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ACCA hopes that HMRC is geared up to deal with tax queries in light of PAYE error

The Association of Chartered Certified Accountants (ACCA) is hoping that the HM Revenue & Customs (HMRC) is sufficiently geared up to deal with the flood of enquiries caused by mistakes relating to Pay as You Earn (PAYE).
08:09 08.09.2010

Radical new plans for PAYE Scheme detailed in Government Consultation Document

The Coalition Government has launched yet another public consultation, this time over radical plans to modernise the Pay as You Earn (PAYE) scheme and save substantial amounts in annual operation costs. The PAYE scheme costs the Government £1 Billion per year to administer however the new Government does not believe that this represents good value for money. The consultation proposes a Real-Time Information System be set up to improve information transfer and if successful implement a radical Centralised Deduction System at some time in the future.
11:08 30.08.2010

Contractors call for IR35 to be abolished on new Government Website

UK Freelance Contractors have been calling for the abolition of IR35 on the Government’s new website, YourFreedom.hmg.gov.uk. The piece or tax legislation, which has been described as greatly ‘unfair’ by much of the contracting community, has been one of the most popular topics since the sites launch a few days ago. The new site has been designed to allow members of the public to comment on laws and regulations which the public would like to see the Government get rid of.
22:07 09.07.2010

Contractors set to face less Limited Company Red Tape

It looks as though Freelance Contractors operating Contractor Limited Companies may find they face less ‘red tape’ in the future following an announcement by Nick Clegg in which he promised to free businesses from the red tape which costs millions of pounds per year. The announcement will be well received by the Contracting community who will welcome any reduction in the mountain of red tape that surrounds the day to day running of a Contractor Limited Company.
16:07 05.07.2010

20% VAT Rate Announced

In today’s Emergency Budget George Osborne, the Chancellor of the Exchequer announced that the rate of VAT, currently at 17.5%, will increase by 2.5% to 20% from January 4th 2011. Reaction to the announcement has been mixed with many organisations in the retail sector now fearing the worst.
17:06 22.06.2010

No news on IR35 expected until after Emergency Budget

It has been reported that any announcement on Intermediaries Legislation (otherwise known as IR35) will take place after the Emergency Budget, planned for later this month. IR35 is now expected to be looked at as part of a wider review of small business taxation later in the year.
22:06 01.06.2010

Dangers of a 20% VAT Rate

The British Retail Consortium (BRC) has warned that a hike in the VAT rate to 20% would cost ‘163,000 jobs over four years and reduce consumer spending by £3.6 Billion’. In a report carried out for the BRC by the Centre for Economics and Business Research (CEBR) the organisation concluded that there is no ‘silver bullet’ that will raise large amounts of revenue without causing significant damage to the UK Economy.
15:05 27.05.2010

HMRC Get Tough with Tax Evaders

The HM Revenue and Customs (HMRC) has managed to collect almost £40 Billion through tax enquiries and compliance work over the last five years according to the accountancy firm UHY Hacker Young. A ‘get tough with tax evaders’ strategy has been in place ever since the HM Customs and Excise merged with the Inland Revenue back in April 2005 to create the HM Revenue and Customs.
16:04 26.04.2010

The end of IR35?

Mark Prisk, the Shadow Business Minister, has hinted to the Sunday Telegraph that the Conservatives could be ready to scrap the controversial Intermediaries Tax Legislation (otherwise known as IR35) if the Conservatives win the next General Election.
17:02 11.02.2010

31st January Tax Return Deadline

The 31st of January is quickly approaching and with it the deadline to file a UK online tax return. Individuals required to complete a self assessment tax return must file online with the HM Revenue and Customs (HMRC) by midnight on Sunday the 31st January 2010, otherwise they will be subject to a late filing penalty of £100.
18:01 27.01.2010


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