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Archive | July, 2011

HMRC runs out of paper to print self-assessment statements!

HMRC is in hot water yet again; this time over delays in sending out statements to individuals who submit self-assessment income tax returns.

Why are firms reluctant to take up the NIC holiday scheme?

Accountants may not be the only people to wonder why more businesses aren’t taking advantage of the National Insurance holiday scheme. Although take up has improved slightly, it is still way below the original estimate from HM Treasury.

HMRC reminds students they don’t need to pay income tax

HMRC has reminded students, including those studying to be accountants, that if they earn extra cash during the summer holidays, they are only required to pay tax if their income exceeds this year’s personal allowance of £7,475.

Mastermind’s accounting skills help police smash drug ring

Whilst HMRC tries to convince small business owners to keep accurate records of their financial transactions, one former Liverpool university business student probably wishes he hadn’t.

10 debt collection agencies to help HMRC collect overdue tax

Contractor accountants may be interested to learn that HMRC has appointed ten debt collection agencies to help it collect the billion pounds it is owed. The firms will focus on collecting smaller, older debts whilst HMRC will use its resources to chase larger liabilities.

Companies House reports 5% increase in firms filing late

Accountants may find themselves inundated with requests for bookkeeping assistance after new figures showed that small businesses are not filing reports on time.

FSB calls for cut in VAT to 5% for certain sectors

Contractor accountants may be interested to learn that the Federation of Small Businesses is calling on the government to cut VAT for certain sectors in order to encourage growth.

Income tax/NI merger unlikely to happen for several years

Although the government has started considering merging NI and Income Tax, it is unlikely that we will such a merger for many years.

HMRC offers support to SMEs bidding for Olympic Games contract

Contractor accountants might like to advise their small business clients that HMRC is offering online advice regarding next year’s Olympic Games.

Would you buy your accounting software from Yell?

Accountants may be interested to learn that the Yell Group, the international yellow pages telephone directory company, has unveiled its four year strategy to combat its £2.7 billion debt burden.