News Archive - November 2013
Paperless self-assessment proposed - 28.11.2013
HM Revenue & Customs (HMRC) has announced plans to make the online self-assessment (SA) service "a more complete end-to-end digital experience".
In 2011/12, 7.65 million SA returns were submitted online but 75 per cent of communications with those customers were made by print-and-post.
Under the plans, the SA online service will be upgraded to allow users to receive electronic communications from HMRC. If a user opted-in, they would receive a message - by email or SMS - telling them that certain notices, reminders or statements were available to view in their online account.
The consultation on these proposals will run until 27 December 2013 and HMRC said it planned to start trialling the new system early in the 2014/15 tax year.
The Exchequer Secretary to the Treasury, David Gauke, said :
"HMRC's Digital Strategy will make processes like SA faster and simpler. It will deliver the tax system for the 21st century that taxpayers expect."
"The vast majority of HMRC's SA customers already file electronically, but only 25 per cent of their dealings with HMRC are online. Paperless SA will allow customers to do it all online."
We can handle your self-assessment for you, from completing and filing your return to dealing with HMRC.
Please contact us to discuss.
In 2011/12, 7.65 million SA returns were submitted online but 75 per cent of communications with those customers were made by print-and-post.
Under the plans, the SA online service will be upgraded to allow users to receive electronic communications from HMRC. If a user opted-in, they would receive a message - by email or SMS - telling them that certain notices, reminders or statements were available to view in their online account.
The consultation on these proposals will run until 27 December 2013 and HMRC said it planned to start trialling the new system early in the 2014/15 tax year.
The Exchequer Secretary to the Treasury, David Gauke, said :
"HMRC's Digital Strategy will make processes like SA faster and simpler. It will deliver the tax system for the 21st century that taxpayers expect."
"The vast majority of HMRC's SA customers already file electronically, but only 25 per cent of their dealings with HMRC are online. Paperless SA will allow customers to do it all online."
We can handle your self-assessment for you, from completing and filing your return to dealing with HMRC.
Please contact us to discuss.
Business births up by 8,000 in 2012 - 27.11.2013
The number of new business registrations in the UK increased by 8,000 (3.1 per cent) in 2012, data from the Office for National Statistics (ONS) has shown.
The data reveals that there were 270,000 new business registrations ('births') last year, compared with 261,000 in 2011.
De-registrations - or 'deaths' - grew by 11 per cent to 255,000 between 2011 and 2012.
Other figures from the report include :
- London had the highest business birth rate at 14.8 per cent - it also had the highest death rate at 11.7 per cent
- Northern Ireland has the lowest birth rate at seven per cent - it also had the lowest death rate at 9.4 per cent
- The business administration and support services sector had the highest birth rate at 15 per cent
- The accommodation and food services industry had the highest death rate at 13.3 per cent
- The 'five year survival rate' of businesses born in 2007 and still active in 2012 was 44.6 per cent
The ONS said that while the rate of business deaths increased in 2012, it remained below the rate in 2004.
The data reveals that there were 270,000 new business registrations ('births') last year, compared with 261,000 in 2011.
De-registrations - or 'deaths' - grew by 11 per cent to 255,000 between 2011 and 2012.
Other figures from the report include :
- London had the highest business birth rate at 14.8 per cent - it also had the highest death rate at 11.7 per cent
- Northern Ireland has the lowest birth rate at seven per cent - it also had the lowest death rate at 9.4 per cent
- The business administration and support services sector had the highest birth rate at 15 per cent
- The accommodation and food services industry had the highest death rate at 13.3 per cent
- The 'five year survival rate' of businesses born in 2007 and still active in 2012 was 44.6 per cent
The ONS said that while the rate of business deaths increased in 2012, it remained below the rate in 2004.
Autumn Statement now on Thursday 5 December - 12.11.2013
The Autumn Statement has been delayed by one day and will now take place on Thursday 5 December, the Treasury has
confirmed.
