Against a background of rising inflation, considerable public debt and borrowing requirements, George Osborne has stepped up to the plate today to confirm his changes to the UK tax system. Prior to the event we were advised that he would be confirming significant increases to personal allowances, taking steps to help with rising petrol prices and perhaps simplifying the tax system, in particular a possible merger of National Insurance and… Continue reading

Businesses are to see corporation tax slashed to 23% as the Chancellor pledged to make Britain more attractive and stop international firms quitting the UK.

The tax rate will be cut in April by two percentage points from its current 28%, rather than the 1% reduction previously announced, and will fall by 1% in each of the next three years.

The reduction will be offset by a… Continue reading

By Brian Milligan
Business reporter, BBC News

The average loss to

Paper VAT returns – time is nearly up!
Many businesses are sending VAT returns and payments by post even though it should be done electronically. What does the Taxman intend to do about this?
Failure stats. Recent official statistics show that around one-third of all businesses are still sending in their VAT returns on paper, despite the change in the rules in April 2010 which requires them to be submitted… Continue reading

PAYE – do it online or else!
From April many PAYE documents must be sent to the Taxman electronically. If you don’t do this, you’ll be fined. What’s the full story?
End of year forms. The deadline for submitting your 2010/11 end of year PAYE return Forms P35 and P14 is May 19. There’s no automatic extension to this deadline as there has been in past years. What’s more, you’ll… Continue reading

Compulsory online filing with Companies House
by Tax Faculty Team on 23.11.2010 18:33 0 comments 594 views
Topics: Company tax, E-filing
Online filing with Companies House to be made compulsory by 2013

Companies House (CH) has announced today that it intends to make online filing compulsory after all. Until now, it has always maintained that it had no plans to do away with the paper filing option… Continue reading

Choosing and using an accountant

Unless you happen to be an expert on accounting, tax and finance, you need an accountant.
An accountant should always be able to save a start-up business more in time and money than the cost of accountancy fees.
If you have not yet set up your business, talk to an accountant before you start.
This briefing explains:
1. What an accountant can do for… Continue reading

Work and Pensions secretary Iain Duncan Smith has announced that he intends to support those who have been unemployed for over six months by giving them financial backing should they wish to start up their own business – and there’s no reason why that can’t include setting up as a contractor under your own limited company! The latest proposals will… Continue reading