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IR35 Tests are 'flawed'
17 May 2012 read >>An initiative designed to help freelancers comply with 'IR35' tax avoidance rules has been strongly criticised by business groups. Bodies which advised HM Revenue & Customs on its new approach to ‘disguised employment rules’ – so called IR35 – including the Federation of Small Businesses and the Professional Contractors Group (PCG), said guidance for contractors published on Wednesday......
Have you filed your 2010/11 tax return?
16 May 2012 read >>HM Revenue & Customs (HMRC) is imposing a total of £6.5m in fines each day on 650,000 people for failing to file tax returns under new tougher penalties that took effect from 1st May 2012. Even people who owe no tax are liable to fines of up to £1,600 each if they persistently fail to complete self assessment tax returns. About 850,000 people missed the 31st January deadline ......
Interest rates to stay low until 2013
15 May 2012 read >>The Governor of the Bank of England, Sir Mervyn King, is predicted to indicate that interest rates will not rise from their record low until late 2013 at the earliest, due to disappointing growth in the UK. The base rate is projected to remain on hold as the bank once again uses its quarterly inflation report to cut its forecast for the UK's economic activity and brace for higher-than-exp......
OECD see UK recovery
14 May 2012 read >>The OECD has confirmed that the UK had hit a “turning point” as official data showed that manufacturing output bounced back in March – rising by a stronger-than-expected 0.9%, according to the Office for National Statistics (ONS). The OECD’s outlook for the UK suggested the country will rebound from recession in the second half of the year, although growth will remain subdued. The findin......
Interest Rates held at 0.5%
11 May 2012 read >>Interest rates have again been held at 0.5%, the Bank of England has confirmed. The second round of Quantitative Easing (QE) has been completed and on the Bank of England has to decided to leave the total £325 billion programme unchanged. This confirmed most economists thoughts that the Bank would not inject further cash after inflation surprisingly rose in March to 3.5%, making it less l......
HMRC reveal IR35 guidance
10 May 2012 read >>HM Revenue & Customs (HMRC) have at last released their new Business Entity Tests. These tests are the outcome from the IR35 Forum set up after the 2010 Budget, charged with the task of looking at the administration of IR35. The purpose of the business entity tests and risk bands are to help you work out the risk that you will be targeted for an IR35 review. The tests w......
Services sector slowdown in April
09 May 2012 read >>The important service sector lost momentum in April after growth slowed to a six month low, according to a survey. The Markit purchasing managers' index (PMI) found that a healthy recovery in the sector over the winter months dropped from 55.3 in March to 53.3. The service sector accounts for three-quarters of business activity and is keenly watched by the Treasury as a bell......
HMRC to reveal Business Entity Test
08 May 2012 read >>HMRC are expected to reveal their “business entities test” to help limited company contractors self-assess their risk of being caught by IR35 rules. Developed in partnership with the IR35 Forum following the government’s announcement of a review of the IR35 rules, the business test is expected to be made available shortly after 7 May 2012. The test is likely to be based on six qu......
IMA responds on government contractors
07 May 2012 read >>The Chief Financial Secretary, Danny Alexander instructed a government review of contractors working in government and it is now feared that this could remove highly skilled and flexible executives who have a track record of delivering results. Commenting on the review, Jason Atkinson, chairman of the Interim Management Association (IMA), said: “The Government is right to review ......
Sir Mervyn King predicts a slow but steady recovery
04 May 2012 read >>The governor of the Bank of England said on BBC Radio 4's Today thinks that the recovery will be slow but steady, saying "Our reports that we get from around the country... it's a patchy picture, but there are indeed signs of a recovery coming, so I think a reasonable view would be that we would start to see steady, slow recovery coming during the course of the year.” "If it had not been ......
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