Online News
Mortgage interest can be set against income tax by the self-employed
30 June 2008
The self-employed can take advantage of new guidance from HM Revenue and Customs (HMRC) that allows them to set a range of costs against their income tax.
These costs can include mortgage interest payments, council tax and home insurance.
HMRC warns on tax rebate scam
13 June 2008
HM Revenue and Customs (HMRC) has said that taxpayers should be on the lookout for fraudulent emails that claim the recipient is entitled to a tax rebate.
The emails attempt to persuade people to complete a form revealing details of their bank accounts or credit cards.
HMRC warned anyone receiving a fraudulent email not to complete the form, not to disclose any of their details and not to follow the links.
Bank transfer payment times speeded up
27 May 2008
A new system intended to speed up the time it takes to make cash transfers between bank accounts online or by phone has come on stream.
The Faster Payments Service started on 27 May. The system should see transfers made online and by phone completed on the same day and usually within two hours. Under the old system such transfers could take as long as three days.
Rise in personal tax allowance announced
13 May 2008
The Chancellor, Alistair Darling has announced some of the details of the compensation the government is to offer taxpayers who have been hit by the scrapping of the 10p income tax starting rate.
Mr Darling told the House of Commons that the basic rate personal tax allowance is to rise by £600 to £6,035.
As a result basic rate taxpayers will save £120 annually.
The Chancellor also said that the allowance for higher rate taxpayers would be reduced.
SMEs get free access to public sector contract site
2 May 2008
The government has announced that access to its public sector contract website will be free for the next three months.
Normally there is a charge for firms that wish to look for national contracts outside their local area where there is no fee for the search.
But as from 1 May until 31 July 2008, the www.supply2.gov.uk website is running a trial that allows firms free access to public sector contracts valued under £100,000 for the UK and Northern Ireland.
Timetable set for faster cash transfers
29 April 2008
A new system for speeding up cash transfers via the phone and internet is due to launch on 27 May.
The Faster Payments Service will see cash transfers made over the phone or online completed on the same day rather than in the three days it takes for cheques to clear.
Small businesses reluctant to charge late payment interest
16 April 2008
Small firms are unwilling to make use of rules that allow them to charge interest on overdue invoices.
Although businesses were given the right ten years ago to add interest charges when bills are not settled on time, many do not impose the penalty for fear of losing custom from their bigger clients.
Business tax changes take effect
1 April 2008
This week sees the introduction of several changes to the business tax regime.
Budget 2008: Business support and taxes
12 March 2008
The Chancellor confirmed the cut in the main rate of Corporation Tax from 30 per cent to 28 per cent, effective from April.
However, in 2008-09 the Small Companies rate will increase, as pre-announced, from 20 per cent to 21 per cent.
HMRC announces extra online facilities
6 February 2008
HM Revenue and Customs (HMRC) has announced that customers and agents can now change contact details online.
The additional facility applies to both self assessment and PAYE online customers, and came into effect from 6 February.
Small business owners offered chance to sharpen skills
7 January 2008
Small business managers are being urged to take advantage of a huge expansion of government funded training in order to improve their leadership skills and boost their competitiveness.
The call came from John Denham, Secretary of State for Innovation, Universities and Skills.
The financial backing, which is to rise from £4 million to £30 million annually, comes on stream later in the New Year and provides funding for tailor-made management and leadership training through the government’s Train to Gain scheme.
The training will give employers access to an impartial and independent skills broker to help them identify their basic or higher level skills needs.
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