News Archive
Keep up to date with developments in accountancy law, good business practice and economic events. We'll feature our own news as well as articles we believe will be of interest to you. Enjoy!
Business News - February 2011
Businesses Share Common Concerns on Tax
A series of roadshows organised by the Office of Tax Simplification (OTS) has highlighted key areas of small business taxation that those affected say need to be reviewed or simplified.
SMEs Count Fraud Toll
Fraud costs small and medium-sized enterprises an average of £2,800 a year each, according to new statistics from the National Fraud Authority (NFA).
Tax Appeals May Be Worth Pursuing
Taxpayers appealing against HMRC decisions or penalties on technical issues or for late or inaccurate filing of VAT returns have a better than 50:50 chance of success, according to recent statistics.
HMRC Denies National Insurance Problem
HM Revenue & Customs (HMRC) has hit back at suggestions that more than £1.3 billion in national insurance contributions (NICs) has been lost.
Tax Experts Offer Help on Underpayment Letters
The Low Incomes Tax Reform Group (LITRG) has issued guidance on what action to take if someone receives a tax calculation letter for the 2007-08 tax year from HM Revenue and Customs (HMRC).
Employers Offered Guidance on Pension Changes
Employers are being offered extra help to get to grips with new responsibilities under workplace pensions reform.
Consultation Begins In Bid to Cut Employment Tribunals
The government has launched a new consultation on plans improve the way in which workplace disputes are resolved.
New Parental Leave Plan Unveiled
The government has announced more details of shared parental leave arrangements designed to help families balance work and life commitments.
Equitable Life compensation details revealed
The government has announced further details of the compensation to be paid to those who lost money when Equitable Life ran into trouble 10 years ago.
Banks consider making it easier to move accounts
With banks face increasing demands from politicians and regulators to improve the service provided, they are considering measures to reduce the time it takes for customers to switch their bank accounts.
Debt proves a major problem in retirement
According to the Prudential Class of 2011 study, more than a fifth of those retiring this year will still owe money on their credit cards, mortgages and bank loans.
The benefits of reinvesting dividends
In the current economic climate, it is understandable that some savers will prefer to have cash in their pocket instead of setting it aside for the future.
Business News - January 2011
Consultation under Way on PAYE Reform
HM Revenue and Customs (HMRC) is inviting employers to respond to a second phase of consultation on improving PAYE through the use of Real Time Information (RTI).
Corporation Tax ‘Vodcast’ Offers Expert Advice
HM Revenue & Customs (HMRC) has teamed up with accountancy experts to provide online advice on changes to corporation tax due in April 2011.
HMRC Joins Twitter
HMRC has begun trialling the use of Twitter, operating under the username @hmrcgovuk
Employment Rights Payments Change
Annual changes to the payments for unfair dismissal and redundancies will take effect from 1 February 2011.
Business Records Checks Consultation Focuses on SMEs
HM Revenue & Customs (HMRC) is seeking views on how best to implement a programme of Business Records Checks, designed to improve record keeping in small and medium-sized enterprises (SMEs).
European Patent Fees Reduced
Thousands of innovative UK businesses will reduce the cost of protecting their bright ideas in Europe under new arrangements.
Tax Avoidance Study Group Launched
The government has made its first appointment to a group of experts who will explore the potential for a General Anti-Avoidance Rule (GAAR) as part of the UK tax regime.
Tax Reliefs in the Spotlight
The Office of Tax Simplification (OTS) has completed a key stage in its major review of tax reliefs.
Savers benefit from increased protection limit
Savers will now receive greater compensation if they lose money when their bank or building society collapses.
Consider realising investments for maximum profit
As the FTSE 100 ended 2010 up 9 percent for the year and 68 percent up from the trough of March 2009, investors who have held their nerve through the economic turmoil will now be in a position to take profits.
Government examines the problem of pensions
The Department for Work and Pensions (DWP) is looking into improving annuity rates for individuals with pensions worth less than £5,000.
Business News - October 2010
Lamont Pridmore runner up for innovation award
Lamont Pridmore, the Cumbria-based family firm of chartered accountants, tax experts and business advisers, were runners up in the ‘Most Innovative Small to Medium Sized Firm in the UK’ category at this year’s 2020 Awards.
HMRC issues guidance on tax underpayments
HM Revenue & Customs (HMRC) has issued guidance for up to 1.4 million taxpayers who have underpaid PAYE due to incorrect tax codes.
£900M to fight tax non-compliance
Large businesses will be among those targeted in a £900 million government plan to tackle non-compliance in the tax system.
New businesses benefit from NI holiday
A new regional national insurance (NI) holiday for start-up businesses has come into effect.
CD-ROM alert for employers
HM Revenue & Customs (HMRC) has issued an alert to employers who use its Employer CD-ROM to help run their payroll systems.
