HMRC Proposes EFRBS Settlement by 31 December
HMRC has proposed the EFRBS Settlement offering employers a direct opportunity to settle the tax arising on Employer Financed Retirement Benefit Schemes (EFRBS).
HMRC recently announced this settlement opportunity by writing to affected customers giving them the chance to settle open enquiries without the need to engage in time consuming litigation – an offer, HMRC claim, intended to minimise costs to both customers, and themselves.
Under the terms of the settlement offer, you have until 31 December 2013 to consider the options put forward by HMRC and register your interest in any one of them (registering interest at this stage won't commit you to settling).
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Top Tips on RTI for SMEs
Back in April 2013 HMRC introduced Real Time Information (RTI) PAYE reporting, a new system designed to improve the accuracy of returns while ensuring employers such as yourself are paying the correct amount of tax.
Unlike in the previous system whereby you would submit an end of year return to HMRC with the full tax liability of each employee, under RTI PAYE reporting you're required to submit information to HMRC regarding employee pay and deductions each time a payment is made – unless you employ fewer than fifty employees and some are paid more frequently than once a month.
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Inheritance Tax Numbers Expected to Double
There is expected to be a sharp rise in the number of estates affected by the controversial inheritance tax (IHT).
Experts have warned that the number of estates expected to be caught by inheritance tax is likely to double by 2016/17 – from 21,000 in 2012, to an expected 42,000 in 2017.
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Autumn Statement: Full Report from TaxAgility
Further to our blog posted yesterday, we are pleased to provide a full report of the Autumn Statement, highlighting the main items affecting both SME business owners and individuals.
Delivering the 2013 Autumn Statement, the Chancellor said the latest forecasts from the Office for Budget Responsibility proved that “Britain’s economic plan is working” but warned that the “job is not done.”
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Autumn Statement: Key Points for Individuals and SMEs
Earlier today George Osborne, Chancellor of the Exchequer, delivered his Autumn Statement to Parliament.
Following are a summary of the key points affecting both SME business owners and individuals, taken from today's statement.
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