Accounting News
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.
Latest in contactless payment technology unveiled
A new mini stick-on credit card has been unveiled as the latest innovation in ‘contactless’ payment technology.
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.
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.
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.
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.
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.