Articles

A review to examine if  Government will need to intervene to help small and medium businesses access growth capital will be led by venture capital expert Christopher Rowlands. The Growth Capital Review is the first measure to be taken forward from the Government's 'New Industry, New Jobs' strategic plan for Britain's recovery. The plan focuses on the resources businesses need to prepare for the...

The Professional Contractors Group has discovered that IR35 tax regulation has raised a mere £9.2m for the Government since it was introduced in 2002. Following a request under the Freedom of Information Act to HMRC, asking just how much tax revenue IR35 raises for the exchequer, PCG was told that between tax years 2002/03 and 2007/08, IR35 directly raised just £9.2 million. This equates to an...

i) Second Offshore Tax Amnesty HMRC has announced a second offshore tax amnesty for holders of overseas bank accounts. It will be referred to as the New Disclosure Opportunity and will close March 2010. ii) Text messages from HMRC HMRC is currently exploring new ways of making contact with taxpayers.  This includes HMRC leaving an automated voicemail or sending a text message.  Both of these...

A consultation document about how the Temporary(Agency) Workers Directive should be turned into UK law, has been launched by Lord Mandleson’s  newly expanded Department for Business, Innovation and Skills. This is a preliminary consultation which closes on 31 July and JSA is in the process of making vigorous representations on behalf of contractors. Of particular concern is the proposal that...

Business confidence in the UK rose for a third consecutive month in May to its highest level in nearly a year, according to the latest Lloyds TSB Business Barometer. The survey of more than 200 firms found that 44% expect their business activity to increase during the next 12 months, compared with 35% who stated this in April. Only 16% of respondents expect business activity to decrease, down...

HM Revenue & Customs (HMRC) has issued an important reminder to tax credits claimants - make sure you renew your claim by 31 July, otherwise your payments could stop. If you're claiming tax credits, you should have received a renewal pack by now, containing details of your 2008/09 award. You need to check this, and let HMRC know of any changes in your circumstances, such as your working hours...

The UK's smallest businesses – which make up the majority of the workforce – must be given their own Small Business Sector Skills Council that will focus on the needs of micro-firms, according to the Federation of Small Businesses (FSB). Micro-firms, with fewer than five employees, are currently being excluded from Government-run training schemes, and are struggling to take advantage of the...

In exchange for scrapping your old vehicle and buying a new one the Government and most car manufacturers will now contribute a total of £2, 000 towards the purchase of a new vehicle. The scheme is now available to the first 300, 000 eligible claimants or until 28 February 2010, whichever is sooner. To qualify the vehicle you are trading in must: • Be a car or small van weighing up to 3, 500...

1 July 2009 - Due date for corporation tax due for the year ended 30 September 2008. 6 July 2009 - Complete and submit forms P11D return of benefits and expenses and P11D (b) return of Class 1A NICs. 6 July 2009 - Deadline for submission of new Tax Credit application for 2009-2010, if you want to secure a full year’s claim. 19 July 2009 - Pay Class 1A NICs (by the 22 July 2009 if paid...

HM Revenue & Customs is to spend nearly £1 billion on enforcement and compliance this year to cut tax avoidance and evasion by £2.4 billion. This was revealed in HMRC’s recently published Business Plan 2009-2010 which shows for the first time that 24% of the Revenue’s £4bn budget will go on ‘enforcement and compliance’. What does this mean for contractors? Well for a start the HMRC’s chief...