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Tax and Accountancy News

BIS unveils SME support measures

Posted on: 07 March 2011

x_2862_800446796_0_0_7035631_300 The Department for Business, Innovation & Skills (BIS) has unveiled a series of measures to support small and medium-sized enterprises (SMEs) in the UK.

Business secretary Vince Cable unveiled the changes, which will see the regulatory burden on such firms reduced.

Three main a...Read more

HMRC's new tax disclosure initiative 'is for everyone'

Posted on: 02 March 2011

x_2862_800438174_0_0_7037953_300 Small and medium-sized businesses (SMEs) with tax issues could take advantage of a new initiative from HM Revenue and Customs (HMRC).

Representative organisation the Chartered Institute of Taxation (CIOT) recently hailed the move, which will see HMRC launch targeted investigations on plumbe...Read more

Freelancers warned over tax cheat clampdown

Posted on: 23 February 2011

x_2862_800423559_0_0_7069722_300 Freelancers in the UK have been warned about a forthcoming clampdown on tax cheats by HM Revenue and Customs (HMRC).

The authority recently announced that it would be putting those found to have deliberately avoided paying levies under intense scrutiny for up to five years after the offence...Read more

New campaign aims to 'transform the fortunes' of SMEs

Posted on: 17 February 2011

x_2862_800411921_0_0_7052157_300 A new campaign by a business support organisation aims to raise awareness of the "huge" contribution made to the UK economy by small and medium-sized enterprises (SMEs).

The Forum of Private Business' (FPB) Get Britain Trading initiative sees the group call for a "number ...Read more

IR35's successor will be announced 'post-budget'

Posted on: 16 February 2011

x_2862_800408556_0_0_7054785_300 Contractors in the UK have been informed that they may face a wait for a replacement to the contentious IR35 legislation.

Speaking to advisory website Contractor UK, John Whiting, director of the Treasury's Office of Tax Simplification (OTS), revealed that a successor to the "burde...Read more

Hire a specialist accountant, limited company contractors advised

Posted on: 16 February 2011

x_2862_800408824_0_0_7047904_300 Limited company contractors in the UK have been advised to invest in the services of a specialist accountant.

A Contract Eye guide to the financial responsibilities of those working in this way claimed that a financial specialist can be expected to perform a number of duties over the course...Read more

Don't get bogged down, SME owners warned

Posted on: 14 February 2011

x_2862_800402753_0_0_7916_300 The owners of small and medium-sized enterprises (SMEs) in the UK have been warned not to take too much on alone.

Hilary Briggs, a veteran businesswoman and productivity specialist, recently highlighted the issues facing SME directors in an article for Business Matters.

She explain...Read more

SMEs warned over HMRC business checks

Posted on: 11 February 2011

x_2862_800399991_0_0_7069722_300 Small and medium-sized enterprises in the UK have been warned over a new scheme from HM Revenue and Customs (HMRC).

A Bytestart guide to the Business Record Checks initiative noted that the body is currently in a consultation period with several organisations regarding the "scope of th...Read more

SMEs urged to prepare BCPs

Posted on: 09 February 2011

x_2862_800394294_0_0_7052140_300 Small and medium-sized enterprises (SMEs) in the UK have been encouraged to set up business continuity plans (BCPs).

Recent figures from insurance specialist Aviva indicate that half of the firms surveyed in its SME Pulse study admit to having no contingencies in place.

It warned t...Read more

Contractors handed Ltd capital guidance

Posted on: 09 February 2011

x_2862_800394962_0_0_7022861_300 Contractors in the UK have been handed advice on how they can use funds accrued by their limited company.

Writing for Contractor UK, former Inland Revenue tax inspector Bob Jones was queried by one reader who wished to know if they could use their businesses' capital to pay the universi...Read more

HMRC 'should never have pursued MBF design'

Posted on: 08 February 2011

x_2862_800391758_0_0_7059345_300 UK contractors have been informed that HM Revenue and Customs (HMRC) was wrong to pursue a company under IR35.

Following the recent victory of MBF Design Services over the government body in court, Contractor Calculator claimed that HMRC's case was doomed from the outset.

"...Read more

REC: OTS' work is 'critical'

Posted on: 07 February 2011

x_2862_800389008_0_0_7018548_300 The work of the Office of Tax Simplification (OTS) has been hailed as crucial by one support group.

Commenting on her organisation's acceptance of an invite to join the OTS' small business committee, Gillian Econopouly, head of policy for the Recruitment and Employment Confederation...Read more

HMRC to crack down on offshore tax evasion

Posted on: 04 February 2011

x_2862_800386066_0_0_7069722_300 UK contractors have been warned of an impending crackdown on offshore tax evasion, set to be launched by HM Revenue and Customs (HMRC).

As of April 6th 2011, penalties for non-compliance will be altered to reflect the "tax transparency of the country involved".

This means...Read more

OTS roadshow highlights 'impracticability of IR35'

Posted on: 02 February 2011

x_2862_800380638_0_0_7054790_300 A series of live events held by the Office of Tax Simplification (OTS) have highlighted problems with the UK's levy system.

The organisation noted that the "impracticability" of IR35 is one of the key difficulties facing contractors and freelancers in Britain, alongside regula...Read more

Industry commentator predicts 'IR35 is here to stay'

Posted on: 20 January 2011

x_2862_800354230_0_0_7018548_300 A contracting industry commentator has predicted that the contentious IR35 legislation is here to stay.

Writing on his Contractor Calculator blog, Dave Chaplin claimed that his research indicates that "a more rigorously-policed" form of the laws will remain in force for the immedi...Read more

HMRC 'to clamp down on record keeping errors'

Posted on: 18 January 2011

x_2862_800349516_0_0_7047905_300 HM Revenue & Customs (HMRC) is planning to clamp down on small and medium-sized enterprises (SMEs) which make errors in record keeping.

Support group the Forum of Private Business (FPB) has warned SMEs to keep their administrative details in order or risk facing a potential fine of over...Read more

Sticking-plaster IR35 amendments 'will not work'

Posted on: 12 January 2011

x_2862_800337476_0_0_7054790_300 Short-term amendments to the contentious IR35 legislation will not provide a solution to the issues surrounding the law.

This is according to a ContractorCalculator guide, which claimed that slight adjustments to the rules would be an insufficient solution to the problems posed by attempts ...Read more

'Empirical testing' could replace IR35

Posted on: 11 January 2011

x_2862_800334785_0_0_7031962_300 The contentious disguised employment legislation IR35 could be replaced with empirical testing, it has been claimed.

A ContractorCalculator guide to the possible replacements for the current rules looked at what steps have been taken to resolve similar situations in other countries.
Read more

BCC approves VAT rise despite SMEs being hit hard

Posted on: 07 January 2011

x_2862_800328790_0_0_7061646_300 The British Chambers of Commerce (BCC) has expressed its approval for the recently-implemented rise in VAT.

Despite recognising that the increase will be "tough" on many companies, director general of the organisation David Frost claimed that it is preferable to the alternatives.<...Read more

Contractors issued late tax return warning

Posted on: 06 January 2011

x_2862_800326882_0_0_7069722_300 Contractors operating in the UK have been issued a warning regarding late tax returns.

HM Revenue and Customs (HMRC) has told freelancers and other self-employed individuals to beware of the fast-approaching deadline for their documents.

It noted that those who submit returns after...Read more