Businesses get helping hand on awards
Businesses looking for opportunities to raise their profile are being given a helping hand by Business Link.
Online guidance to sale of goods act launched
The Office of Fair Trading (OFT) launched a new online resource to help businesses comply with the law when customers buy or return goods.
Comments invited on bribery act guidance
Businesses are being invited to have their say on guidance designed to help them implement legal measures designed to strengthen the UK’s stance against bribery.
Tax specialists criticise paperwork cuts
Tax experts have hit out at HM Revenue and Customs’ (HMRC) plans to stop issuing copies to tax agents of some mail sent to their clients to help cut costs.
New European financial watchdogs confirmed
The European Parliament has ratified new legislation for the creation of financial watchdogs, in an attempt to prevent future banking crises.
Greater protection for savers
Proposals which would enable savers to receive greater compensation if their banks collapsed are set to come into force from 31st December 2010, following new European legislation.
Many retirees miss out on annuity boost
With over 1,500 conditions counting towards an enhanced or impaired life annuity, the General Lifestyle Survey by Just Retirement has found that around 60 percent of those who retire when they reach 60 could qualify.
Business News - September 2010
Accountants Reward School's Business Star
A future star of the business world has been rewarded for her exam success by Kendal-based Lamont Pridmore accountants and business advisors.
Lamont Pridmore shortlisted for prestigious national award
Lamont Pridmore, the Cumbrian-based family firm of chartered accountants, is celebrating after being shortlisted for this year’s prestigious Accountancy Age Awards.
National minimum wage rates rise from 1 October
Employers are reminded that new national minimum wage rates (NMW) will come into force from 1 October.
Three-quarters of taxpayers opt for online returns
As the 31 October deadline looms for paper tax returns, new figures from HM Revenue & Customs (HMRC) reveal that growing numbers of individual taxpayers are opting for online filing.
HMRC steps up online employer information
Employers will be able to access more HM Revenue & Customs (HMRC) advice and guidance online and via downloads as HMRC works to reduce the amount of information it posts out.
Helping hand on VAT errors
HM Revenue & Customs (HMRC) has issued new guidance on correcting VAT errors.
Furnished holiday lettings rules under review
The government has launched a consultation on the tax rules for furnished holiday lettings.
IHT in the spotlight
HM Revenue & Customs (HMRC) has launched a consultation into tackling inheritance tax avoidance associated with trusts.
Tool aids businesses to build age-friendly workplaces
UK employers now have access to a free tool that allows them to assess current and future workforce needs.
Taxpayers warned of phone con
HM Revenue & Customs (HMRC) is warning taxpayers to be vigilant following reports that thieves are making phone calls pretending to be the taxman.
HMRC brings in debt collectors in 2010-11
Debt collection agencies will be used by HM Revenue & Customs (HMRC) during 2010-11 to collect an additional £140m of tax debt.
Greener cars drive up savings
Private and fleet buyers in the UK are to be offered up to £5,000 as an incentive to buy greener cars in a government scheme launching at the start of next year.
Prudential increases dividend and profits
The first set of results for Prudential since the collapse of its deal to buy Asian insurer AIA have proved to better than expected. Operating profits for the first half of 2010 rose 41 percent to £968 million.
New banking presence for the high street
Following in the footsteps of the launch of Metro Bank's first branch and the acquisition of a banking licence by Virgin Money, NBNK has raised more than £50 million through a share issue, which it will use to buy branches from existing banks.
Retirement plans change drastically amid economic uncertainty
The Conservative-Liberal Democrat coalition's plans to scrap the current default retirement age (DRA) from October 2011 will come as welcome news to those approaching retirement age, considering the continued uncertainty across all markets and the rising cost of living.
Business News - August 2010
Lamont Pridmore shortlisted for prestigious national award
Lamont Pridmore, the Cumbrian-based family firm of chartered accountants, is celebrating after being shortlisted for this year’s prestigious Accountancy Age Awards.
Lamont Pridmore tees off with golf festival sponsorship
Lamont Pridmore, the Kendal-based firm of chartered accountants, tax and business advisers, has strengthened its commitment to supporting local events by sponsoring this week’s [August 2nd-8th] Windermere Festival of Golf.
Lamont Pridmore gearing up to exhibit at Cockermouth Show
West Cumbrian-based chartered accountancy firm Lamont Pridmore is preparing to exhibit at the Cockermouth and District Agricultural Show for the second year running.
PAYE in the spotlight
PAYE could be on course for significant change following the launch of a major consultation.
HMRC under fire over income tax cases backlog
The head of the National Audit Office has criticised HM Revenue & Customs (HMRC) for failing to make enough progress in reducing a backlog of 18.2 million cases where there is potentially overpaid or underpaid income tax.
Online VAT deadline looming
Businesses need to act now if they have not already registered for online filing of VAT returns.
