The government has reinforced its commitment to closing the “tax gap” as new figures revealed it had shrunk on last year’s figures. Data released by HM Revenue and Customs (HMRC) on 18 October estimated the tax gap for 2010/11 at £32 billion, or 6.7 per cent of tax due, compared to 7.1 per cent in… Read more…

The government’s business information website has been replaced by a new site, designed to make it quicker and easier for internet users to interact with the government online. The Gov.uk site at www.gov.uk, which replaced Business Link and Directgov on 17 October, provides information on wide-ranging aspects of running a business in the UK, including:… Read more…

A new service will provide practical support for UK businesses to export to high growth markets in South East Asia. The Headstart initiative, which was launched on 18 October, will help small and medium-sized businesses seeking to export to these markets for the first time, offering: access to local business networks introductions to already established… Read more…

Compliance investigations into small and medium sized enterprises (SMEs) by HM Revenue & Customs jumped 39 per cent in the last year, according to new research. According to the data, published on 20 October, investigations into SMEs netted HMRC £434 million in extra tax and fines – on top of tax already paid by the… Read more…

Business people on modest incomes are under threat from the government’s proposed cap on income tax relief, tax specialists have warned. The limit of the higher of 25 per cent of income or £50,000 – set to take effect from April next year – is aimed at high earners but will also hit those in… Read more…

More than half a million people will be saving in a workplace pension for the first time by Christmas, according to new government figures. From October 2012, starting with the largest employers, the automatic enrolment initiative means that bosses will be required by law to pay into a workplace pension for all eligible staff who… Read more…

HM Revenue & Customs has amended the advisory fuel rates for company cars with effect from 1 September 2012. The rates – HMRC’s guidelines for fuel mileage rates for company cars – apply to all journeys made on or after 1 September, until further notice For one month from the date of change, employers may… Read more…

The first cash from the government £82.5 million Start-Up Loans scheme is now being distributed to young entrepreneurs, with the aim of helping to launch up to 30,000 new companies. Start-Up Loans will provide budding entrepreneurs between the ages of 18-24 with a range of support, including access to a business mentor and capital, in… Read more…

Tax investigations are set to become more likely as the government signalled its intention to continue its drive to close the “tax gap”. Figures released by HM Revenue and Customs (HMRC) on 18 October estimated the tax gap for 2010/11 at £32 billion, or 6.7 per cent of tax due, compared to 7.1 per cent… Read more…

Small and medium-sized firms are being invited by HM Revenue and Customs (HMRC) to sign up to receive regular emails giving help and support. The new service, launched by HMRC on 27 September, is aimed at small and medium-sized enterprises (SMEs) and particularly where those involved in the SME are new to business, setting up… Read more…