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Office of Tax Simplification
The Chancellor George Osborne and Exchequer Secretary David Gauke yesterday established the Office of Tax Simplification (OTS) - a Board of tax experts who will be responsible for leading the work of the OTS over the next year.
Budget 2010: Review of small business sees end of contractor tax hurdle
According to an article in this week's Daily Telegraph, individuals contracting their services are to see a “permanent” change to the way they are taxed as part of a wider review of small business taxation.
Deadline Dates for July
Please note the following accounting dates....
Chancellor Osborne today outlined over £6 billion of spending cuts
He stated the reductions across the rest of 2010-11 would be made while maintaining "frontline" services in key areas such as the NHS.
“Tidings of comfort and joy (potentially)” for Nyman Linden’s contractor clients
For those who have not yet reviewed the Coalition’s programme for government over the coming 5 years, Nyman Linden is very pleased to bring you good news (potentially).
Fears over proposed increase in Capital Gains Tax (CGT)
There is one issue that has accountants, shareholders and business owners worried ahead of the Budget on 22 June. It is the likelihood of Chancellor Osbourne announcing that the 18% CGT introduced by his predecessor, Alistair Darling, is to be increased in line with the rate of income tax.
£6bn cost-cutting plans
The Chancellor is set to announce details of the coalition's £6bn cost-cutting plans on Monday 24 May.
Chancellor announces date of emergency Budget
As well as setting Tuesday 22 June for his first Budget, the Chancellor also announced the creation of a new independent fiscal watchdog, the Office of Budget Responsibility.
Is the VAT cheque in the post?
As advised to our clients in Nyman Linden's e-newsletter 19, from 1 April 2010 all newly registered businesses (as well as businesses already VAT-registered having a turnover of at least £100,000), must file their VAT returns electronically and pay VAT liabilities electronically.
However, small businesses with a turnover of less than £100,000 which were already VAT-registered on 31 March 2010 can, if they wish, continue submitting their VAT returns by post and paying by cheque. If you have such a business, you will need to be careful!
Key Tax Measures Shredded
The Finance Bill has been left in tatters leaving accountants wondering whether to "stick" or "twist" when advising individuals and businesses on proposals that may become law in the future
Companies House taking a tough line with Annual Returns
The due filing date of your Annual Return is normally on the anniversary date of the incorporation of your company. If this deadline is missed and you ignore subsequent reminder letters, Companies House assumes your company is no longer required and takes steps to strike it off. When this happens, the company’s bank accounts are frozen and all funds in those accounts cannot be accessed.
New penalty regime for late payment of PAYE/NI
With effect from 6 April 2010 and for each tax year, HMRC will not enforce a financial penalty for the first late or missed payment; but penalties will be levied thereafter.
Incorrect Coding Notices
HMRC has refuted an allegation that difficulties with their new PAYE system have led to errors in a significant proportion of tax code updates being incorrect.
HMRC Cuts the Jargon
HMRC has rewritten more than 200 standard letters in an effort to make tax matters easier for taxpayers to comprehend.
March Deadline Dates
Here are forthcoming important deadlines for March 2010.....
Treasury Blocks 'Offensive' Charity Tax Relief Scheme
A group representing 400 charities on tax issues welcomed anti-avoidance rules to counter what Stephen Timms, Treasury Secretary, calls "an artificial, aggressive and offensive tax avoidance scheme" that seeks to abuse tax reliefs for donations to charity.
February Deadline Dates
Here are forthcoming important deadlines for February 2010.....
HMRC lose £40 billion last year to tax evasion and fraud
This £40 billion tax gap, amounting to 8% of the total take, would have gone some way to filling holes in the government’s spending plans.
Calls for Companies House to prevent fraud
A rising tide of identity theft is increasing pressure on Lord Mandelson's Business Department to tighten controls over access to confidential data held by Companies House.
The Chancellor's 2009 Pre-Budget Report
Many of the key changes will start to have an impact in the tax year 2011/12; but there are several announcements that will have a much more immediate effect.
Fears of credit card crisis as bank write-offs double
Fears that the banking system is facing a credit card timebomb were underlined as official figures showed that the amount of card debt banks have written off has unexpectedly doubled.
Breaking down barriers in the service sector
The service sector plays a major role in the economy of the European Union, accounting for up to 70% of the EU’s GPD, 68% of employment and 96% of new jobs - BUT only accounts for 20% of the intra-EC trade.
Most global banks are still unsafe, warns S&P
Standard & Poor's has given warning that nearly all of the world's big banks lack sufficient capital to cover trading and investment exposure, risking further downgrades over the next 18 months unless they move swiftly to beef up their defences.
Technology start-ups risk losing "race"
Technology start-ups are being “hollowed out” because of the need to conserve cash and a lack of Government help, leading investors have warned.
Why the recession will change business for good
The CBI predicts less gearing, closer supplier ties, better sustainability, more flexible workforces...
Government introduces Financial Services Bill
The Government has today introduced the Financial Services Bill to Parliament. The Bill delivers significant reforms that will provide greater rights and information for consumers, in addition to stronger financial regulation to make banks safer and more robust in the future.