Tax set to be made simpler
Chancellor George Osborne has launched a new Office for Tax Simplification (OTS), with the task of identifying areas where complexities in the tax system for businesses and individuals can be reduced.
Get ready for new equality act
Time is ticking away for businesses to review their policies and practices to make sure they are in line with the new Equality Act.
Late returns grace period to end
Businesses are reminded that a seven-day grace period for late employers’ and contractors’ returns will cease from 31 March 2011.
Guide aims to make managing employee performance easier
New guidance is now available for businesses to help them manage the performance of their workforce more effectively.
Revised guidance on ‘fit and proper’ persons
New guidance on the fit and proper persons test for managers of charities has been issued.
HMRC issues new security alerts
HM Revenue & Customs has issued a new security warning over an email currently in circulation.
Coalition to remove annuity requirement
The coalition government has published a consultation paper on annuity reform, which sets out necessary changes to the tax rules in order to fulfil its Budget pledge to scrap the need to buy an annuity by the age of 75 from April 2011.
EU proposes greater protection for savers
The European Commission has issued proposals which would enable savers to receive €100,000 (£84,000) of their deposits within seven days if their banks collapsed.
Savers hit by NS&I changes
National Savings and Investments (NS&I) has dealt investors looking for the potentially higher returns of index-linked products a blow by withdrawing its saving certificates.
Business News - July 2010
Emergency Budget 2010 - 'Tough but fair' measures unveiled by Chancellor
Carlisle based firm of chartered accountants Lamont Pridmore is advising clients to pay close attention to the Emergency Budget and its implications for businesses across the UK.
Local businesses are winners with Lamont Pridmore at Cumbria Growth 2010
Cumbria-based firm of chartered accountants, tax and business advisors Lamont Pridmore have announced the winners of the prize draw they held at the Cumbria Growth 2010 event.
Lamont Pridmore welcomes new member of the team to Carlisle office
Cumbrian-based family firm of chartered accountants, tax experts and business advisors, Lamont Pridmore, has expanded its pool of highly skilled financial advisers with the recruitment of a new team member, Tracy Gibson ACA, AAT.
Lamont Pridmore to offer technologically advanced security system
Cumbria-based firm of chartered accountants and business advisors, Lamont Pridmore, is setting itself apart from the rest by offering the latest in cutting edge technology to improve the security of their clients’ personal data.
Spreading business knowledge with the Chamber of Commerce
Lamont Pridmore is set to appear at two essential business networking events, hosted by the Cumbria Chamber of Commerce this month.
EFG Loan Review Pending?
Cumbria-based firm of chartered accountants, tax and business advisors, Lamont Pridmore, have commented on a clause hidden deep in the coalition programme.
Chris is following in Dad's footsteps
Lamont Pridmore's very own Chris Lamont is doing his part to improve the progression of the profession, having recently been voted on to the committee of the prestigious Cumberland Society of Chartered Accountants.
What a relief!
Cumbria-based firm of accountants and business advisers, Lamont Pridmore, has expressed delight that the expected CGT rises won't affect business owners on the gains made when selling their business.
Lamont Pridmore celebrates the taste of Cumbria at awards ceremony
Cumbria-based firm of chartered accountants, tax and business advisors, Lamont Pridmore, sponsored ‘The Taste of Cumbria’ category at this year’s Cumbria Tourism Awards, proudly playing their part in promoting the region’s tourism industry.
Lamont Pridmore Helps to give Cumbrian Tourism a Boost
Cumbria-based firm of chartered accountants and business advisors, Lamont Pridmore, is doing its bit to celebrate the region’s tourism trade, by sponsoring an award in a prestigious awards ceremony.
Graham shares the secrets of success at conference
A local business consultant and profit-improvement coach provided accountants from across the North of England with an expert insight into how to improve their business prospects, at a recent conference.
Penalty Guidance on Late Payment of PAYE
Alistair Darling presented his third Budget on Wednesday 24 March 2010.
National Minimum Wage Rates
From October 2010, National Minimum Wage rates will increase.
Furnished Holiday Letting Reprieve
Getting the Finance Bill 2010 passed between when it was published on 1 April 2010 and the dissolution of Parliament on 12 April was always set to be a heavy load in spite of the fact that there were only 73 clauses and supporting schedules.
HMRC Offer Advice on Fraud Emails
HMRC are reminding taxpayers to be vigilant as there have been several reports of scam emails.
P11D Deadline Looming
The forms P11D, and where appropriate P9D, which report employees and directors benefits and expenses for the year ended 5 April 2010, are due for submission to HMRC by 6 July 2010.
VAT And Royal Mail Postage
Some types of postal services offered by the Royal Mail will be subject to VAT from 31 January 2011.
