Small Business Tax

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New small business tax unit announced
[December 6, 2004] Details of a new small business unit that will transform tax administration for small businesses, were announced last week by David Varney, Chairman of Inland Revenue and Customs and Excise.

FSB urges Brown to adopt new approach to small business taxation
[November 25, 2004] A new call on the chancellor to adopt a fresh “bottom-up” approach to tax that recognises the differences between large and small businesses and delivers a simpler system for small firms.

Motley Fool's guide to National Insurance
[October 15, 2004] The Motley Fool has published a simple guide to the various UK National Insurance (NI) types - Classes 1 to 4, and what you get for your money

Accountancy cost warning for small businesses
[September 24, 2004] A small business pressure group is warning that SMEs are to be hit with significant new accountancy costs due to new auditing rules about to come into force.

HM Revenue & Customs: A New Start for Small Business?
[September 23, 2004] The CIOT has published its views on why the merger of the Revenue and Customs & Excise is an opportunity to minimise the cost and inconvenience encountered by small business owners

Apology demanded over Inland Revenue "enabling letters"
[September 20, 2004] The FSB has written to Gordon Brown to demand a public apology from the Inland Revenue after it sent "enabling letters" to thousands of small businesses suggesting that their tax returns may be incorrect.

New small business target for national insurance increases?
[September 1, 2004] The Times reports that people who try to flee the stress of urban life by “downshifting” and moving to the countryside could be the next target for the national insurance increases.

Form 42 deadline extended again
[August 27, 2004] Earlier this month, The Inland Revenue extended the date when businesses are required to submit Form 42 without facing a penalty. Form 42 is a new return for reporting securities under unapproved share schemes.

New Inland Revenue fine for late registrations
[August 13, 2004] Owners of new businesses face a new fine if they fail to register with the Inland Revenue, as a tightening up of existing registration rules could land latecomers with an unwelcome expense.

Finance Act adds new burden to companies' reporting requirements
[August 2, 2004] Following Royal Assent of the Finance Act last week, companies are facing a new penalty regime should they fail to notify the Inland Revenue when they commence to trade, warn business and financial advisers Grant Thornton.

IR591 - Small Business Dividend Tax
[July 14, 2004] The IR591 tax is aimed at increasing corporation tax on owner-operators of UK-based limited companies who derive most of their income from dividends.

Abolition of nil rate Corporation tax discussed
[July 6, 2004] The abolition of the nil rate of Corporation Tax, and other taxation issues, were discussed at an All Party Parliamentary Small Business Group briefing in Parliament last week.

Small Business Disquiet over Form 42 as return deadline extended
[July 2, 2004] The new Inland Revenue return for reporting securities under unapproved share schemes is Form 42. The return date has been extended following technical problems. We also look at how many small businesses suspect Form 42 will be used to collect extra data from them.

Overview of Form 42 and Schedule 22
[July 1, 2004] The current controversy surrounding Form 42 stems from the inclusion of new anti-avoidance measures included in the 2003 Finance Act (Schedule 22). An overview of the new Form 42 requirements.

Inland Revenue send ‘enabling’ letters to small businesses
[June 28, 2004] According to a bulletin issued by the ICAEW last week, the Revenue have a programme for sending letters to smaller self-employed businesses which they think might be at risk of an enquiry.

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