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Browsing archive: 2010 - All Articles
New pension tax relief plans receive qualified support
Government plans to simplify pensions tax relief have won qualified backing from the Chartered Institute of Taxation (CIOT). The plans to change the way that pension contributions are treated for tax purposes are currently out for consultation. The Treasury is proposing that each taxpayer's annual pension allowance, the amount by which pension funds can grow tax free, should be reduced from the current £255,000 a year to between £30,000 and £45,000. The
Last updated: 2:46 Friday, 3rd Sep 2010 | Read Article
Small businesses urged to comply with the law on pay
Smaller firms are being encouraged to examine their pay systems to make sure they are not breaching the law on equal pay. It is forty years since the Equal Pay Act was introduced, but, on average, women are still paid 16.4 per cent less than their male counterparts. The gap in gender pay stands at 21.6 per cent in the private sector compared with 14.6 per cent in the public. Now the
Last updated: 2:18 Friday, 3rd Sep 2010 | Read Article
Employers should update HMRC payroll systems
Employers who use HM Revenue and Customs' employer CD-ROM with which to manage their payrolls are being advised to update it as soon as possible. This to make sure they have the latest guidance and calculators. The existing CD-ROM is to be replaced with a new downloadable application, called Basic PAYE Tools, in February 2011. But downloading the September update means that businesses will be able use of the new software. The September
Last updated: 1:49 Friday, 3rd Sep 2010 | Read Article
UK debt needs long-term fiscal reform
The UK's debt compared with gross domestic product could almost double from its 2007 levels by 2015, the International Monetary Fund (IMF) has said. Although the IMF acknowledged that the UK had started to tackle the issue of its debt to GDP ratio, longer term reforms would be necessary. In its latest report on the global economy, the IMF forecast that the UK's debt to GDP ration could more than double
Last updated: 10:39 Thursday, 2nd Sep 2010 | Read Article
Consumers overestimate VAT hike
Consumers believe that the forthcoming VAT increase will add more to shop prices than it actually will, a new study has claimed. VAT is due to climb 2.5 per cent to 20 per cent in January 2011. The survey found that, of those polled, nine out of ten consumers were aware that VAT is about to rise but only just over half (53 per cent) knew when. What's more, shoppers tended to
Last updated: 10:37 Thursday, 2nd Sep 2010 | Read Article
Consumer confidence on the up
Consumer confidence climbed last month for the first time in six months, new figures have revealed. This despite the looming austerity measures to be introduced by the government. According to the GfK NOP consumer confidence index, optimism among consumers rose by four points in August to reach -18. This was an increase of seven points on the same time last year and the first rise since February. The index measure was based on
Last updated: 11:23 Wednesday, 1st Sep 2010 | Read Article
NIC tax holiday set to launch
The government is preparing to launch its promised national insurance contribution holiday for start-up firms in certain areas of the UK. The putative date for the launch is 6 September, although it is understood that every detail of the necessary legislation has yet to be confirmed. Under the scheme, which is designed to help fledgling firms in regions that are economically hard pressed, new employers will not have to pay the
Last updated: 11:21 Wednesday, 1st Sep 2010 | Read Article
Employers may cut pension benefits to accommodate auto-enrolment
Employers could reduce the benefits available in workplace pension schemes as a result of plans to introduce auto-enrolment for all workers. Under the proposed scheme, which is due to begin introduction in October 2012, employers will be obliged to enrol all employees not in a qualifying workplace pension scheme unless individual workers choose to opt out. Firms will contribute 1 per cent of an employee's salary to the fund initially, with
Last updated: 12:22 Tuesday, 31st Aug 2010 | Read Article
Limited time left for PAYE consultation
Employers have only a few weeks remaining in which to share their views with HM Revenue and Customs (HMRC) on possible changes to the PAYE system. The government is looking to update the system and is seeking input from employers. However, the consultation is due to close on 23 September. Launching the consultation, David Gauke, the Treasury Secretary, said: "The PAYE system needs to respond better to the circumstances of the individual
Last updated: 12:19 Tuesday, 31st Aug 2010 | Read Article
Smaller employers encouraged to file P45 and P46 forms online
Smaller firms are being advised to file their P45 and P46 starter and leaver forms online. The Institute of Chartered Accountants in England and Wales (ICAEW) said that doing so would help small firms prepare for the time that online filing for in-year PAYE forms becomes compulsory. At the moment, firms with 50 or more employees must file their PAYE forms electronically or face a penalty charge. But as from 6 April
Last updated: 1:24 Friday, 27th Aug 2010 | Read Article