Online Submission Of Employers Forms
The employer’s annual returns P35 and P14 (P60) are due for submission to HMRC by 19 May 2010. Broadly all employers must submit their forms online this year. Previously those employers with less than 50 employees could file paper forms.
UK economy grows more slowly than predicted
The UK avoided a double-dip recession in the first quarter of 2010, although the recovery was weaker than expected.
Savers lose out as inflation rises
Consumer Price Inflation (CPI) rose to 3.4 percent in March, higher than the predicted increase and the Government-set target of 2 percent.
Private pensions move back into surplus
The 7,400 private sector final-salary pension schemes in the UK have moved back into surplus for the first time since June 2008.
Business News - May 2010
Graham shares the secrets of success at conference
Graham Lamont, chief executive and managing partner of Cumbria-based chartered accountancy firm, Lamont Pridmore, gave an informative presentation on the ‘secrets of success’ at the Lakes Weekend Conference at the Lakeside Hotel, Newby Bridge.
Lamont Pridmore Helps to give Cumbrian Tourism a Boost
Lamont Pridmore, is doing its bit to celebrate the region’s tourism trade, by sponsoring an award in a prestigious awards ceremony.
National Minimum Wage Rates
From October 2010, National Minimum Wage rates will increase.
Furnished Holiday Letting Reprieve
Getting the Finance Bill 2010 passed between when it was published on 1 April 2010 and the dissolution of Parliament on 12 April was always set to be a heavy load in spite of the fact that there were only 73 clauses and supporting schedules.
HMRC Offer Advice on Fraud Emails
HMRC are reminding taxpayers to be vigilant as there have been several reports of scam emails.
P11D Deadline Looming
The forms P11D, and where appropriate P9D, which report employees and directors benefits and expenses for the year ended 5 April 2010, are due for submission to HMRC by 6 July 2010.
VAT And Royal Mail Postage
Some types of postal services offered by the Royal Mail will be subject to VAT from 31 January 2011.
Online Submission Of Employers Forms
The employer’s annual returns P35 and P14 (P60) are due for submission to HMRC by 19 May 2010. Broadly all employers must submit their forms online this year. Previously those employers with less than 50 employees could file paper forms.
UK economy grows more slowly than predicted
The UK avoided a double-dip recession in the first quarter of 2010, although the recovery was weaker than expected.
Savers lose out as inflation rises
Consumer Price Inflation (CPI) rose to 3.4 percent in March, higher than the predicted increase and the Government-set target of 2 percent.
Private pensions move back into surplus
The 7,400 private sector final-salary pension schemes in the UK have moved back into surplus for the first time since June 2008.
Business News - April 2010
Budget 2010
Alistair Darling presented his third Budget on Wednesday 24 March 2010.
Annual Investment Allowance Increased
Most businesses are able to claim an Annual Investment Allowance (AIA) on the first £50,000 spent on plant and machinery. This provides immediate 100% tax relief on qualifying expenditure.
Close Company Loan Write Offs
Close companies, generally meaning family and owner managed companies, are subject to special rules in relation to loans or advances made to participators and their associates.
Entrepreneurs' Relief
The amount of an individual’s capital gains that can qualify for Entrepreneurs’ Relief are currently subject to a lifetime limit of £1 million. Gains qualifying for the relief are charged at an effective tax rate of 10% rather than the usual rate of 18%.
Inheritance Tax Nil Rate Band Frozen
As previously announced, the nil rate band for 2010/11 will be frozen at the current level of £325,000. This will now be extended to cover the tax years 2011/12 to 2014/15.
Stamp Duty Land Tax And First Time Home Buyers
At present the Stamp Duty Land Tax rate is 1% for residential property purchases where the consideration is more than £125,000 but does not exceed £250,000.
Payment of VAT
HMRC are advising businesses that from 1 April 2010 all cheque payments by post will be treated as being received by HMRC on the date when cleared funds reach HMRC's bank account. This change does not affect any cheque payments made by Bank Giro.
Employer Supported Childcare
In 2009 the government announced changes to employer supported childcare and HMRC have now issued further guidance on the changes.
National Insurance - New EU Rules
HMRC have released new guidance for employers about forthcoming changes to EU rules regarding national insurance for people moving around Europe for work. The rules apply from 1 May 2010. To read the guidance in full, please use the link below.
HMRC Will Publish Details Of 'Deliberate' Offenders
HMRC have the necessary power under existing tax law to publish the details of taxpayers where it is established that they have committed ‘deliberate’ tax offences. HMRC have confirmed that they will apply this provision for tax periods starting on or after 1 April 2010 and for offences which are committed on or after this date.
Official Rate Of Interest
From 6 April 2010 the official rate of interest applying to interest-free or low interest loans made to employees will be 4%. The current rate is 4.75%. Employees are generally liable to tax on a benefit equal to the amount of interest, calculated at the official rate, where the balance of the loan exceeds £5,000 at any point in the tax year.
