An organisation representing small businesses has warned entrepreneurs to fully update HM Revenue & Customs (HMRC) about any changes to their operations, following a report that one firm is facing a £10,000 fine for not telling HMRC it had changed its name. The Forum of Private Business revealed on 9 August that the firm, which… Read more…

New research has shown that more than a third of UK small or medium enterprises (SMEs) could be putting their business at risk by failing to insure their key staff. The latest RSM Tenon Business Barometer, a quarterly survey carried out by YouGov amongst senior management in SMEs, found that 42 per cent had failed… Read more…

HM Revenue & Customs (HMRC) has recently launched another amnesty to people who sell door-to-door, either householders or businesses and is giving them until 28 February next year to pay any outstanding tax bills, in return for which, he or she will face lower penalties for having come forward. The amnesty is open to all… Read more…

Businesses could slash their tax bills by up to £2 billion by using self-employed contractors, according to professional advice website unbiased.co.uk In its Small Business Tax Action Report, published on 1 August, unbiased.co.uk highlighted the tax benefits to small and medium-sized enterprises (SMEs) of using freelance workers but warned they needed to be careful to… Read more…

Salhan Accountants is advising anyone worth more than £1 million to ensure that their tax affairs are in order after HM Revenue and Customs (HMRC) announced a fresh crackdown on tax avoidance among high net worth individuals. Under new plans unveiled by Treasury Chief Secretary Danny Alexander, around 200,000 more people will be targeted by… Read more…

One-third of small businesses are not aware of Real Time Information (RTI) and how it will affect their PAYE systems, according to new research. Business software specialist Sage surveyed 1,100 UK SMEs and found that 64 per cent were aware of the changes that will come into effect in April 2013. However, only one in… Read more…

Tax specialists have welcomed the launch of a government consultation on a general anti-abuse rule (GAAR) but said that work was still needed on the proposals. The government launched a consultation on the proposed GAAR on 12 June, which would apply to the main direct taxes and to national insurance and stamp duty land tax.… Read more…

HM Revenue & Customs (HMRC) has said that it expects to recover more than £30 million following the launch of new taskforces across the UK to carry out tax investigations in certain business sectors and areas. The HMRC taskforces are specialist teams that undertake intensive bursts of tax investigation activity in specific high risk trade… Read more…

The payroll professionals’ industry body has showcased the new system for reporting employee’s pay and tax details that will affect all businesses next year. Exchequer Secretary David Gauke visited the Solihull offices of the Chartered Institute of Payroll Professionals (CIPP) on 18 July  see its payroll department send its first Real Time Information (RTI) submission.… Read more…

Acas and the Equality Human Rights Commission have published a new guide to help employers understand the rights of women who are pregnant or on maternity leave when facing redundancy. Employers and employees seeking advice on pregnancy or maternity and redundancy issues make more than 15,000 calls a year to the Acas helpline. Unfair dismissal… Read more…