Hot topics
Employers are now in a position to determine when and how they will be
required to comply with their auto-enrolment duties.
HMRC recently announced that they will require all UK companies' tax
returns, including statutory financial statements, to be tagged using Inline
Extensible Business Reporting Language (XBRL). This requirement will
affect an estimated 1.6 million companies in the UK, with the earliest affected
those companies with April 2010 year-ends.
The tax treatment of payments made to non-executive directors (NEDs) are on
HM Revenue & Customs’ (HMRC) radar. For an employer, there are a number of
potential penalties and negative outcomes which could be incurred as a result
of failing to correctly process NED payments.
Outsourcing information security – Pitfalls and Practicality
Against the backdrop of the current economic environment, commercials
disputes are increasing. Unexpected consequences materialise, business
expectations fall short and with fewer options, businesses are forced to pursue
claims.
With two-thirds of consumers ready to stick with value-based purchases
after the recession, organisations have to adapt their business models now.
Stay ahead
New financing opportunities exist as investor appetite for public issues
will continue to grow.
Stay ahead
Avoid a pricing war by placing innovation and the customer experience at the
heart of your strategy.
Stay Ahead
The UK Accounting Standards Board (ASB) is proposing to replace UK GAAP with
a new 3-tier system based on public accountability.
This new opportunity relates to businesses that have disposed of a
subsidiary through selling shares, as they may now be able to recover VAT on
the related costs of the sale.
HMRC has advised PwC that estimated or provisional claims will no longer be
accepted, except in the exceptional circumstances specifically permitted by UK
legislation.
Peter Bonvoisin, Partner at PricewaterhouseCoopers discusses the
implications for business of the Carbon Reduction Commitment (CRC) and
recommends that businesses need to understand the impact and start preparing
for it now.
On 20 July 2009 HMRC began a consultation process to develop the legislative
approach to address the perceived problem of false self employment within the
Construction Industry in line with HMRC’s commitment in this area announced in
the 2009 Budget.
The introduction of the new 50% income tax rate from 6 April 2010 for those
earning over £150,000 came as a shock to many. However, individuals with annual
income between £100,000 and approximately £113,000 will be hit by an even
higher effective tax rate of 60%.
Recent research on Employee Benefits shows that between 50% - 60% of
employers are offering bikes to employees through a Cycle to Work scheme,
however many of these arrangements do not have HMRC clearance.
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