Accounting News
Calls for rise in minimum wage for apprentices
The national minimum wage (NMW) for apprentices should be increased in order to improve the image of internships amongst young people, employers have said.
Late payment culture 'adding to small business woes'
Small businesses are continuing to feel the pain of the UK’s late payment culture, with the average small firm having £45,000 worth of unpaid invoices at the end of 2011.
Experts see 'serious flaws' in child benefit changes
Government plans to reduce child benefit for families where an individual earns more than £50,000 have come under fire from a leading accountancy body.
Three million taxpayers 'receive early refunds'
Up to 3.5 million taxpayers are set to receive tax refunds from HM Revenue & Customs (HMRC), as the annual reconciliation of PAYE for 2011/12 begins.
Business groups voice concerns over Queen's Speech
Business groups have expressed concerns over the recent Queen’s Speech, with many arguing that the measures do not go far enough to boost economic growth.
New tests to determine employment status
HM Revenue & Customs (HMRC) has released a series of tests which are designed to help determine the employment status of workers.
Banks need to help drive SME exports
The Forum of Private Business (FPB) is urging banks to help drive the SME export market, by relaxing the lending criteria for small firms considering overseas operations.
Money transfer errors on the rise
Individuals are being advised to take care when moving funds from their bank account, following a rise in the number of complaints relating to money transfers.
Problems implementing Real Time Information
A number of organisations have warned that small businesses could struggle to implement the new filing requirements under Real Time Information (RTI), due to poor internet access or a lack of technical knowledge.
Taxpayers 'waiting longer' to speak to HMRC advisers
Taxpayers are being forced to wait longer to speak to an HMRC adviser, with one in four calls to the tax authority’s helpline going unanswered.
'Four million taxpayers' set to pay top rates
More than four million taxpayers will pay tax at the highest rates this financial year, HM Revenue & Customs (HMRC) has predicted.
Revenue sends 12,000 penalty notices in error
Around 12,000 taxpayers have been sent penalty notice letters by HM Revenue & Customs (HMRC) in error, warning them of the new £10 daily fines for failing to file their self assessment tax returns.
Landmark court ruling 'supports forced retirement'
A recent ruling by the UK Supreme Court has suggested that employers can force workers who have reached the statutory retirement age to retire on a number of ‘legitimate grounds’, such as ensuring the future succession of staff.
UK economy slips back into recession
The UK economy has slipped back into recession, according to initial estimates from the Office for National Statistics (ONS).
Workers to continue working after pension age
Almost 50% of workers over the age of 50 will need to work for a further 11 years after reaching state pension age, a new report has warned.
Flexible timescales for pension auto-enrolment
As businesses prepare for the introduction of automatic pension enrolment, the Pensions Regulator has confirmed that employers will be able to bring forward their staging date.
Revenue issues May Day alert for tax returns
HM Revenue & Customs (HMRC) is reminding taxpayers who have not yet filed their 2010/11 tax returns online that they must do so before 1 May, or face a series of daily penalties.
Businesses urged to avoid misleading trading names
The Office of Fair Trading (OFT) has issued guidance for businesses regarding their choice of trading name, with the aim of preventing firms from choosing names which could mislead customers about their commercial status.
Latest in contactless payment technology unveiled
A new mini stick-on credit card has been unveiled as the latest innovation in ‘contactless’ payment technology.
Loose policy penalising pensioners and savers
The Bank of England’s quantitative easing policy is penalising pensioners and savers, a committee of MPs has claimed.
Consultation on charity tax relief changes
The Government will launch a consultation this summer on its controversial plans to cap tax relief on charitable donations.
Employers reminded of annual return deadline
Employers are being urged to file their annual return (P35 and P14s) by 19 May or risk incurring a penalty.
One in ten millionaires paying less than 20% tax
Nearly 10% of individuals who earn more than £10 million a year are paying income tax at less than the basic rate of 20%, HM Treasury has revealed.
