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A budget for business

A budget for business?

A budget for business? Many tax practitioners initially commented that the 2013 budget didn’t contain much encouraging news for business. On reflection, a few weeks later, armed with all the facts and the Finance Bill going through Parliament there were in fact many measures which could have a positive impact on business in the months and years ahead. As seems to be the trend in recent budgets, many announcements were for tax years after 2013/14, as well as a significant number having been announced earlier. The b...

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Employment Particulars

Employment particulars

The government has updated the template of written employment particulars. www.gov.uk/government/publications/employment-particulars-written-statement-form The template is an example of a written statement of employment particulars which meets the requirements of employment law. Where an employee is employed for more than a month the employee must be given a written statement of employment particulars. Obviously this only covers the bare minimum of information that most employers will require. Rothmans can make referr...

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P11D deadline approaching

P11D deadline approaching

Reporting employee benefits and expenses The forms P11D, P11D(b), and where appropriate P9D, which report employees and directors benefits and expenses for the year ended 5 April 2013, are due for submission to HMRC by 6 July 2013. Employees pay tax on benefits and expenses as shown on the P11D, either via a PAYE coding notice or through the self assessment system. In addition, the employer pays Class 1A National Insurance contributions at 13.8% on the provision of most benefits. HMRC have issued some guidance on the common er...

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Retirement and Pensions Update

Retirement and pensions update

Retirement and pensions update Recent months have seen a significant number of government announcements concerning retirement and pensions. A round-up of some of the main planned changes are as follows:- Flat rate pension The government has published a white paper announcing plans to introduce a single-tier, flat rate pension of £144 per week commencing in 2017 at the earliest. The reforms would simplify the current system of basic and additional state pension credits, which Pensions Minister, Steve Webb, descri...

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Rothmans 2013 budget seminar

Rothmans 2013 budget seminar

More than 150 people attended our popular annual budget seminar for private and business clients, held on 2 April at the Ageas Bowl, Southampton. Once again, the audience was entertained by Giles Mooney, who brought the budget alive in his uniquely humorous and informative style. Giles is a chartered accountant and chartered tax adviser who specialises in training and, at this time of year, uses his skills to analyse the complex detail of the annual budget, picking out and making relevant key points and opportunities for people...

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RTI challenge hits businesses

RTI challenge hits businesses

Businesses are now experiencing the new HMRC ‘Real Time Information’ (RTI) system which was implemented on 6 April 2013. The major change affects all payroll schemes and most businesses will have spent time in previous months planning for its implementation. Businesses are now submitting payroll information on line each time an employee is paid, and many are finding it an increased administrative burden. A Full Payment Submission (FPS) provides HMRC with much of the information that it would previously only receive ann...

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