Drop tax-free limit on workplace financial advice

The Government should look at lifting the £150 tax-free limit on independent financial advice paid for by employers. The call has come from the Association of Consulting Actuaries (ACA) as part of its submission to the Workplace Retirement Income Commission chaired by Lord McFall. The ACA argued that doing so would encourage more employers to …

IR35 needs greater focus

Uncovering the few real cases of disguised employment should be the new focus of HM Revenue and Customs (HMRC) when it comes to applying IR35 rules. That is the view of Jeff Brooks, chair of the technology group at the Recruitment and Employment Confederation (REC). The #REC is one of the groups invited to join …

Lending charges hamstringing small firms

The cost of loans imposed by banks is hindering the ability of small firms to drive economic recovery, it has been claimed. Recent figures published by the Bank of England showed that some small firms are paying double the amount charged their larger counterparts for loans. The Federation of Small Businesses (#FSB) argued that the …

Sickness absence shows a decline

Employees are taking fewer sick days according to new research. The Health Sickness Absence survey 2011, carried out by the EEF, the manufacturing employers' group, found that from 2007 to 2010 there has been a steady fall in sickness absence. In 2007, the average employee took 6.7 days in sick leave. In 2010, that figure …

Economy faces moderate growth

The UK economy is set for another year or so of modest growth, it has been predicted. In its latest quarterly economic review, the National Institute of Economic and Social Research (NIESR) has forecast that British GDP will expand by just 1.4 per cent in 2011. That is 0.3 per cent less optimistic than the …

HMRC offers concession on tax error interest payments

Taxpayers who owe HM Revenue and Customs (HMRC) more than £2,000 as a result of PAYE coding errors will not be charged interest on the sums. People who request extra time to pay because of the size of the amounts that have been underpaid will see any interest charges that otherwise would have arisen waived, …

New business regulations to come into effect

Each year, the government introduces regulatory changes affecting businesses on two common commencement dates. These dates are 6 April and 1 October. There are a number of changes that will be implemented on 1 October 2010. What follows is a summary, but not an exhaustive list, of some of the other important new regulations with …

Pre-Budget Report to be ‘dropped’

The government is likely to axe this year's pre-Budget Report, according to press reports. The Financial Times has suggested that the PBR will be replaced with a shorter statement to be delivered in November or December once the Office for Budget Responsibility has finalised its economic forecast. The statement may be accompanied by some consultation …

PAYE errors mean billions in under and overpaid tax

PAYE errors mean billions in under- and overpaid tax As many as six million people may have paid incorrect amounts of tax and national insurance through the PAYE system. According to figures from the Treasury, some £2 billion has been underpaid due to errors in the way that HM Revenue and Customs' PAYE calculation system …

Local heroes

Small business leaders elevated entrepreneurship to almost heroic proportions through the dedication and sacrifice they made to keep their businesses afloat during 2009.  According to a recent report by Hiscox:  One in five SME bosses invested on average £17,000 of their own savings in their business last year Over a third cut their own salaries …