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Payroll and RTI: a basic explanation

As of April 6th 2013, all employers must report Pay As You Earn (PAYE) in real time, instead of submitting details at the end of each tax year, which runs from April 6th to April 5th. Every time a worker is paid by their employer, the details have to be provided to HMRC using payroll software. (more…)

Tax increase to promote eco-friendly company cars

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…)

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…)

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…)

BPF call for empty rates tax relief

Calls are being made by the British Property Federation to the Chancellor for the reinstatement of tax relief for vacant properties. Until 1st April 2008, the landlords of empty business properties either didn’t pay business rates, or paid them at a reduced rate. (more…)

FPB calls for simplification of UK tax in the Budget

With the Budget announcement due on 21st March 2012, the Forum of Private Business has called for the tax system to be simplified in order to support UK small businesses. Research carried out by the Tax and Budget Panel indicates that small businesses would like a major overhaul of the UK tax system. (more…)

UK taxpayers guilty of overpayment

According to new figures revealed recently, UK taxpayers will pay more tax than is due in 2012.

The recent statistics, revealed in a report by (more…)

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