HMRC destroy a family company and 32 jobs !

The Daily Telegraph has described how HMRC applied to a Judge for the right to liquidate a company, saying that fraud was being comitted, when actually, there was no evidence of fraud. The application was granted, and HMRC liquidated the company. Thirty two people lost there jobs as the liquidator made them redundant. It was…

Business records checks

HMRC relaunched its Business Record Check (BRC) initiative on 1 November 2012. HMRC has the power to impose penalties where records are deficient. When the program was first unveiled in January 2011, HMRC intended to visit 50,000 small businesses across the UK. A year later the whole process was reviewed and subsequently suspended following concerns…

Tax and the Christmas Party

It is possible to write off the costs of the annual Christmas bash against tax, however, it is important to keep the expenditure within certain limits. Here’s what you need to do: The cost of a staff party or other annual entertainment is allowed as a deduction for tax purposes. Also, as long as the…

Tax return penalties

The filing deadline for paper copies of your Self Assessment tax return for 2012 was 31 October 2012. If you file a paper return after this date penalties will apply. Would readers note that, if we prepare your return it will be filed electronically, the deadline for electronic filing of 2012 Self Assessment returns is…

Workplace pension reform

All employers need to be aware of their responsibilities following the introduction of pension reforms. Some elements of this new legislation, such as the safeguards for individuals, came into effect for all employers from 1 July 2012.   The Pensions Regulator has issued “Getting Ready” notes for employers and this can be downloaded as a…

National Minimum Wage Rates

New rates came into force on 1 October 2012 and are: £6.19 per hour for workers aged 21 and over – a rise of 11p £4.98 per hour for 18-20 year olds – no change £3.68 per hour for workers above school leaving age but under 18 – no change £2.65 per hour for apprentices…

HMRC Advisory Fuel Rates

Where an employer reimburses an employee for fuel only, the employer can choose to reimburse using the ‘advisory rates’ issued by HMRC. If  different rates are used, the employer would need to be able to justify this with some supporting evidence. New advisory fuel rates have been issued by HMRC that took effect from 1…