Monthly Archives: July 2013

The shifting of the PAYE system to Real Time Information (RTI) is well underway, with nearly 1.4 million employers now reporting their employee PAYE information to HMRC before, or on, the date that payments are made. This translates to 83 per cent of small and medium sized enterprises (SMEs). However, SMEs have been granted some leniency by HMRC as they Continue Reading

One in five small businesses feels optimistic about growth and expansion following the Government's announcement to introduce a £2,000 allowance towards employer National Insurance contributions (NICs), research by Direct Line for Businesses has found. A third of businesses also plan to recruit additional staff to take advantage of the reduced cost of employment once the Employment Allowance scheme is introduced. Continue Reading

HM Revenue & Customs is clamping down on late VAT returns. About 50,000 traders fail to make their returns on time. Such traders are liable for interest and surcharges in addition to the tax due. In this new clampdown, late-paying traders will be assessed for an amount of VAT while the return is outstanding. HM Revenue & Customs intend to Continue Reading

HMRC’s Connect software system provides data to underpin efforts to tackle tax fraud. It cost a mighty £45m to install in 2009 and by 2011 it had contributed to the assessment of £1.4bn in additional tax revenues. Connect is purported to have more data at its disposal than the British Library. It is not restricted to taxpayers’ details held in Continue Reading