If your child is employed by your business while in full time further education, they could be earning £15,480 per annum tax free as an employee scholarship as well as their personal allowance of £7475.
VAT rule-breakers have until 30 September to register to pay what they owe under an HM Revenue & Customs (HMRC) campaign. The new campaign focuses on individuals and businesses trading above the VAT registration threshold – a turnover of £73,000 – but who have not registered.
The Association of Revenue and Customs (ARC) has described last week's disclosure of HM Revenue and Customs' detailed plans for the next few years, which show a crackdown on evasion by small and medium-sized businesses but fewer resources to tackle avoidance by multi-nationals and the wealthy, as letting big businesses 'off the hook'.
Companies across the UK are being reminded of important changes to Corporation Tax (CT) filing and payment, which came into effect in April 2011.
From that time, all Corporation Tax payments had to be made electronically, and all company tax returns must be filed online for accounting periods ending after 31 March 2010. The returns also have to be filed using a specified data format, known as Inline XBRL or iXBRL.
One of the barriers to growth is the burden of regulation. It takes up time and stops business growing and that means our economy does not grow. The Business Secretary outlined changes to regulation in one area which is a massive burden to business – producing accounts. Small businesses in particular often suffer the most under the burden of bureaucracy.
SMEs with company car fleets need to advise their administrators and drivers that H M Revenue & Customs (HMRC) has updated its advisory fuel rates (AFR) for company cars with immediate effect from 01 March.
The new AFR rates, for all mileage undertaken from 01 March, in most cases sees the amount rate per mile rise by 1p per mile for petrol, diesel and LPG-fuelled company cars.
HM Revenue & Customs (HNRC) is planning to launch a clamp down next year on over two million small and medium sized businesses that keep poor records. They say that 40% of all SMEs keep poor records and are likely to owe tax.
In the second half of 2011 their Business Records Checks campaign will aim to tackle 50,000 of the worst case and impose fines for "significant record keeping failures" in addition to collecting any tax due.