic enrolment of eligible employees into qualifying workplace pension schemes began on 1 October 2012 with the largest employers. All employers will be brought on board by 2018, giving up to 11 million people the chance to save for retirement, many for the first time. To mark Read more…

Countdown begins to national insurance cut

Countdown begins to national insurance cut

Legislation is on its way that will cut the costs of every business and charity employer by hundreds of pounds next year. The National Insurance Contributions Bill, which was introduced in the House of Commons on 14 October, will cut national insurance contributions by £2,000 for up to 1.25 million employers from April 2014 through the new Employment Allowance. The measure was originally announced in Read more…

Special day showcases small businesses

Special day showcases small businesses

The UK’s small businesses will step into the spotlight for a special day celebrating what they have to offer next month. The country’s Small Business Saturday, which will take place on 7 December, is inspired by a similar US initiative that generated $5.5 billion in sales in 2012. The event is supported by the government and other major political parties, along with small business organisations, Read more…

Tax gap continues to narrow

Tax gap continues to narrow

HM Revenue & Customs (HMRC)  has put the estimated tax gap – the difference between tax due and what is actually collected – at £35 billion for 2011-12. The figure, announced on 11 October, represents seven per cent of tax due and continues a consistent downward trend in the size of the gap over the last six years. In 2005-06 it stood at 8.3 per Read more…

Shake-up on way for insolvency rules

Shake-up on way for insolvency rules

Businesses and individuals affected by insolvency are set to benefit from moves to bring insolvency rules into the 21st century. In a consultation document published on 26 September, the Insolvency Service proposes streamlining 24 different rules and regulations and harmonising processes, such as meetings of creditors, which apply across different insolvency procedures, to make them more user-friendly. The proposals also include: reorganising the rules on Read more…

Cable pledges crackdown on ‘rogue’ directors

Cable pledges crackdown on ‘rogue’ directors

Business Secretary Vince Cable has announced plans for reforms to make sure directors face “the strongest possible consequences” if they act improperly. Dr Cable said on 16 September that he planned to introduce legislation, before the current Parliament ended, to bring in proposals including: strengthening rules to give investors and creditors the confidence that rogue directors will be banned from running companies helping creditors to Read more…

Landlords offered chance to tidy up tax  affairs

Landlords offered chance to tidy up tax affairs

Landlords who let residential property, and fail to tell HM Revenue & Customs (HMRC) about all their rental income, are being offered the opportunity to voluntarily put their tax affairs in order. HMRC estimates that up to 1.5 million such landlords may be underpaying up to £500 million in UK tax every year. Now it has launched the Let Property Campaign, under which landlords who Read more…

Employers sent new RTI reminder

Employers sent new RTI reminder

Tens of thousands of employers who have failed to start using Real Time Information (RTI) payroll reporting are being urged to take action now. HM Revenue & Customs (HMRC) wrote to around 167,000 employers in September who had missed one or more RTI deadlines for reporting PAYE. HMRC said that if employers had not reported because they did not pay anyone, their PAYE scheme had Read more…

New tax  cheat taskforces launched

New tax cheat taskforces launched

HM Revenue & Customs (HMRC) has launched a new wave of taskforces to crack down on tax evasion. The taskforces will visit traders in a range of business sectors and locations across the UK to examine their records and carry out other investigations. The new initiatives, announced on 19 September will target: the construction industry in London hidden wealth in the Midlands, including people with Read more…

Planning for your Christmas Festivities

Planning for your Christmas Festivities

It may feel like summer has only just come to an end, but soon the winter nights will be drawing in and Christmas is now less than 100 days away. As companies start thinking about how to reward their staff and clients at this time the information below sets out in brief terms the tax considerations to avoid unwanted Christmas surprises. Staff Christmas parties Christmas Read more…