Newsletter 61

Headlines from our latest newsletter.  Please click on any of the links below for more information.

INSOLVENCY - PLAN TO AVOID IT!

Statistically speaking and according to the Department for Business Innovation & Skills, insolvencies in the business world are at their lowest level since the UK went into recession.

HIGH INCOME CHILD BENEFIT CHARGE LETTERS

HMRC are about to write to taxpayers who they believe will be affected by the High Income Child Benefit Charge.

TOO LATE FOR ‘PAPER’ SELF ASSESSMENT TAX RETURNS

For those individuals who have previously submitted ‘paper’ self assessment tax returns the deadline for the 2011/12 return was 31 October 2012.

PLANS FOR A NEW TYPE OF EMPLOYMENT CONTRACT

Chancellor George Osborne has announced a new type of employment contract to be known as an employee-owner.

RTI – CLOSING PAYROLL SCHEMES

HMRC are about to write to employers who they believe have a payroll scheme which is not being used.

GUIDANCE ON RECLAIMING NATIONAL INSURANCE CONTRIBUTIONS PAID IN ERROR

HMRC have issued guidance to cover the situation where vocational or recreational trainers may be entitled to claim a refund of National Insurance contributions.

HEALTH AND SAFETY EXECUTIVE FEE FOR INTERVENTION

The Health and Safety Executive has announced that it has implemented a Fee for Intervention (FFI) cost recovery scheme, which came into effect on 1 October 2012.

RETIREMENT FUNDS SET TO FALL

According to a report issued by the Saga Foundation, millions of Britons due to retire over the next few years risk seeing £11.5 billion wiped off their retirement funds.

HMRC CHECKLIST FOR EC VAT REGISTRATION NUMBERS

HMRC have issued a revised Notice 725, The Single Market, which includes a useful checklist (see section 16.19) to enable businesses to help spot incorrect VAT registration numbers at a glance.

Whistleblower leaks Jersey Bank Details to HMRC

The Daily Telegraph has reported that HMRC is this week studying a list of more than 4,000 people holding accounts worth nearly £700m with HSBC in Jersey.


An HMRC spokesman has confirmed that the department had received the data and was studying the list, which was reportedly passed to it by a whistleblower. Around half of those named are said to be UK taxpayers.