Business news

Chancellor Cuts the 50p Tax Rate for Top Earners

Posted by on March 22, 2012 at 12:22 pm

The Chancellor yesterday announced that he is ready to cut the top tax rate for earnings over £150,000. He went on to say that the 50p tax rate raised “next to nothing” apart from being counter productive. On the other side of the axis, he will raise the threshold at which people start paying tax […]

UK Trade Gap less than Expected in January 2012

Posted by on March 13, 2012 at 4:10 pm

The UK’s trade deficit was less than expected in January, thanks to a surge in exports of cars to the US, China and Russia according to the official figures. The deficit on seasonally adjusted trade in goods and services was £1.8bn in January 2011, compared with £1.2bn in December 2011. The UK’s goods trade deficit […]

Millions to Receive Payment Protection Insurance Letters

Posted by on March 9, 2012 at 10:30 am

Banks are in the process of writing to millions of customers explaining that they might have been mis-sold payment protection insurance (PPI). According to the Financial Services Authority (FSA) these letters must be written in clear jargon free language. FSA has outlined what these letters should contain, including details of a time limit for making […]

Businesses Call for 50p Top Tax Rate to be Axed

Posted by on March 2, 2012 at 10:17 am

More than 500 business leaders have requested the government to scrap the 50p top rate of tax. This point has been raised by 537 small and medium-sized businesses stating that penalising the higher earners that create the majority of the wealth for the economy is not fair. The argument raised by them is that this […]

UK Business Confidence Growing

Posted by on February 24, 2012 at 10:30 am

There’s a growing business sentiment in the UK triggered by a positive economic outlook. This is indicated by the number of UK businesses planning to increase their spending on marketing from last year. According to a survey, a net proportion of 38.5% of businesses intend to raise their marketing budgets this year. These are findings […]

Tax Deadline put back by HMRC strike

Posted by on January 27, 2012 at 12:18 pm

As a result of strike action planned by HMRC staff, no fines will be handed out to anyone who submits their self assessment tax returns online in the first two days of February. The official deadline for submitting their self assessment tax returns is scheduled for 31 January, but a planned strike for that day […]

Intensified Crackdown on Offshore Tax

Posted by on December 15, 2011 at 11:07 am

The government in its latest move on hunting for offshore tax evading companies have intensified its effort in bringing the culprits to book.. The unit dedicated for this endeavour is the Offshore Co-ordination Unit of HMRC. Its duty is to scrutinise extra information of UK taxpayers with money abroad.

Amidst the Cuts, a Lifeline for Small Businesses and the Unemployed Youth

Posted by on November 30, 2011 at 11:35 am

In the Autumn Statement, the Chancellor painted a gloomy picture of the status of the UK economy and the tough measures to be meted out in the time to come. Among the most major drawbacks is the announcement of the reduced growth forecast of 0.7%, public sector job losses mounting to 710000 from 400000 by […]

New Tax Warning Letters for Doctors and Dentists

Posted by on November 22, 2011 at 4:46 pm

According to the latest press release by HMRC, about 2,500 doctors and dentists have been targeted by HMRC for possible tax evasion. The warning letters have already been prepared by HMRC and will be sending them in the near future. The alleged tax dodgers will have to pay their dues within 21 days or face […]

Online Access to Tax Records for Every Tax Payer

Posted by on November 17, 2011 at 5:55 pm

The government is suggesting that every taxpayer should be given online access to their personal tax records. This is a recommendation outlined by the public consultation on making the tax system easier to understand. The other steps outlined include pre filled tax returns to people in the tax return system. All taxpayers will be sent […]