New pension rules

Another set of regulations is set to fall on the shoulders of all employers. This time it’s a compulsory pension scheme for all employees. This new pensions law is due to be introduced over four years from October 2012. The largest employers (120,000 or more...

Annual Investment Allowance is reducing

From April 2012 the amount of capital expenditure that qualifies for 100% year one write off is reducing from £100,000 to £25,000. Business owners might want to bring forward plans to invest in machinery, before the qualifying amount is reduced. This allowance is...

VAT on salary sacrifice schemes

Due to a recent European Court of Justice ruling, HMRC now consider that the provision of a benefit via salary sacrifice to employees constitutes a supply of services for consideration and is therefore subject to VAT. Benefits that will be affected include: * Cycle to...

VAT clampdown

HMRC believe that there are a number of businesses that should be registered for VAT, and so far, they have not registered. They are in the process of sending out 40,000 letters to traders who they believe may be in this category. HMRC are offering businesses that...