Employment Rate Falls To 72.2%
The government has announced the latest employment statistics which show the number of people in employment has dropped by 54,000.
Fit Notes
Fit notes will be brought into effect from April 2010 and are a replacement for sick notes. The information that doctors will be asked to provide means that instead of giving patients a sick note saying they are too ill to work, they will be able to advise whether a person may be fit for work with some help and support, and what employers can do to assist in this process.
ISA limit set to rise further
Following a first decade of the ISA which saw just one increase in the allowances available to all savers, the government has pledged an annual increase for the duration of the next parliament.
FSA targets commission-based sales
Under the final rules of the Retail Distribution Review (RDR), which come into force on 1st January 2013, financial advisers will be paid by fees agreed between them and their clients rather than commission from product providers.
UKFI considers reducing stake in banks
UK Financial Investments (UKFI) is considering selling bonds that could be eventually exchanged for shares in Lloyds Banking Group and the Royal Bank of Scotland (RBS).
Business News - March 2010
Budget 2010 - The 'Budget for Recovery'
Workington-based firm of chartered accountants, tax and business advisers Lamont Pridmore, is advising clients to take note of this year’s budget and the provisions it has made to aid the growth of businesses across the UK.
Local accountant provides valuable advice to National firms - March 2010
Accountants from all over the UK benefited from a local firm’s expertise last week when Chris Lamont, of Cumbrian based accountants and business advisors Lamont Pridmore, gave an informative presentation on disaster recovery strategies at the Corporate Finance Network’s spring conference held in Stratford-upon-Avon.
New record for filing online tax returns - March 2010
According to HMRC statistics a record number of taxpayers filed their Self Assessment tax returns online this year.
HMRC offer advice on fraud emails - March 2010
HMRC are warning taxpayers to be vigilant as there have been several reports of scam emails offering a tax repayment. Taxpayers should not respond to any email promising a tax repayment.
Managed payment plans - March 2010
HMRC has announced that they will launch a new method of paying tax liabilities, known as Managed Payment Plans, in April 2011.
Student loan repayments- March 2010
HMRC have announced a new initiative to reduce student loan over repayments for those ex students who repay their loan through PAYE deductions.
Tax codes being issued - March 2010
HMRC have updated their guidance on the issue of multiple or incorrect PAYE tax codes to some employees following the introduction of their new National Insurance and PAYE computer system.
Vehicle scrappage - March 2010
The Vehicle Scrappage Scheme is a voluntary scheme for motor dealers under which participating dealers give buyers a £2,000 discount off the purchase price of a new car (or certain types of small van) in exchange for scrapping their old qualifying vehicle.
Scrappage scheme - February 2010
The Vehicle Scrappage Scheme is a voluntary scheme for motor dealers under which participating dealers give buyers a £2,000 discount off the purchase price of a new car (or certain types of small van) in exchange for scrapping their old qualifying vehicle.
Inflation - March 2010
Government figures released show that the inflation rate increased to 3.5% in January 2010 from the previous month’s figure of 2.9%.
Online communication to soar - March 2010
Clients can expect more regular and relevant contact from their independent financial adviser as the use of electronic communication grows over the next 12 months.
Building societies under renewed pressure - March 2010
While the last two years has seen a number of small and medium-sized building societies merge or be taken over, the remainder are facing a tough fight for survival.
Election uncertainty hits pound - March 2010
Since the beginning of 2010, the pound has fallen sharply against the dollar, dropping to its lowest level since May 2009. Sterling has also plunged against the euro, to its lowest level since last November.
Investors drive up price of farmland - March 2010
Investors' high demand for farmland, coupled with a supply shortage, caused prices to rise in the second half of 2009, following a slight dip in the previous six months.
Business News - February 2010
Budget 2010 - The 'Budget for Recovery'
Workington-based firm of chartered accountants, tax and business advisers Lamont Pridmore, is advising clients to take note of this year’s budget and the provisions it has made to aid the growth of businesses across the UK.
Local accountant provides valuable advice to National firms - March 2010
Accountants from all over the UK benefited from a local firm’s expertise last week when Chris Lamont, of Cumbrian based accountants and business advisors Lamont Pridmore, gave an informative presentation on disaster recovery strategies at the Corporate Finance Network’s spring conference held in Stratford-upon-Avon.
Taxman targets the medical profession - February 2010
High-earning professionals in the medical sector are the latest group to be targeted under HM Revenue and Customs' continuing crackdown on suspected tax evasion.
The Tax Health Plan (THP) - February 2010
HMRC have obtained information from various sources, including NHS trusts, private hospitals and medical insurers and are introducing the THP as an opportunity for medical professionals with tax to pay to get their affairs up to date with the benefit of a fixed penalty.
