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Businesses should be aware that HMRC polices the National Minimum Wage (NMW) legislation. Not only do they fine employers who breach the regulations, they also enforce the payment of underpaid wages to staff. HMRC have recently released figured confirming that 26,000 workers were paid less than the minimum wage. • 708 employers had been fined with charges of up to £5,000, Continue Reading

In a previously unreported settlement with the UK Government, Vodaphone appears to have made a large payment to HMRC. The additional taxes related to the tax returns of an Irish subsidiary. Although the overall amount settled was not disclosed Vodaphone were required to reclaim approximately £57m from the Irish Government in tax that should have been paid in the UK. Continue Reading

The period April – June 2013 has seen positive economic growth for the second quarter. The economy expanded by 0.7%. Hopes of rebalancing the economy towards trade and investment were given a boost by an impressive 3.6% increase in exports in the same period. However, the good news may too good for the Bank of England. It has pledged to Continue Reading

HMRC closed their consultation on the proposed changes to the taxation of partnerships and LLPs on 9th August. Any subsequent changes will be introduced in the Finance Bill 2014, and be effective from 6 April 2014. Two possible changes are worth highlighting. 1. Disguised employment HMRC aim to create a new concept for LLPs, a salaried member. They believe that the Continue Reading