News and Events

Loans from Close Companies to their Participators

Loans from Close Companies to their Participators

On the 20 March 2013 the Government announced their intention to bring in legislation to counter various arrangements under which close companies seek to avoid a charge to tax when making loans to their participators.  They also confirmed that they will be undertaking a wider review of loans to participators and it is understood that a consultation document will be published later this year. There Read more…

Treatment of Liabilities for Inheritance Tax (IHT) Purposes

Treatment of Liabilities for Inheritance Tax (IHT) Purposes

IHT is normally charged on the net value of a deceased person’s estate after deducting the following: liabilities which were outstanding at the date of death reliefs exemptions and a nil rate band. Hitherto, a deduction for liabilities has been given for the full sum owed to the deceased’s creditors. It has not been limited to the amount actually repaid after the person’s death or Read more…

Benefit in Kind Changes

Benefit in Kind Changes

Car Benefit Where a car is made available to an employee by reason of his employment the benefit-in-kind income tax charge is based on a percentage of the car’s list price, graduated according to the level of the car’s CO2 emissions measured in grams per kilometer. For 2013/2014 the range is 0% where CO2 emissions are less than 75 grams per kilometer up to 35% Read more…

Capital Allowances and Cars

Capital Allowances and Cars

Businesses purchasing low CO2 emission cars (including electric cars) were eligible to claim 100% first year allowances on the cost of such vehicles up to and including 31 March 2013.  The Chancellor has decided to extend this regime for a further 2 years (up to 31 March 2015) but the qualifying CO2 threshold was reduced on the 1 April 2013 from the previous level of Read more…

Do your policies and procedures work for your company?

Do your policies and procedures work for your company?

Any business that has people working for it needs to have suitable policies and procedures. With human nature being what it is, employees may test limits and act “creatively” in workplace situations, so it is vital that you have a strategy for developing, communicating and enforcing a set of policies and practices that reflect your company standards. By having clear rules which set out clear Read more…

UK counts £52bn cost of fraud

UK counts £52bn cost of fraud

Fraud is costing the UK economy billions of pounds a year, new research has found. The Annual Fraud Indicator, compiled by the National Fraud Authority (NFA) and published on 6 June, put the annual cost at £52 billion. Private businesses were estimated to have suffered total fraud losses of £15.9 billion while the public sector faced a £20.6 billion fraud bill. The cost to individuals Read more…

RTI rule relaxation extended

RTI rule relaxation extended

HM Revenue & Customs (HMRC) is to extend the temporary relaxation of new Real Time Information (RTI) reporting rules for businesses with fewer than 50 employees. HMRC originally announced the rule relaxation on 19 March for employers with fewer than 50 employees who pay employees weekly or more frequently, but only process their payroll monthly. It said it recognised that they needed longer to adjust Read more…

Red tape freeze extended to more businesses

Red tape freeze extended to more businesses

A freeze exempting small businesses from some new regulations is to be extended to larger enterprises. Business Minister Michael Fallon announced on 6 June that the freeze exempting businesses with fewer than ten employees from burdensome new regulations would be extended to firms with up to 50 staff, and will continue from 2014. Firms will also be exempted from new regulations if there is any Read more…

Underpaid workers win £4 million in back wages

Underpaid workers win £4 million in back wages

Failure to pay their workers the national minimum wage has cost employers targeted by HM Revenue & Customs (HMRC) £4 million. HMRC secured an average of £300 in back pay for 26,519 employees, topping up wages that had previously been below the legal minimum rate, in the 2012-13 financial year. A total of 1,693 complaints were made against employers over minimum wage rules over the Read more…

Directors to face pay clampdown

Directors to face pay clampdown

The government has introduced new measures to curb the excessive pay of executives at the largest companies. It is introducing regulations, which will apply to large and medium-sized companies and groups, with effect from 1 October 2013. It says the changes mean that investors will be better informed about how much directors have been, and will be, paid, along with how this relates to company Read more…