The change of date ensures that the Chancellor George Osborne's Autumn Statement speech to the House of Commons will not take place while Prime Minister David Cameron is out of the country.
The Prime Minister will lead a major trade delegation to China at the start of December, which he said is aimed at :
"Opening the way for British companies to benefit from China's vast and varied markets and preparing the way for a new level of Chinese investment here in the UK."
An update on HM Treasury's official Twitter account announced :
"Tonight PM says that he will lead delegation to China in early December. As a result Autumn Statement will now be on Thursday 5th December."
We'll be covering the key announcements from the Autumn Statement live as it happens on Thursday 5th December.
confirmed.
The change of date ensures that the Chancellor George Osborne's Autumn Statement speech to the House of Commons will not take place while Prime Minister David Cameron is out of the country.
The Prime Minister will lead a major trade delegation to China at the start of December, which he said is aimed at :
"Opening the way for British companies to benefit from China's vast and varied markets and preparing the way for a new level of Chinese investment here in the UK."
An update on HM Treasury's official Twitter account announced :
"Tonight PM says that he will lead delegation to China in early December. As a result Autumn Statement will now be on Thursday 5th December."
We'll be covering the key announcements from the Autumn Statement live as it happens on Thursday 5th December.
Lifetime gifts alter the 'traditional inheritance' - 4.11.2013
The traditional inheritance is becoming a thing of the past as more parents choose to give away assets during their lifetime, data from the Office for National Statistics (ONS) has suggested.
The UK's ageing population, alongside rising living and care costs, is also diminishing assets which might traditionally have been passed on to others, it said.
Key statistics show that :
- 1.6 million adults (3.6 per cent of the population) received an inheritance of just £1,000 or more between 2008/10
- Half of inheritors received less than £10,000; one in ten received £125,000 or more
- 88.4 per cent of inheritances comprised of money and savings
- Property formed 19.5 per cent of inheritances
- Personal possessions, such as jewellery and collectibles, were included in 12.4 per cent of inheritances.
Lifetime gifts are also increasing in popularity as people look for ways to reduce their inheritance tax (IHT) bill.
IHT is currently due on assets - including anything held in trust and gifts made within seven years of death - valued at over
£325,000.
Lifetime gifts, or 'potentially exempt transfers', are potentially exempt from IHT if they are made within seven years of
death.
Commenting on the ONS figures, Nigel Waterson, Chairman of the Equity Release Council, said :
"For many of us, it is important that we leave something behind for our loved ones, but with the cost of living soaring and our savings dwindling rapidly, this is becoming increasingly difficult."
An increasing number of people are moving away from the idea of a traditional inheritance, instead of giving money to younger family members to help them pay for university or get their foot on the property ladder.
We can help with IHT planning. Talk to us to find out more.
The UK's ageing population, alongside rising living and care costs, is also diminishing assets which might traditionally have been passed on to others, it said.
Key statistics show that :
- 1.6 million adults (3.6 per cent of the population) received an inheritance of just £1,000 or more between 2008/10
- Half of inheritors received less than £10,000; one in ten received £125,000 or more
- 88.4 per cent of inheritances comprised of money and savings
- Property formed 19.5 per cent of inheritances
- Personal possessions, such as jewellery and collectibles, were included in 12.4 per cent of inheritances.
Lifetime gifts are also increasing in popularity as people look for ways to reduce their inheritance tax (IHT) bill.
IHT is currently due on assets - including anything held in trust and gifts made within seven years of death - valued at over
£325,000.
Lifetime gifts, or 'potentially exempt transfers', are potentially exempt from IHT if they are made within seven years of
death.
Commenting on the ONS figures, Nigel Waterson, Chairman of the Equity Release Council, said :
"For many of us, it is important that we leave something behind for our loved ones, but with the cost of living soaring and our savings dwindling rapidly, this is becoming increasingly difficult."
An increasing number of people are moving away from the idea of a traditional inheritance, instead of giving money to younger family members to help them pay for university or get their foot on the property ladder.
We can help with IHT planning. Talk to us to find out more.
