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Welcome to this monthly Accounting News bulletin from DG Accountancy Services (http://www.businessbods.co.uk) bringing Small Business' news and information from the business world, as it happens!

Wednesday, 8 July 2009

Revenue tax campaign ‘to target undeclared UK income’

HM Revenue and Customs (HMRC) may extend its offshore tax campaign to target funds hidden in the UK as well, according to recent reports.

The New Disclosure Opportunity (NDO), which was announced in this year’s Budget, aims to encourage taxpayers with offshore accounts to come forward with details of any undeclared income. However, HMRC has confirmed it will also pursue untaxed funds hidden in the UK.

As an incentive, taxpayers will incur a limited penalty of just 10% of their unpaid tax, rather than the full 100%.

‘They will only receive beneficial terms if they make a full disclosure and if that includes other non-offshore funds, then the terms of the new disclosure opportunity will apply to the other funds as well,’ said a Revenue spokesperson.

The NDO will run from the Autumn until April 2010.

We can help you with all your tax and financial planning needs. Please contact us for further assistance.

posted by BusinessBods.co.uk @ 11:15 0 Comments

New advisory fuel rates published

HM Revenue and Customs (HMRC) has announced changes to the advisory fuel rates for company cars.

The rates can be used to negotiate dispensations for mileage payments for business travel in company cars, and apply to all journeys taking place in a company car on or after 1 July 2009.

However, as for recent changes HMRC has permitted employers to apply the new rates ahead of this date where they are able and willing to do so.

The rates are intended to reflect average fuel costs, and apply only where employers reimburse employees for business travel in their company cars, or where employees are required to repay the cost of fuel used for private travel.

To view the latest rates visit: www.hmrc.gov.uk/cars/advisory_fuel_current.htm

posted by BusinessBods.co.uk @ 11:12 0 Comments

Cheque guarantee cards to be phased out

Cheque guarantee cards could become obsolete within the next two years, the Payments Council has announced.

Following a consultation, the Council has confirmed that the Cheque Guarantee Card Scheme may be withdrawn from 2011.

However, it will still be possible to use cheques for other transactions where an accompanying card is not required.

‘The Council believes that alternatives to the guaranteed cheque exist and are widely available, and that a well-planned withdrawal of the scheme will not cause any significant problems for users or acceptors,’ the body said.

It stated that the use of guarantee cards has declined rapidly, falling by 70% in the last five years.

But Jane Vass, Financial Services Policy Adviser at Age Concern and Help the Aged, warned against removing the scheme completely. ‘While we recognise that the use of cheques is dwindling, they are still important for those older people who are uncomfortable with using credit or debit cards.’

She continued: ‘It is crucial that these payment methods aren’t lost, unless a wide range of alternatives is available for older people.’

posted by BusinessBods.co.uk @ 11:11 0 Comments

Recession prompts 'dramatic change' in the UK workplace

The recession has prompted a 'dramatic change' in the nature of the UK workplace, according to a recent survey.

The study of workplace trends, conducted by the Confederation of British Industry (CBI) in conjunction with recruitment experts, revealed that employers and staff are working together to protect jobs and businesses.

Some of the key measures being taken include: introducing more flexible working hours; extra holiday and extended shut-downs; cuts in paid overtime; and freezes in pay and recruitment.

John Cridland, CBI Director-General, said, 'This has been a particularly bruising recession, but one of its most positive and striking aspects has been the commitment of many businesses and their staff to work together to try to trim costs and save jobs'.

The CBI called on the Government to help firms further by improving the availability of credit for investment, and delaying the introduction of additional employment regulation.

posted by BusinessBods.co.uk @ 11:10 0 Comments

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