News and Events

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

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 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

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

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

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

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

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 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

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…