Tax relief caps on charitable donations
Plans to restrict tax relief on charitable donations could lead to a fall in philanthropic gifts, according to some of the UK’s leading charities.
Replacement for final salary pensions
A new type of pension scheme could be introduced as part of Government plans to find a replacement for final-salary schemes, it has been revealed.
Tougher standards introduced for apprenticeships
New standards will come into force from August 2012, meaning that apprenticeships for all age groups will last for a minimum of 12 months.
Savers urged to act as ISA deadline approaches
As the end of the 2011/12 tax year approaches, savers are being encouraged to make the most of their tax-free ISA annual allowance.
Stamp prices set to rise
The cost of a first class stamp is due to rise from 46p to 60p, while second class stamps are going up from 36p to 50p.
Businesses reminded of new VAT filing regime
HM Revenue & Customs (HMRC) has issued a reminder to all VAT-registered businesses, regarding forthcoming changes to the system for filing VAT returns.
The 2012 Budget: An economic overview
The Chancellor presented his Budget statement amid stark warnings of the ongoing threats to UK economic stability.
Budget 2012: Chancellor targets valuable properties
A new higher rate of stamp duty land tax (SDLT) is to be levied on properties sold for £2 million and over, the Chancellor has confirmed.
Chancellor cuts 50p rate in Budget
Chancellor George Osborne began his third Budget speech with a pledge to support working families, through ‘far-reaching reform’ of the UK tax system.
Business Groups call for Rates Rise Scrapage
The Office of Tax Simplification (OTS) has called on the Government to make the tax system simpler for pensioners, and has suggested that the taxation of state pensions might end altogether.
Tax system for pensioners 'should be simplified'
The Office of Tax Simplification (OTS) has called on the Government to make the tax system simpler for pensioners, and has suggested that the taxation of state pensions might end altogether.
Osborne facing renewed pressure over 50p tax rate
The Chancellor George Osborne is facing renewed pressure to scrap the 50p rate of income tax after businesses accused him of putting 'populist politics before sound economics'.
Red tape burden 'to be cut by £4 million
The business regulatory burden will be reduced by around £4 million between January and June 2012, according to a recent Government report.
Government 'must boost growth' in forthcoming Budget
The British Chambers of Commerce (BCC) has urged the Government to take action to boost UK growth, in next month’s Budget.
Plans to remove caps on stamp prices
Proposals to remove the price caps on first class stamps, and to increase the upper price limit on second class stamps, have been criticised by MPs amid concerns over their likely impact on small businesses and the vulnerable.
Businesses offered tax breaks for electric vans
Businesses are being offered tax incentives to purchase electric vans as part of a Government scheme to reduce carbon emissions.
Changes to redundancy laws
Plans to reduce workers’ rights to be consulted during instances of collective redundancy risk damaging morale and increasing unemployment, the TUC has warned.
Further calls for Budget tax cuts
The Government is facing further pressure to announce tax cuts in the forthcoming Budget, in order to stimulate economic growth and improve business confidence.
Businesses offered free training to get mentoring
The Government has launched a new online training tool to encourage experienced business owners to mentor fledgling SMEs.
Tradespeople to be the focus of new tax campaign
Tradespeople will be the focus of a new campaign aimed at flushing out tax evaders, HM Revenue & Customs (HMRC) has revealed.
New employment mediation pilot scheme for SMEs
The Government has launched its regional mediation pilot scheme for small and medium-sized businesses, as part of a major overhaul of the employment tribunals system.
Revenue receives record number of tax returns
A record 9.45 million self assessment tax returns were filed on time this year, with 7.65 million of these being filed online, HM Revenue & Customs (HMRC) has revealed.
Web economy 'will double by 2016
The value of the web economy in G20 member countries is set to almost double by 2016, a new report has suggested.
Pension auto-enrolment delayed for small firms
Small firms will be given longer to comply with the new pension auto-enrolment rules because of the tough economic climate, the Government has announced.
"There's a business in everyone", says Cameron
The Government has unveiled a new campaign aimed at encouraging people to start or grow their own business.