News Archive - February 2013
Half of business red-tape to be cut - 28.2.2013
Half of the 115 regulations affecting the day-to-day running of UK businesses are to be removed, according to initial findings from the Government's Company and Commercial Law Red Tape Challenge.
Thousands of businesses are expected to benefit from the changes to the Companies Act 2006, which includes scrapping, merging or simplifying regulations - particularly around preparing or filing accounts. Of the 115 regulations, 37 are to be scrapped and 20 are to be simplified.
The Department for Business, Innovation and Skills said the move to cut down the 'dead weight' of redundant legislation would ensure remaining regulations were easier to understand.
It also announced proposals to reduce the accounting requirements for micro-businesses with fewer than ten employees, simplifying annual accounts, balance sheets and profit and loss accounts.
Business minister Jo Swinson said: "We are always trying to make sure that companies can get on with what they're supposed to be doing - running a business and creating jobs to help make the economy stronger. These changes are common sense and make business sense. We are determined to create a flexible business environment for companies to flourish in so they can compete globally and help grow the economy."
The Government also proposed changes to:
- remove restrictions on certain company names including using the words 'British' and 'Group'
- simplify the rules regarding the display of registered company names and offices
- simplify rules around using assets to raise finance
- streamline annual reporting requirements
- repeal certain accounting obligations when changing auditors.
We can help you understand and comply with business regulations. Call now to speak to an adviser.
Thousands of businesses are expected to benefit from the changes to the Companies Act 2006, which includes scrapping, merging or simplifying regulations - particularly around preparing or filing accounts. Of the 115 regulations, 37 are to be scrapped and 20 are to be simplified.
The Department for Business, Innovation and Skills said the move to cut down the 'dead weight' of redundant legislation would ensure remaining regulations were easier to understand.
It also announced proposals to reduce the accounting requirements for micro-businesses with fewer than ten employees, simplifying annual accounts, balance sheets and profit and loss accounts.
Business minister Jo Swinson said: "We are always trying to make sure that companies can get on with what they're supposed to be doing - running a business and creating jobs to help make the economy stronger. These changes are common sense and make business sense. We are determined to create a flexible business environment for companies to flourish in so they can compete globally and help grow the economy."
The Government also proposed changes to:
- remove restrictions on certain company names including using the words 'British' and 'Group'
- simplify the rules regarding the display of registered company names and offices
- simplify rules around using assets to raise finance
- streamline annual reporting requirements
- repeal certain accounting obligations when changing auditors.
We can help you understand and comply with business regulations. Call now to speak to an adviser.
Record number of tax-returns filled on time - 4.2.2013
A record 9.61 million people filed and sent their self-assessment tax returns on time this year, with 7.93 million sent online, HMRC has revealed.
Around 10.34 million individuals fell into the self-assessment category in the 2011/12 tax-year, meaning that 92.9 per cent met the return deadlines of 31 October for paper returns and 31 January for filing online.
It seems that many left their filing until the last minute. HMRC received more than half a million returns on 31 January - its busiest recorded day. The busiest period occurred between 16:00 and 17:00, when 46,000 - the equivalent of more than 12 per second - were received.
The Christmas holidays were also a busy period for returns, with 1,548 sending their returns in on Christmas Day and 4,685 on Boxing Day. Around 27,161 were also filed online on New Year's Eve and a further 12,077 submitted on New Year's Day.
Those who failed to submit a return will have already incurred a £100 late-filing penalty, with additional penalties incurred after that. HMRC has advised those who have yet to submit their return to do so as soon as possible and pay any outstanding tax owed.
We can help you file your self-assessment tax returns accurately and on time.
Around 10.34 million individuals fell into the self-assessment category in the 2011/12 tax-year, meaning that 92.9 per cent met the return deadlines of 31 October for paper returns and 31 January for filing online.
It seems that many left their filing until the last minute. HMRC received more than half a million returns on 31 January - its busiest recorded day. The busiest period occurred between 16:00 and 17:00, when 46,000 - the equivalent of more than 12 per second - were received.
The Christmas holidays were also a busy period for returns, with 1,548 sending their returns in on Christmas Day and 4,685 on Boxing Day. Around 27,161 were also filed online on New Year's Eve and a further 12,077 submitted on New Year's Day.
Those who failed to submit a return will have already incurred a £100 late-filing penalty, with additional penalties incurred after that. HMRC has advised those who have yet to submit their return to do so as soon as possible and pay any outstanding tax owed.
We can help you file your self-assessment tax returns accurately and on time.
Business group disappointed with OFT fuel pricing report - 1.2.2013
Business and motoring groups have voiced concern over an Office of Fair Trading (OFT) report that concluded fuel prices
in the UK were fair.
The OFT's chief executive, Clive Maxwell, recognised there had been 'widespread mistrust' in the fuel market but said that the 'analysis suggests competition is working well.'
Its study concluded that a rise in pump petrol prices over the last decade had been caused by higher crude oil prices and increases in tax and duty, and not a lack of competition. It also found little evidence to suggest petrol and diesel prices rise quickly when oil prices go up, but fall slowly when prices drop.
However, the Forum of Private Business (FPB) described the OFT's decision not to launch a full investigation as a 'missed opportunity'. The AA said that drivers would be 'disappointed' that the report failed to address their frustration with prices at the forecourt.
The FPB's Alex Jackman said: "That we have some of the lowest pre-tax prices for petrol in Europe will come as little comfort to businesses who are paying a premium at the pumps. Whilst we praised the government for not implementing recent proposed increases, to go from the seventh lowest pre-tax price to the sixth highest post-tax price suggests there's something amiss in the UK."
The report also found that local areas with a greater number of local retailers, and in particular those that have supermarket forecourts, tended to have cheaper fuel prices.
Motorway service stations were found to be significantly more expensive for fuel and the OFT expressed concerns that consumers were not able to see the forecourt prices until they had left the motorway.
It has advised the Department for Transport to consider introducing new road signs to display service station fuel prices.
The OFT said that, while competition at a national level was strong, there were problems at a local level. Clive Maxwell said that where evidence of potential anti-competitive behaviour was received, the OFT would consider taking action.
in the UK were fair.
The OFT's chief executive, Clive Maxwell, recognised there had been 'widespread mistrust' in the fuel market but said that the 'analysis suggests competition is working well.'
Its study concluded that a rise in pump petrol prices over the last decade had been caused by higher crude oil prices and increases in tax and duty, and not a lack of competition. It also found little evidence to suggest petrol and diesel prices rise quickly when oil prices go up, but fall slowly when prices drop.
However, the Forum of Private Business (FPB) described the OFT's decision not to launch a full investigation as a 'missed opportunity'. The AA said that drivers would be 'disappointed' that the report failed to address their frustration with prices at the forecourt.
The FPB's Alex Jackman said: "That we have some of the lowest pre-tax prices for petrol in Europe will come as little comfort to businesses who are paying a premium at the pumps. Whilst we praised the government for not implementing recent proposed increases, to go from the seventh lowest pre-tax price to the sixth highest post-tax price suggests there's something amiss in the UK."
The report also found that local areas with a greater number of local retailers, and in particular those that have supermarket forecourts, tended to have cheaper fuel prices.
Motorway service stations were found to be significantly more expensive for fuel and the OFT expressed concerns that consumers were not able to see the forecourt prices until they had left the motorway.
It has advised the Department for Transport to consider introducing new road signs to display service station fuel prices.
The OFT said that, while competition at a national level was strong, there were problems at a local level. Clive Maxwell said that where evidence of potential anti-competitive behaviour was received, the OFT would consider taking action.