U.S. Offshore Tax Amnesty yields Big Response
Some 14,700 rich Americans worried about a U.S. government crackdown on offshore tax cheats came forward to participate in a tax amnesty program, the top U.S. tax official said today.
New small firms need tax break
Newly established small firms should be given some form of tax exemption for their first year or two of business, a report has concluded.
The date is set for Darling’s pre-budget report
It was announced today that the Chancellor, Alistair Darling, is to deliver his crucial pre-budget report on 9 December.
"Middle Britain" caught in Blitz on tax havens
HMRC investigators are focusing on the "middle classes" as part of its crackdown on tax evasion
December Deadline Dates
The deadline dates for December 2009 are....
Taxman turns to YouTube to target tax-avoiders
Today it was announced HM Revenue & Customs is using YouTube for the first time to warn people about 'fiddling' their taxes.
Record Phishing Levels
The BBC news website has just reported that 100,000 reports about phishing emails were made to HMRC on a single day in October and a record 83,000 scam e-mails offering fake tax refunds were reported to HMRC in September.
Swiss banks propose global tax collection service
The Swiss Bankers Association (SBA) has devised a plan to silence tax evasion critics by collecting levies on foreign clients - including expatriate contractors - on behalf of other countries.
Taxpayers Charter
The final proposal for a Taxpayer’s Charter has just been published that gives 9 rights and 3 obligations.
VAT Online
From 1 April 2010, businesses with an annual turnover of £100,000 and all newly registered VAT businesses will be required to file their VAT returns online and make payments electronically. If you want to learn more about VAT online, please contact your Nyman Linden partner
Recruiters must beware of umbrellas with holes
HM Revenue and Customs (HMRC) has issued a warning to end users, their recruiters and umbrella companies involved in the supply of temporary workers that certain 'arrangements' are under scrutiny because some are operating against the law.
New disclosure opportunity confirmed
After several weeks of drip-feeding information, HMRC has announced details of its new disclosure initiative allowing people with unpaid taxes linked to personal offshore bank accounts or assets to settle their tax liabilities at a favourable penalty rate.
A Threat To Umbrellas
The Treasury has launched a consultation regarding the abuse of tax reliefs for travel expenses of contractors engaged by umbrella companies and employment agencies. The inevitable reforms could cast doubt over the continued existence of some umbrellas.
Regulations and Taxes "Obstacles to Growth'
The Government has said it will unveil new measures this month (March 2008) designed to make it easier for firms to expand and become more productive.
Company Law changes for Private Companies
Following five years consultation with interested parties, the government finally brought company law up to date through the Companies Act 2006. However, it is only gradually being brought into effect on set dates until final implementation by 1 October 2009.
On 6 December 2007, Nyman Linden became the first accountancy firm to be confirmed as 'NOT' being caught by the Managed Service Company (MSC) legislation
As one of the UK's leading accountancy firms for contractor consultants and freelancers, Nyman Linden approached PricewaterhouseCoopers (PwC) last year to review our business and processes to check we are fully compliant with the new MSC legislation. We selected PwC above the other members of the "Big 4" because PwC was, and still is, the world's leading accountancy and consultancy firm.
A Victory For Common Sense
The House of Lords today has ruled in favour of Geoff and Diana Jones of Arctic Systems Limited and rejected HMRC’s attack on companies that are jointly owned by one revenue-earning partner and one non-earning partner.
Nyman Linden’s view of a crisis in the contracting market
From April 2007, all composite companies are banned and all dodgy umbrella companies brought into order. This virulent attack by the government on Managed Service Companies is a crisis about to hit the contracting market.
Company Law Reform Bill to Make Sweeping Changes
The Company Law Reform Bill will simplify company law and make it easier to understand.
Victory In The Court Of Appeal
Married couples in business together received an early Christmas present this week with a victory in the Court of Appeal in the landmark Arctic Systems case.
Tax Matters - In A Language You Understand
Nyman Linden is delighted to announce an Agreement with the Chartered Institute of Linguists appointing this firm as the preferred provider of accountancy services to the Institute's members.
Landmark Section 660A Appeal is Lost
Geoff and Diana Jones of Arctic Systems have lost their landmark Section 660A appeal, which was heard by Mr Justice Park at the High Court last month.
New HM Revenue & Customs Department Now In Place
The Commissioners for Revenue and Customs Act 2005 received Royal Assent on 7 April and the new department was officially opened on 18 April 2005.
Protect Your Business From Scams
There are various business-related scams that have been around for a long time. Many of them are not easy to recognise.
IR591 and Dividends
We wish to remind every client that, as from 1 April 2004, if your company's annual profits made after that date were less than £50,000, the tax cost of taking all that money out as dividends rises.
VAT Flat Rate Scheme
All Nyman Linden, clients with annual sales of less than £150,000 should now be benefiting from the reduced Flat Rate Scheme (FRS) introduced by the government at the beginning of last year. This has been excellent news for our IT Consultant clients and Management Consultant clients.
The Government's 10 Year Strategy For Childcare
As members of the Institute of Chartered Accountants for England and Wales, the Partners at Nyman Linden fully endorse the ICAEW Tax Faculty's view that the strategy has much to commend it, aiming for every child to receive the best start in life. However, we also share the Faculty's concerns in relation to the interaction of this strategy with the tax system.
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