Below are the articles for the current month.
For older articles please click on the link below :
News Archive Link
For older articles please click on the link below :
News Archive Link
News Archive - September 2014
Tax reclamation powers increased - 30.9.2014
Debt recovery powers for HM Revenue & Customs (HMRC) are set to allow up to £17,000 in unpaid tax to be taken directly from salaries.
Currently, HMRC is able to take back up to £3,000 worth of debt from a debtor’s pay packet.
The £14,000 rise has prompted strong reactions, particularly from high-earners whom this new measure will affect most of all. Those earning less than £30,000 per year will only be subject to the original £3,000 reclamation limit, while a sliding scale means those earning over £90,000 will face the new £17,000 limit.
Chas Roy-Chowdhury, head of taxation at the Association of Chartered Certified Accountants (ACCA), said: ‘This is another creeping of HMRC’s powers which are skewed in favour of themselves and away from the taxpayers. HMRC is becoming a more confrontational and all-powerful organisation’.
The new measure is hoped to raise £115 million for the treasury.
Currently, HMRC is able to take back up to £3,000 worth of debt from a debtor’s pay packet.
The £14,000 rise has prompted strong reactions, particularly from high-earners whom this new measure will affect most of all. Those earning less than £30,000 per year will only be subject to the original £3,000 reclamation limit, while a sliding scale means those earning over £90,000 will face the new £17,000 limit.
Chas Roy-Chowdhury, head of taxation at the Association of Chartered Certified Accountants (ACCA), said: ‘This is another creeping of HMRC’s powers which are skewed in favour of themselves and away from the taxpayers. HMRC is becoming a more confrontational and all-powerful organisation’.
The new measure is hoped to raise £115 million for the treasury.
Over 100 major companies call for business rates reform - 16.9.2014
Business rates have been called a ‘critical problem’ in an open letter, which was published in The Daily Telegraph and signed by some of the biggest retailers and manufacturers in the UK.
Demanding fundamental reform, the letter says: ‘A modern, sustainable and transparent system would unleash investment that could bring skilled and entry level jobs and new and expanded businesses into our local communities. Those who seek a competitive tax regime as a draw for investment and jobs should apply that logic to business rates.
‘It is no longer an option to say that reform is too difficult or complicated and we call on all political parties to commit to fundamental reform in their manifestos for the next General Election’.
The Treasury receives around £25 billion per year from business rates alone.
Among the signatories are: Tesco, Marks & Spencer, Sainsbury’s, Morrisons, John Lewis Partnership, the Forum for Private Business, and the Federation of Small Businesses.
Demanding fundamental reform, the letter says: ‘A modern, sustainable and transparent system would unleash investment that could bring skilled and entry level jobs and new and expanded businesses into our local communities. Those who seek a competitive tax regime as a draw for investment and jobs should apply that logic to business rates.
‘It is no longer an option to say that reform is too difficult or complicated and we call on all political parties to commit to fundamental reform in their manifestos for the next General Election’.
The Treasury receives around £25 billion per year from business rates alone.
Among the signatories are: Tesco, Marks & Spencer, Sainsbury’s, Morrisons, John Lewis Partnership, the Forum for Private Business, and the Federation of Small Businesses.
More time for small firms as RTI deadline extended again - 12.9.2014
HMRC has announced that it will exempt employers with fewer than 50 staff from Real Time Information (RTI) late filing penalties until 6 March 2015. Until that date, they will be allowed to submit PAYE information monthly.
RTI requires employers to provide information about tax and National Insurance deductions every time they pay an employee rather than annually. The original deadline for implementation by small firms was in 6 October this year.
The relaxation for small firms is the latest in a series of deadline moves since RTI was rolled out in October 2013.
HMRC’s Ruth Owen said: "We know that those who have had most difficulty adjusting to real-time reporting have been small businesses, so this staged approach means they have a little more time to comply with the new arrangements before facing a penalty."
Employers with 50 staff or more will still be fined if they file PAYE returns late after the 6 October deadline.
RTI requires employers to provide information about tax and National Insurance deductions every time they pay an employee rather than annually. The original deadline for implementation by small firms was in 6 October this year.
The relaxation for small firms is the latest in a series of deadline moves since RTI was rolled out in October 2013.
HMRC’s Ruth Owen said: "We know that those who have had most difficulty adjusting to real-time reporting have been small businesses, so this staged approach means they have a little more time to comply with the new arrangements before facing a penalty."
Employers with 50 staff or more will still be fined if they file PAYE returns late after the 6 October deadline.