HMRC new scam emails - February 2010
HMRC have issued a warning about a new scam email which is being sent from ‘HMRC Online Services – test@test.com’ stating that the recipient has one new ALERT message and should log onto their Online Account to read the message.
Employment rights - statutory limits - February 2010
The limit on the amount of the compensatory award for unfair dismissal is set to decrease from 1 February 2010.
Dispensations - new online application form - February 2010
HMRC have introduced the facility to apply for dispensations online.
Tax codes being issued - February 2010
HMRC are advising employees that between January and March 2010 they will be issuing new PAYE coding for 2010/11.
Scrappage scheme - February 2010
The Vehicle Scrappage Scheme is a voluntary scheme for motor dealers under which participating dealers give buyers a £2,000 discount off the purchase price of a new car (or certain types of small van) in exchange for scrapping their old qualifying vehicle.
Using your own car for work - February 2010
HMRC have updated their guidance on using your own vehicle for work.
Tax payments - February 2010
For those making tax and national insurance payments, HMRC are reminding that their bank details changed last year.
Protecting investments from jumping inflation - February 2010
Last December, the Consumer Price Index (CPI) took the biggest leap since records began – rising to 2.9 percent – with a possible knock on effect on savings, mortgages and pensions.
Obama plans new banking regulations - February 2010
President Barack Obama has proposed sweeping reforms of the US banking system to try to prevent further financial crises.
Pre-year end planning for your investments - February 2010
With a new tax year just over two months away, this is the ideal time to ensure you are making the most of your current investments, as well as deciding on the most beneficial ones for 2010/2011.
The demise of defined benefit pension schemes - February 2010
The writing is on the wall for final salary pension schemes, with nearly nine out of ten defined benefit pensions closed to new entrants, according to a survey of more than 300 larger employers by the Association of Consulting Actuaries.
Business News - January
Extra national insurance burden ahead - January 2010
High-earning professionals in the medical sector are the latest group to be targeted under HM Revenue and Customs’ continuing crackdown on suspected tax evasion.
Special annual allowance charge – new limits for 2009/10 - January 2010
In the Pre-Budget Report last month, changes were announced to the complex rules for the Special Annual Allowance (SAA) charge which affects those with substantial income who make significant pension contributions. The current rate of the SAA charge is 20% on excess pension contributions. The aim of the charge is to discourage individuals from making significantly higher pension contributions in anticipation of the removal of higher rate tax relief which will occur in 2011.
Bank payroll tax - January 2010
In a move designed to tackle certain remuneration practices that are considered to have contributed to ‘excessive risk taking’ in the banking industry, a temporary bank payroll tax of 50% is to apply to certain bonuses regardless of how they are paid. The tax will apply to the amount of the bonus which exceeds £25,000 for any individual employee and is applicable to banks, building societies and other related financial businesses.
Changes to the advisory fuel rates from 1 December 2009 - January 2010
To reflect the increase in fuel prices, HMRC have issued new advisory fuel rates for employees driving employer provided cars. These take effect for all journeys undertaken from 1 December, so employers using the advisory rates should advise affected employees and update any expense forms as soon as possible.
HMRC warn of more scam emails - January 2010
As the New Year gets underway HMRC are reminding taxpayers to be vigilant as scam emails have been reported.
Tax relief on nursery vouchers - January 2010
Gordon Brown has revised his proposal to withdraw the income tax and NI exemption on employer provided childcare vouchers.
Cross-border VAT changes 2010 - December 2010
HMRC have issued some important guidance regarding the changes in the place of supply of services rules which take effect from 1 January 2010.
Bad weather advice - January 2010
The Institution of Occupational Safety and Health (IOSH) are warning people to be prepared for poor weather conditions when travelling. They have produced a few tips to help ensure that travel, whether it is for work or pleasure, remains safe despite the weather.
Business News - December
Intrastat thresholds - December 2009
HMRC have announced significant changes to the Intrastat thresholds. Intrastat is used to report the movement of goods within the EU over certain thresholds. Those traders with an annual intra-EU trade in goods exceeding the exemption thresholds are required to provide monthly statistical returns (Intrastat Supplementary declarations).
VAT and new year’s eve traders - December 2009
If you are going to be out celebrating on New Year’s Eve or indeed if your business will be operating over midnight, you will be glad to hear that the government has announced a relaxation of the VAT rules.
Parties for employees - December 2009
Are you planning a party for your employees? The good news is that, unlike entertaining customers, the costs of entertaining employees are generally allowable against the profits of the business.
Swine flu and SSP - December 2009
Under existing rules for Statutory Sick Pay (SSP) employees can self-certify for the first seven days of their illness and employers cannot ask for medical evidence during this period. There has been no change to this requirement.
Online filing of VAT returns - December 2009
HMRC are reminding businesses that new rules on how VAT returns are submitted and payments are made will come into force next year. Paper VAT returns will be phased out from 1 April 2010.
