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Browsing archive: 2010 - All Articles
Businesses should not have to administer pension reforms
Firms should not be expected to assume the role of administrator for the pension reforms that are set to be introduced in 2012, a leading business group has argued. New research carried out by the British Chambers of Commerce (BCC) has found that many businesses are concerned at the impact that managing the new auto-enrolment system will have on their time and resources. Under the proposed scheme, which is due to
Last updated: 12:25 Tuesday, 7th Sep 2010 | Read Article
PAYE mistakes highlight tax system 'complexity'
HM Revenue and Customs' concession that upwards of six million people have either underpaid or overpaid their tax during the past two years is a sign that the current tax regime is overly complicated, it has been claimed. According to Chas Roy-Chowdhury, who is head of taxation at the Association of Chartered Certified Accountants (ACCA), said: "HMRC's recent announcement is worrying for many ordinary taxpayers. While it is important we
Last updated: 12:22 Tuesday, 7th Sep 2010 | Read Article
Companies warned over accounts errors
Companies House has said that as many as 10 per cent of all company accounts filed have been rejected because they were incorrectly formatted. The accounting records of all UK companies must be submitted to Companies House. Now the authority has urged companies to take extra care when filing. According to Companies House, upwards of 91,000 accounts were refused between January and June of this year. Of which number over 30,000 were
Last updated: 12:20 Tuesday, 7th Sep 2010 | Read Article
PAYE errors mean billions in under- and overpaid tax
As many as six million people may have paid incorrect amounts of tax and national insurance through the PAYE system. According to figures from the Treasury, some £2 billion has been underpaid due to errors in the way that HM Revenue and Customs' PAYE calculation system works. This has resulted in about 1.4 million taxpayers owing some £1,500 each for underpayments over the past two years. The money will be reclaimed through
Last updated: 1:10 Monday, 6th Sep 2010 | Read Article
Government confirms launch of NIC holiday scheme
The government has announced the introduction of its national insurance contribution holiday for start-up firms in certain areas of the UK. The scheme, which was first outlined by the Chancellor in the June Budget, takes effect as from 6 September. Under the three-year scheme, eligible new businesses will be able to take a 'holiday' for each of the first 10 employees they hire in their first year of business. Each holiday
Last updated: 12:08 Monday, 6th Sep 2010 | Read Article
Pre-Budget Report to be 'dropped'
The government is likely to axe this year's pre-Budget Report, according to press reports. The Financial Times has suggested that the PBR will be replaced with a shorter statement to be delivered in November or December once the Office for Budget Responsibility has finalised its economic forecast. The statement may be accompanied by some consultation papers. The key government document this autumn will be the comprehensive spending review which is due to
Last updated: 12:06 Monday, 6th Sep 2010 | Read Article
New pension tax relief plans receive qualified support
Government plans to simplify pensions tax relief have won qualified backing from the Chartered Institute of Taxation (CIOT). The plans to change the way that pension contributions are treated for tax purposes are currently out for consultation. The Treasury is proposing that each taxpayer's annual pension allowance, the amount by which pension funds can grow tax free, should be reduced from the current £255,000 a year to between £30,000 and £45,000. The
Last updated: 2:46 Friday, 3rd Sep 2010 | Read Article
Small businesses urged to comply with the law on pay
Smaller firms are being encouraged to examine their pay systems to make sure they are not breaching the law on equal pay. It is forty years since the Equal Pay Act was introduced, but, on average, women are still paid 16.4 per cent less than their male counterparts. The gap in gender pay stands at 21.6 per cent in the private sector compared with 14.6 per cent in the public. Now the
Last updated: 2:18 Friday, 3rd Sep 2010 | Read Article
Employers should update HMRC payroll systems
Employers who use HM Revenue and Customs' employer CD-ROM with which to manage their payrolls are being advised to update it as soon as possible. This to make sure they have the latest guidance and calculators. The existing CD-ROM is to be replaced with a new downloadable application, called Basic PAYE Tools, in February 2011. But downloading the September update means that businesses will be able use of the new software. The September
Last updated: 1:49 Friday, 3rd Sep 2010 | Read Article
UK debt needs long-term fiscal reform
The UK's debt compared with gross domestic product could almost double from its 2007 levels by 2015, the International Monetary Fund (IMF) has said. Although the IMF acknowledged that the UK had started to tackle the issue of its debt to GDP ratio, longer term reforms would be necessary. In its latest report on the global economy, the IMF forecast that the UK's debt to GDP ration could more than double
Last updated: 10:39 Thursday, 2nd Sep 2010 | Read Article
