Much has been written about the new HMRC compliance powers, which were developed to provide a more flexible targeted approach to checking tax returns. (more…)
Posts Tagged ‘HMRC’
HMRC New Compliance powers
Sunday, January 10th, 2010Tags: HMRC, Personal tax returns
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New Tax penalties for 2010
Saturday, January 9th, 2010There are a number of new penalty regimes coming into force, and for business owners and private taxpayers alike the new message from the tax authority is, ‘Take care to avoid a penalty.’ While penalties for inaccurate returns started in 2009, the regime is extended in 2010 to all taxes and duties, and some other tax obligations such as registration for VAT. (more…)
Tags: HMRC, tax relief, UK Corporation Tax, UK VAT
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Pre-Budget Report 2009
Thursday, December 10th, 2009Your guide to the Chancellor’s Statement I 9th December 2009
Alistair Darling’s announcements include unexpected tax increases
In his final Pre-Budget Report before the next General Election, Alistair Darling faced the twin dilemmas of a soaring public finance deficit and a recession-driven reduction in Government income. While conceding that the economy in 2009 had shrunk by more than previously forecast, the Chancellor stuck to his predictions for a modest return to growth in 2010.
The Chancellor also outlined Government ambitions to reduce the budget deficit by half within four years. Some spending cuts were put forward, including a planned public sector pay settlement cap. As for boosting Government income, VAT returns to a standard rate of 17.5 per cent (though no higher as some feared) and there is to be a further increase of 0.5 per cent in employers’ and employees’ national insurance contributions as from April 2011. Time will tell whether Mr Darling’s final Pre-Budget Report speeds the slow economic recovery. (more…)
Tags: Gordon Brown, HMRC, Income tax allowances, Inheritance Tax, National Insurance Contributions, Pensions, tax credits, tax relief, UK Corporation Tax, UK VAT
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Credit Management
Tuesday, December 8th, 2009Good credit management is always crucial to the profitability of your business, but during an economic downturn, it can become a matter of life or death.
With traditional sources of credit tightening, businesses are currently forced to manage their cash as effectively as possible. But if customers delay or default on payments the flow of cash becomes tighter and the very survival of the business is threatened.
Currently three fifths of UK businesses are experiencing cash-flow problems due to late payments and defaults.
What can you do to make sure payments are made on time and in full?
How effective is your credit management?
Many problems of late payment and bad debt can be avoided by making sound arrangements at the beginning of a trading relationship. How many of the following can you answer ‘Yes’ to?
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Tags: Bank account, Companies House, HMRC
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