First aid at work - December 2009
The Health and Safety Executive are reminding businesses that the guidance for first aid at work changed from 1 October 2009.
Business rates bills - December 2009
The government has confirmed that 60% of business rates will fall next year as a result of revaluation and that it will not collect a penny more of extra revenue as a result of the 2010 revaluation, which is carried out every five years. However, rates bills for some businesses will rise significantly.
Business News - October
Carlisle accounting firm rewards top student - October 2009
A top accountancy student from The University of Cumbria , Carlisle, was rewarded for her outstanding exam results on Monday (October 12) by Lamont Pridmore Accountants.
Lamont Pridmore, have shown local business how to save over £1/2m in tax - October 2009
The firm held a free seminar for businesses on Tuesday (September 29th), which let them in on the top 50 secrets for making savings on your tax bills.
Additional paternity leave and pay - October 2009
The government has announced its intention to introduce Additional Paternity Leave and Pay for fathers of children due on or after 3 April 2011.
National minimum wage increases - October 2009
The adult rate of the National Minimum Wage (NMW) increases to £5.80 (£5.73) an hour from 1 October 2009. This is payable to those age 22 and over.
Pay for apprentices - October 2009
From 1 August 2009 the minimum wage for apprentices increased from £80 to £95 per week.
Online filing of corporation tax returns - October 2009
HMRC have written to half a million companies and their tax agents, to advise them of important changes to Corporation Tax (CT) return filing.
Online filing of VAT returns - October 2009
HMRC are advising businesses that new rules on how VAT returns are submitted and payments are made will come into force next year. Paper VAT returns will be phased out from 1 April 2010.
Liechtenstein disclosure facility - October 2009
HMRC have announced details of the Liechtenstein Disclosure Facility (LDF) which has been introduced to support the reviews to be carried out by the Financial Intermediaries in Liechtenstein to identify those who may have liability to UK tax.
New UK border agency controls - October 2009
The government has announced new measures which should enable resident workers to have every opportunity to fill vacancies before they are offered to workers abroad.
HMRC warn of more scam emails - October 2009
HMRC have updated their guidance on scam emails as they are aware that a large number of individuals are receiving emails offering tax rebates.
Business News - September
Lamont Pridmore to show businesses 50 ways of saving tax - September 2009
Lamont Pridmore are helping local firms ease their cash flow by showing them how to save tax.
The firm is holding a series of free seminars for businesses, which promises to let you in on the top 50 secrets for making savings on your tax bills.
New disclosure opportunity - September 2009
HMRC have provided more details of the New Disclosure Opportunity (NDO) which is due to take place from 1 September 2009 to 12 March 2010. The NDO is for people with unpaid tax connected to offshore accounts and assets and will give the taxpayers one final opportunity to disclose.
Increase in pay for apprentices - September 2009
From 1 August 2009 the national minimum wage (NMW) for apprentices increased from £80 to £95 per week.
‘False Self-Employment’ in the construction industry - September 2009
The government has been looking at the best way to address the issue of what they believe is ‘false self-employment’ in the construction industry.
HMRC warn of more scam emails - September 2009
HMRC have updated their guidance on scam emails as they are aware that a large number of individuals are receiving emails offering tax rebates.
‘Paper’ tax return deadline looming - September 2009
For those wishing to complete paper self assessment tax returns, the filing deadline of 31 October 2009 is fast approaching.
VAT Increase to 17.5% - September 2009
HMRC have issued guidance for businesses dealing with the increase in the standard rate of VAT from 15% to 17.5%.
Pension changes ahead - September 2009
Under provisions contained in the Pensions Act 2008 employee pension enrolment and employer contributions are to be made compulsory.
Redundancy pay - September 2009
The weekly maximum pay which can be taken into account when calculating statutory redundancy pay is set to increase from 1 October 2009.
Cross-border VAT changes 2010 - September 2009
HMRC have issued important updates in advance of the changes in the place of supply of services rules which take effect from 1 January 2010.
Business News - August
Rise in prosecutions for employing illegal workers - August 2009
Businesses are being warned to undertake more rigorous checks into applicants’ backgrounds as the number of prosecutions for employing illegal workers increased over 500%, according to Giant Precision a business process outsourcer.
Are you complying with the national minimum wage rules? - August 2009
HMRC are reminding employers that since the beginning of the current tax year automatic penalties have been introduced for those who do not comply with the National Minimum Wage (NMW) Regulations.
Business payment support services - August 2009
According to government figures, as at the end of April 2009, over 116,000 businesses have agreed time to pay tax arrangements with HMRC to the value of two billion pounds.
Redundancy alternative - August 2009
The Confederation of British Industry (CBI) has made a proposal for an 'Alternative to Redundancy' (ATR) scheme which could be introduced as part of a package of measures to reduce job losses.
