In a move to encourage the use of company cars that are environmentally friendly, the Treasury has announced that the tax that is charged on vehicles will be increased from 2014, although this will only apply to cars which produce a specified level of carbon dioxide. The move is expected to raise revenue of £120 million by the year 2015. By 2016 it is expected to raise £375 million. (more…)
Aardman animations to receive tax breaks
Aardman are among those in the video game and TV production industry who will receive tax breaks to encourage companies to remain within the UK. Aardman had previously considered moving their company overseas as UK taxes continued to rise. Just before the new Aardman film premiered, the Chancellor announced tax reliefs similar to those in the film industry. (more…)
Conservative MP accuses Google of not paying tax
The Tory MP for Dover, Charlie Elphicke, has recently made statements that Google hasn’t paid any tax, despite making millions of pounds. While speaking to MPs, he said that although Google had revenue of £2.15 billion during the year 2010, with profit of £700 million, no tax had been paid. (more…)
Concerns for cash accounting
A number of concerns have been raised concerning the Chancellor’s announcement that cash accounting was to be introduced for small businesses. George Osbourne has suggested that cash accounting for small businesses which aren’t incorporated may help the companies calculate their tax bills. However, a number of issues have been raised, suggesting that the promise of cash accounting may not deliver all it promises. (more…)
Cash only retailers losing valuable business
A recent report revealed that retailers who only accept cash payments are losing valuable business. The report shows that the average amount of money which is carried by the majority of people is £20, although the average amount spent at small retailers using credit and debit cards amounts to £64. The survey was conducted using the data of card payments for more than 40,000 businesses. (more…)
P35 return reminders to be issued closer to deadline
HM Revenue & Customs are to issue reminders to employers who have missed the deadline for filing their employer annual returns much sooner than previously. The change will take place to avoid the accumulation of penalty charges as a result of missing the deadline. (more…)
Small businesses and entrepreneurs welcome 2012 Budget
The Budget, which was announced by the Chancellor on Wednesday 21st March 2012, has been welcomed by entrepreneurs and small businesses. The focus of the Budget appeared to be growth and encouraging investment in the economy. George Osborne announced that the rate of Corporation Tax would be gradually reduced by one percent each year until 2014, reaching 22 percent. (more…)
Businesses not prepared for RTI
As the launch of Real Time Information draws near, research from KPMG reveals employers are not prepared for the new system, leaving planning to the very last minute. According to KPMG, businesses should be planning the changes required to cope with the new system. Real Time Information has been introduced by HM Revenue & Customs to bring taxation into the 21st century, ensuring accuracy of tax bills as employers submit information each time an employee or pensioner is paid. However, together with the gradual introduction of pension auto enrolment, KPMG fears that a number of businesses are leaving preparations too late. (more…)
One Direction company directors receive tax advice
Members of boy band One Direction have been advised to become company directors in order to minimise their tax bill, according to a source speaking to The Sun newspaper. The group were formed by X Factor, finishing third in the seventh series of the show. One Direction’s debut single ‘What Makes You Beautiful’ was released in September 2011, shooting to the number one spot in the charts. (more…)
Farmer’s union calls for tax breaks
The National Farmer’s Union Scotland has called for tax breaks to encourage new agricultural businesses to rent land from landowners. In the Budget submission to the Chancellor, George Osborne, the NFU Scotland provided proposals for a scheme which would give an allowance to landowners that would be deductible from their rental income, minimising tax bills. (more…)
