Calls for a competitive UK tax system have been put forward by the Confederation of British Industry (CBI).
John Cridland, its Director-General, launched Tax and British Business: Making the Case, which pushes for a low-tax system. Currently businesses pay roughly a quarter of the UK...
Lorraine Owens discusses the necessary steps following the end of the tax year.
The end of the tax year has been and gone again. You are by now, I hope, deeply involved in analysing your records and collating the information required to determine whether or not you need to organise P11Ds for any of your employees. I have heard, on many occasions, employers say “we do...
Employers want more clarity over proposed tax breaks for group healthcare plans outlined in the Sickness Absence Review (SAR), according to Jelf Employee Benefits.
The SAR suggests that incentives should be aimed at workers. However, findings from the benefits provider show...
The announcement by HM Revenue & Customs (HMRC) that it plans to shut down its IT systems for almost a week during a critical time in the tax calendar has come under fire.
The Forum of Private Business has criticised HMRC for scheduling major upgrade work to its networks – including...
The Government is continuing with its focus of reducing the deficit by announcing a range of tax reforms.
After weeks of speculation, George Osborne has confirmed that the 50p additional tax rate will fall to 45p from April 2013. He also declared that the personal tax allowance will...
The tax advantages for employee share schemes have been scrutinised by the Office of Tax Simplification (OTS).
The report has proposed several changes to reduce the burden on employers and their staff. In particular, it reviewed the approvals process and has proposed abolishing it....
Linda Pullan outlines the implications of the Budget for the payroll and employee benefits industry.
Chancellor George Osborne delivered his second Budget on 21 March 2012. Although it contained several items affecting payroll and employee benefits, the main proposals are from 2013/14 and beyond (subject to Parliamentary approval).
There is one particular exception, however –...
As we move into the new tax year, before period 1’s payment can be processed you need to check that your payroll software does not require you to process tax year end first. Some packages require the user to copy 2011/12 files onto another machine until you are ready to process tax year end...
Lorraine Owens considers changes to determining the self-employed and smartphones.
This tax update is about two recent changes which, I fear for some of you, will be advising of solutions to problems you never knew you had.
Categorisation of Earners’ Regulations
The first change relates to the recent HM Revenue & Customs (HMRC) announcement that the...
Q We have realised we made a mistake in the P14 information we submitted to HM Revenue & Customs (HMRC) as part of our end-of-year return. How do we go about putting things right?
A You can send HMRC an amended return. This can be done electronically using the free HMRC Online...
Tax reforms, support for growth and reward for work formed the centre of George Osborne’s 2012 Budget.
The Chancellor of the Exchequer has announced a continuation of his deficit reduction programme, by taking from the rich and giving to the poor in what has been dubbed...
Nick Clegg wants to target millionaires, who he believes are using tax loopholes to pay fewer levies than basic rate taxpayers.
The Deputy Prime Minister is calling for a “tycoon tax” to be introduced to ensure that the rich pay a minimum amount on their annual...
The levy on state pensions should be lifted, saving pensioners around £1,000 a year in Income Tax, according to the Office of Tax Simplification (OTS).
Tax advisers for the Treasury said that the current rules for those in retirement are confusing and many feel that the...
The additional rate tax band is damaging the economy and is counter productive, according to more than 500 business owners.
George Osborne has been warned of the dangers of the 50p levy, ahead of this month’s Budget announcement.
Niraj Vyas, UK Financial...
In the weeks leading up to 5 April, you will be processing your last payrolls of the tax year. Tony Joannou-Coetzee offers advice on how to fully prepare for year end.
As the dark winter months draw to an end, payroll professionals know when spring has arrived because the season coincides with a particular busy period for the industry: tax year end. Each 5th of April signifies the end of one tax year and the following day heralds the start of the next. It...