Starting a new business - August 2009
HMRC have amended the form CWF1 which is completed by those individuals who have set up a new business either as a sole trader or as a partner in a partnership.
HSE warning not to be misled over new law poster - August 2009
The Health and Safety Executive (HSE) is warning businesses not to be misled into buying unnecessary and expensive copies of the health and safety law poster.
Swine flu advice for businesses - August 2009
The UK has moved from the 'containment' to the 'treatment' phase of swine flu (H1N1) as the number of people catching swine flu continues to rise.
Scrappage incentive scheme successful - August 2009
According to the Society of Motor Manufacturers and Traders (SMMT) 29,796 vehicles have been registered under the scrappage scheme since it started on 18 May 2009.
Pension payments - August 2009
Pension contributions made by an individual are usually paid net of basic rate tax. Where the individual is a higher rate taxpayer further relief is due which significantly reduces the net cost of the contribution.
Business News - July
Advisory fuel rates - July 2009
To reflect the changes in fuel prices, HMRC have issued new advisory fuel rates for employees driving employer provided cars.
HMRC new disclosure opportunity - July 2009
HMRC have announced some details of the New Disclosure Opportunity (NDO) which is due to take place this autumn. In order to encourage taxpayers to disclose an undeclared offshore account the penalty level has been set at 10%. HMRC hope that the low penalty will encourage taxpayers to come forward.
HMRC PAYE services interruption - July 2009
HMRC are advising taxpayers and employers that, as part of its ongoing plans “to improve customer service and efficiency”, they are in the process of changing the way they process PAYE records.
Employees accrue holiday pay while on sick leave - July 2009
The House of Lords has ruled in the case of Stringer v HMRC that workers who are refused holiday pay while on sick leave can make a claim to an employment tribunal for an unauthorised deduction from wages (under the Employment Rights Act 1996).
Extra paternity leave put on hold - July 2009
Proposals to introduce six months’ paid paternity leave for new fathers have been put on hold by the government in the light of the current economic climate.
HMRC warn of fraudulent email - July 2009
HMRC are warning that an email is currently being sent to some taxpayers advising them that HMRC have “approved them to receive monies”. Apparently the email states that this is as a result of an HMRC program on 15 June 2009. HMRC are advising that this is not a genuine email and taxpayers should not act on it.
Digital Britain - July 2009
The government has published its report Digital Britain which sets out the government’s plans for the UK to be at the forefront of the global digital economy.
Corporation tax return guide - July 2009
HMRC have published revised guidance on the completion of the corporation tax return form CT600.
Please do get in touch if you would like any help in this area.
One in five businesses admit data protection breaches - July 2009
A survey of over 500 SMEs carried out by the British Standards Institution (BSI) has found that nearly one in five businesses has unwittingly breached the Data Protection Act (DPA) at least once.
TAX credits renewal deadline - July 2009
Tax credits are state benefits which are generally available to lower income families. However, entitlement to the credits is significantly increased where individuals pay for childcare or suffer a drop in normal levels of income perhaps due to incurring trading losses or redundancy.
Business News - May
Personal tax changes - May 2009
The Chancellor has not only brought forward proposals which were to take place in 2011, he has also made changes to his original announcements.
Restricted tax relief on pension contributions - May 2009
Pension contributions made by an individual are usually paid net of basic rate tax. Where the individual is a higher rate taxpayer further relief is due which significantly reduces the net cost of the contribution.
Enhanced relief for trading losses - May 2009
Under current rules businesses already have a number of mechanisms to relieve trading losses against other income including past trading profits.
Capital allowances on plant and machinery - May 2009
Additional capital allowances are to be available for expenditure incurred by a business in the 12 month period (starting 1 April 2009 for companies and 6 April 2009 for individuals and partnerships).
Standard rate VAT - May 2009
The standard rate of VAT was reduced from 17.5% to 15% for the 13 month period 1 December 2008 to 31 December 2009. HMRC have confirmed that the standard rate of VAT will revert to 17.5% from 1 January 2010.
VAT system for cross-border trading - May 2009
A package of measures is being introduced to simplify and modernise the VAT system for cross-border trading and to counter fraud across the EU.
Bradford & Bingley position of former shareholders - May 2009
As you are no doubt aware, shares in Bradford & Bingley plc were taken into public ownership last year. HMRC have issued guidance relevant to former shareholders and employees who were members of employee share schemes.
Change of HMRC bank account details - May 2009
HMRC bank account details for paying self employed Class 2 and voluntary Class 3 National Insurance Contributions have changed. HMRC have advised that individuals will need to use the new account details when making a payment.
Businesses given more time to pay business rates - May 2009
Alistair Darling made a late change to the impact of business rate rises which were due to take effect in England from 1 April 2009.
