Reports indicate The Pensions Regulator made 192 ‘fixed penalty’ notices of £400 in the first quarter of 2015, up 120% from the previous quarter.
Fines on employers for not complying with new workplace pension duties appear to have increased sharply in the first four months of 2015 as more and more businesses are due to register.
Recent research found that just 24% of these businesses will find time to implement auto enrolment and make it a success.
The Pensions Regulator said eight in ten smaller medium and small employers have consulted an adviser to help them comply with their...
The first ever Small Business, Enterprise and Employment Act (SBEE) 2015 has now become an official law after receiving Royal Assent.
The expansive Act paves the way for businesses to get improved access to finance and puts an end to zero hours exclusivity clauses.
Business secretary Vince Cable said the new legislation was designed to help entrepreneurs looking to establish new and growing businesses.
“The Small Business Act will create the right environment for small businesses to continue to thrive by giving them greater access to finance to help them innovate and grow, and make...
Join us on Thursday 23rd April 2015 for our BOUNCE SPRING TALK with social entrepreneur Josh Littlejohn, founder of Social Bite and The Scottish Business Awards.
Josh is an inspirational speaker who will share his experiences in founding and growing a social enterprise business from scratch and why he wanted to build a business that benefited many more than just himself. Points that he will discuss in his talk include:
Why Aim High? You can carve out a place in the market just by being more ambitious or adventurous than anyone else.
Master the Art of Sales: All businesses...
Are you looking to acquire commercial premises?
With effect from 1 April 2014, the rules for capital allowances on fixtures changed for purchasers.
What are capital allowances?
Going back to basics, capital allowances are a tax relief on the purchase, refurbishment, build or extension of commercial premises. Capital allowances save you (the property owner) money by reducing your tax bill.
The most common form of capital allowances found in commercial property is fixed plant and machinery. It includes equipment such as heating, ventilation, hot water, air conditioning and much more and cannot...
Up to three million people with more than one source of income may get backdated tax bills of £2,000 per year because of errors by HMRC.
Among those most likely to be affected are veterans who have taken a civilian job after leaving the Armed Forces, but who also draw a military pension and pensioners with two pensions and those who have continued to work part-time after retirement, the Telegraph reported.
Problems arise because tax offices aren't sharing information about taxpayers’ incomes on a central database, the newspaper reported.
People with more than one income are being given...
What is Vishing?
Vishing (voice-phishing) is a telephone scam where fraudsters - claiming to be from the bank - phone your business in order to get access to your bank account.
How does the scam work?
Fraudsters research your company in advance of calling you up in order to sound knowledgeable and credible and will often use compelling and urgent language to convince you that your account has been compromised.
- They may claim that there are fraudulent transactions pending that you need to deal with as a matter of urgency.
- They will pressure you into telling them your confidential...
A new campaign aimed at solicitors has been launched at HMRC, giving them the chance to disclose what tax they owe and pay it, or face harsher penalties.
The Solicitors' Tax Campaign is the latest of the Revenue's voluntary disclosure opportunities. Since May 2011, over 30 similar campaigns have been carried out across other professions including electricians, landlords and medical professionals, which has brought them a £1bn yield through disclosures and follow-up activity, it said.
Solicitors have until 9 March 2015 to tell HMRC that they would like to take part in the campaign, and until...
Make sure you haven’t missed the changes to the national minimum wage rate, effective from 1st October 2014.
The main national minimum wage rate for workers aged 21 and over has risen from £6.31 to £6.50 an hour.
The youth rate for those aged 18 to 20 has increased from £5.03 to £5.13. The Government has also set the rate for workers aged 16-17 years to £3.79 and the apprentice rate, for apprentices under 19 or 19 or over and in the first year of their apprenticeship has increased to £2.73 an hour.
If we can be of any assistance or you would like clarification of any of the above,...
HM Revenue and Customs has confirmed automated in-year fines for employers who fail to meet PAYE payment deadlines. The new scheme will affect employers with a staff base of 50 or less from 6th March 2015, with those employing more than 50 members of staff facing penalties from 6th October 2014.
If you’re an employer HMRC will notify you electronically as to when the penalties will apply to you and this will be based on the number of employees shown in the department’s records.
This change is due to the rollout of real-time information which sees PAYE reported on or before the date payment...
When you die, the assets which pass across to your surviving spouse or civil partner are exempt from inheritance tax. Assets passed to any other beneficiary are exempt up to a limit. Assets passed which exceed this limit are charged to Inheritance Tax (IHT). The IHT allowance for 2014/15 is £325,000 per individual but the percentage of the balance of your individual IHT allowance which has not been used to cover bequests to others is also passed across to the surviving partner, making the maximum a couple can leave IHT free £650,000.
The IHT remaining for use against the surviving partners...