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Business consultation begins on Revenue & Customs merger |   |
As part of the drive to reduce the amount of red tape in the business world, The Inland Revenue and Customs and Excise are to integrate to form a new Department called HM Revenue and Customs (HMRC).
Legislation to make this happen is currently before Parliament. The aim of the new department is to "deliver real benefits to small businesses by reducing the administrative burden the tax system imposes on them and by improving its relationship with them".
This consultation is aimed at small businesses and their intermediaries (such as accountants, payroll providers) business advisors and organisations representing small businesses.
The consultation period begins on 16 March 2005 and runs until 30 June 2005. Comments on the proposed merger should reach the Inland Revenue by this date.
All details on the proposed merger and the consultation process can be found via the links below:
- Summary Document (PDF)
- Consultation Document (PDF)
Posted March 21, 2005
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[November 11, 2008] Providing certain criteria are met, the company Christmas party can be exempt from tax. Here are the rules, laid down by HMRC, that you need to comply with to ensure your festive celebration qualifies for the tax exemption
[October 30, 2008] Our summary of some of the key HMRC forms companies will get to know after setting up a new business. Including Forms P45, P60, P11D, P35 and Self Assessment.
[October 15, 2008] Entrepreneurs banking on the concessionary 10% capital gains tax rate on business sale proceeds need to plan carefully and think well ahead, company owners have been told.
[September 11, 2008] A tax advisory firm is warning employers to prepare for confusion after the new personal allowance figures came into force on Septmber 7th.
[August 29, 2008] UK taxpayers haven't much time left to submit their responses to HMRC's proposals for harsher penalties to late filing of tax returns and late payment of taxes, warns a leading accountancy firm.
[August 4, 2008] The Fixed Profit Mileage Scheme rates remain unchanged since 2002 - are you better off having a company car, or using your own vehicle? This guide should help you find out.
[July 17, 2008] Small businesses, and the individuals who run them, are subject to a wide array of taxes - from Corporation Tax to National Insurance. This is an overview of the main taxes you will encounter as a small business owner, together with links to our in-depth guides.
[July 14, 2008] A leading freelancer organisation has called for an independent review of business tax in the UK following many years of instability in the tax system.
[July 4, 2008] The Finance Act 2008 has given HMRC new powers - including new penalties for providing incorrect accounting information. HMRC will have new powers to investigate tax returns and even access to the data stored on computers.
[June 11, 2008] Many UK taxpayers have purchased overseas property using a company. The Finance Bill 2008 includes measures that exempt most of these owners from a potential benefit in kind charge for their private use of such properties.
[May 21, 2008] National Insurance guide for self employed people and limited company directors. Includes overview of the NIC classes, and current rates.
[May 2, 2008] Tax experts are predicting that business rate changes on empty properties could severely affect small companies. The changes have effectively abolished financial relief paid to owners of empty commercial and industrial premises.
[April 22, 2008] The FPB has called on MPs to place the issue of small companies' corporation tax hikes alongside the Government's decision to axe the 10% starting rate for personal income tax.
[April 21, 2008] You can receive cash incentives by filing some tax documents online. There are also other benefits to filing VAT, Corporation Tax and your Annual Return via the web.
[March 31, 2008] A leading accountancy firm has urged small business owners to ensure they are making the most of available tax allowances prior to the end of the tax year on 5th April.
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