UK Tax Calendar 2012/13 – March 2013
03/14/2013 - 13:52

2nd March 2013 is the last day to pay any balance of 2011/12 tax and Class 4 NICs to the HMRC in order to avoid an automatic 5% late payment penalty.

31st March 2013
End of Corporation Tax financial year.
End of CT61 quarterly period.
Filing date for Company Tax Return Form CT600 for the period ended 31 March 2012.

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Taxpayers reminded of impending self assessment deadline
01/22/2013 - 11:49

HM Revenue & Customs (HMRC) is reminding taxpayers that they must file their 2011/12 self assessment tax return online, and pay any tax due, by midnight on 31 January 2013.

Failure to submit the self assessment tax return by the deadline will result in an automatic £100 penalty.

The penalty applies even if there is no tax to pay, or where the tax due is paid by 31 January.

A series of additional penalties applies where tax returns are three, six and twelve months late, adding up to a potential penalty of £1,600.

Business reacts to parental leave plans
11/19/2012 - 02:08

Business groups have given a broad welcome to new reforms that will extend flexible working rights to all employees, and allow new parents to share up to a year’s leave to look after their newborn baby.

Deputy Prime Minister Nick Clegg confirmed that while women will have to take an initial two weeks of leave following the birth (four weeks in the case of manual workers), from that point on parents can opt to share the remaining leave as flexible parental leave.

Call for new £1bn tax relief ahead of Autumn Statement
11/19/2012 - 02:05

An emergency ‘first-come, first serve’ tax relief should be set up to encourage businesses to commit to major capital investments, according to the British Chambers of Commerce (BCC).

Publishing its submission to the Chancellor ahead of next month’s Autumn Statement, the BCC has called for a new £1bn ‘when it’s gone, it’s gone’ capital allowance relief for the financial years 2013/14 and 2014/15.

Taxman drops PAYE pooling plans
08/13/2012 - 11:45

The proposed changes would have allowed organisations containing several entities to be treated as one for PAYE purposes, in order to alleviate the administrative burden caused by several PAYE references.
However, having consulted on the changes, the legislative changes will not be made during the introduction of PAYE real-time information.
HM Revenue & Customs has allowed employers that participated in a pilot to continue to pool their payroll, but new applications will not be accepted.

FTSE 350 use same auditor for an average of 11.3 years
08/13/2012 - 11:43

FTSE 350 AUDIT business is rarely going out to tender, despite evidence that companies that switch auditors have achieved cheaper and better-quality audits.
Research carried out as part of the Competition Commission's (pictured) inquiry into the statutory audits of FTSE 350 companies, which surveyed more than 600 CFOs, FDs and audit committee chairs, found little desire among respondents to change auditors.
According to the survey, FTSE 350 companies have used the same auditor for an average of 11.3 years, while 59% have not changed auditor for at least five years.

Sir Elton John sues The Times over tax allegations
08/13/2012 - 11:42

POP STAR SIR ELTON JOHN has filed a lawsuit against The Times newspaper over articles which he claims falsely link him with aggressive tax avoidance.
Two articles, appearing in the paper under the banner "the secrets of tax avoiders", said Patrick McKenna of Ingenious Media was John's former accountant, reports the BBC.
Those articles, published on 21 June, discussed the use of film partnerships allegedly provided by Ingenious Media, where McKenna is CEO.

US won’t adopt IFRS for at least five years, says AICPA chairman
08/13/2012 - 11:40

IFRS ADOPTION by the US is not coming any time soon, according to AICPA chairman of the board of directors Gregory Anton.
Speaking at the institute's EDGE Conference in Orlando, Florida, Anton told delegates not to expect any movement until after the US presidential elections at the earliest.
Anton said the AICPA supports giving US companies the option to use IFRS, and supports the issue of one set of high-quality standards, but warned that the "absolute soonest" IFRS will be seen in the US will be in five to six years' time.