News and Events

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…

New NMW rates on the way

New NMW rates on the way

Employers are reminded that new National Minimum Wage (NMW) rates will take effect from 1 October 2013. From that date, the rate for employees aged 21 and over will rise by 12p an hour to £6.31 and by 5p to £5.03 for those aged 18-20. Under-18s will receive a 4p an hour increase, taking their hourly rate to £3.72, while the rate for apprentices aged Read more…

Survey seeks views on RTI

Survey seeks views on RTI

Tax experts are urging as many employers as possible to take part in an online survey around Real Time Information (RTI) payroll reporting. HM Revenue & Customs (HMRC) has launched the survey to gather the experiences of employers – along with those of software and payroll service providers – in reporting payments to employees on or before the date of payment. The Chartered Institute of Read more…

Higher earning parents get tax reminder

Higher earning parents get tax reminder

Higher earning parents who have been claiming child benefit since January this year have until 5 October to register for tax self assessment to avoid any High Income Child Benefit Charge penalties. HM Revenue and Customs (HMRC) said on 10 August that it would be writing to around two million higher rate taxpayers to remind them that if their income is more than £50,000 and Read more…

Workers say ‘We’re in’ to auto-enrolment

Workers say ‘We’re in’ to auto-enrolment

Over 90 per cent of people placed in a workplace pension under the auto-enrolment initiative are staying in, according to new research. The Department for Work and Pensions (DWP) revealed the figure on 8 August, as part of research carried out with the 50 biggest employers to join the automatic enrolment programme. The findings also suggest that young people are leading the way in the Read more…

Report calls for employee benefits shake-up

Report calls for employee benefits shake-up

The complex system for reporting and taxing employee benefits and expenses is ripe for a complete overhaul, the Office of Tax Simplification (OTS) has concluded. Publishing an interim report on 8 August, the OTS said it now planned to focus on four core areas in the coming months – HM Revenue & Customs’ (HMRC) administration of the system, including the P11D form, travel and subsistence,  accommodation Read more…

Is your business subject to the new ATED Tax?

Is your business subject to the new ATED Tax?

The Annual Tax on Enveloped Dwellings (ATED) tax, announced by HMRC earlier this year, is applicable to all UK or non-UK companies owning UK residential or mixed-use property valued above £2 million on 1 April 2012 (or when purchased, if after this date). You’ll need to complete an ATED Tax Return for your property if all of the following apply: it’s a residential or mixed Read more…

UK leads way on inward investment

UK leads way on inward investment

The UK has strengthened its position as the leading European destination for foreign direct investment (FDI), new figures show. The 2012-13 Inward Investment Annual Report published on 24 July by UK Trade and Investment (UKTI), showed that the number of jobs and projects secured were both up on 2011-12. In the last financial year: the UK saw 1,559 investment projects secured – 11 per cent Read more…

£223bn in SME debt ‘unprotected’

£223bn in SME debt ‘unprotected’

Small and medium-sized enterprises (SMEs) in the UK are exposed to serious levels of financial risk, with £223 billion worth of corporate debt currently unprotected, according to new research. According to a study commissioned by Legal & General as part of its Every Business Matters campaign with professional advice search website unbiased.co.uk, 51 per cent of businesses have some form of corporate debt, averaging £144,980. Read more…

Auto-enrolment passes one millionth worker milestone

Auto-enrolment passes one millionth worker milestone

The millionth UK employee has now been automatically enrolled into a workplace pension. The landmark figure was announced by the Pensions Regulator on 19 July, nine months after the largest firms began automatically enrolling employees into workplace pension schemes. The initiative is being introduced for all employers on a phased basis, with all UK employers brought on board by 2018. Charles Counsell, director of automatic Read more…