Tax Champion Blog

Tax Champion comes to the Business Show 2014 Oct 10, 2014

  If you’re in business – or want to be – then you need to be at The Business Show at Olympia London, 27 th & 28 th  November 2014   If you’re looking to start, grow or improve your business, don’t miss Europe’s biggest business exhibition and conference, The Business Show. The two-day event has 350 exhibitors, 250 seminars, and 10 workshops running across two days, drawing more than 10,000 aspiring entrepreneurs and small-medium business owners looking for inspiration, advice and networking. The next event will be held at Olympia London, 27th & 28th November 2014. Book your free tickets now at  www.thebusinessshow.co.uk   What’s At The Show?   Exhibitors:  The Business Show has hundreds of pioneering exhibitors, from software suppliers......Read More

PCG evolves to become IPSE, the UK’s new association for self-employed professionals Sep 2, 2014

PCG, the membership organisation for freelancers, has today announced it is rebranding in order to represent all independent professionals working in the UK’s growing self-employed sector.   From 1st September 2014, PCG will become IPSE, the Association for Independent Professionals and the Self-Employed.   The consistent rise in people choosing to become self-employed over the last ten years means the sector reached a record 4.59million strong in July, according to the latest figures from the Office of National Statistics.   Chris Bryce, Chief Executive of IPSE, said:   “By next year, the number of self-employed people in Britain is predicted to outnumber those working in the public sector. Individuals in business on their own account need representation and with our history fighting......Read More

Collective Defined Contribution Pensions: is the UK ready? Sep 1, 2014

With auto-enrolment at the forefront of everyone’s minds, you might be looking into the options available to you for your pension. In the past, the trend was for “defined benefit”, or final salary, schemes, which allowed you to pay in monthly and know exactly what you would get when you retired - a percentage of your final salary. However, these types of schemes have become incredibly rare and difficult to find in recent years, so more and more people are paying into “defined contribution” (DC) schemes instead. This means that you know exactly how much you are paying in each month, but you can’t be sure how much you will get out on retirement.   Now, according to an article on the BBC News site, the government wants......Read More

Companies House to make data free of charge Aug 1, 2014

From April 2015, digital data from  Companies House  (CH) will be free to access, in a move to “improve corporate transparency”, according to the government. Accountants will be able to research clients’ and potential clients’ businesses without having to pay the usual £1 per document to download. In 2013/14, Companies House made £8.7m from selling information alone, but as part of a Public Data Group Summer Statement for the 2014 G8 Statement, the government has decided to offer this data free of charge. The Summer Statement is part of an updated Department for Business, Innovation and Skills (BIS) Open Data Strategy, supporting open data across the department and its partner organisations. CH is just one of a number of government data bodies affected by planned data releases; including......Read More

CIS: An Update Jul 28, 2014

After an initial 27 year period of content, the Construction Industry Scheme has seen several changes over the last 15 years. Now, HMRC is looking to make another update to the scheme; this time loosening the reigns rather than tightening them. HMRC have proposed a series of changes, some of which are fundamental. Here is a summary:   Softening of compliance test for gross payment status Mandatory online filing (possibly via RTI) Ability to amend CIS returns online No more nil CIS returns Mandatory online verification Improved verification process Up to date online CIS account accessible to subcontractors   The aim of the proposed changes is to make the scheme more efficient without negatively affecting its integrity;......Read More

Penalty Shoot Out Jul 7, 2014

Filing your company tax return late could now incur an escalating penalty based on the size of your business, and increasing monthly until the return is filed and the debt paid. As part of the government’s new penalties system, which will apply to tax returns from the 2013/14 period onwards, businesses who file late tax returns will be fined £100 per 50 employees for each month that the return is outstanding. In addition, due to the implementation of RTI (real-time information) and penalties for late and non-filing, HMRC has changed its approach to late PAYE return penalties. Now, when a late return is received by the Revenue, it will issue a revised penalty notice with the correct amount due. This new process will also affect tax years 2012/13......Read More

Steve Knowles does Funny Business! Jun 19, 2014

On October 23rd 2014, eight men and one woman will take to the stage at Sheffield City Hall to be funny for money. Tax Champion founder and MD, Steve Knowles is one of those people. Funny Business is an annual event run by Weston Park Hospital Cancer Charity, that allows average Joes to get their 15 minutes of fame, all whilst raising money for a very worthy cause. Before being let loose on the stage, the fledgling comedians are put through their paces in a 5 week training course by Sheffield-born policeman turned comic,  Alfie Moore :     So, if you love comedy and hate Cancer, support Steve and his 8 fellow charity comics by joining us at Sheffield City Hall on October......Read More

HMRC outsource overpaid tax credits to debt collectors Jun 19, 2014

Have you been overpaid tax credits? You could soon be visited by private debt collectors, hired by the Revenue to recover money paid into people’s accounts in error. According to an investigation by  False Economy , HMRC has hired twelve third party debt collectors to call, text and write to millions of UK taxpayers who have been overpaid tax credits. It is believed that in some cases they have even visited recipients at home. There are reportedly around 4.7 million outstanding cases of tax credit overpayments. The government is hoping to recoup the £1.6billion of overpayments and bring down the benefits bill. Many of the effected have been overpaid through no fault of their own, and cannot afford to give back the total amount owed immediately. In......Read More

Small Business Rate Relief: What you need to know Jun 19, 2014

Small Business Rate Relief has been extended until 31 st March 2015, allowing businesses with only one property with a rateable value of less than £12,000 to receive a discount. Rate relief began on 1 st October 2010 and was due to end on 31 st March 2014, however the government has acknowledged the fact that UK small business need support and has extended the discount scheme by one year. Now, until 31 st March 2015, properties with a rateable value of £6,000 or less will get 100% relief, meaning they will pay no business rates. The rate of relief gradually decreases from 100% to 0% on a sliding scale for properties with a rateable value between £6,001 and £12,000. To find out how your rate is worked out,......Read More

Take That Tax Evasion! May 14, 2014

Gary Barlow could be in danger of losing his OBE, according to  the guardian , after a partnership that he and his fellow Take That band members invested in was deemed to be a tax avoidance scheme. The pop star and X Factor judge could be asked to pay millions of pounds in tax as a result of the ruling by Judge Colin Bishopp, after investing at least £26 million along with bandmates Howard Donald and Mark Owen, and manager Jonathan Wild in a scheme run by Icebreaker Management, back in 2012. 51 partnerships managed by the company were found to be tax avoidance schemes masquerading as “music-industry investment schemes”. Tax avoidance is not always illegal, it is even encouraged by the Revenue to pay as little tax......Read More

HMRC's New Powers are not Limitless May 14, 2014

According to the UK tax authority, in  an article by the BBC  “an estimated 17,000 people a year will have their accounts raided for unpaid tax under new rules”. You may remember Osborne making reference in the Budget to new powers allowing HMRC to recover tax debts from the accounts of anyone owing more than £1,000, either in tax or as a result of tax credit overpayments. Well, the Revenue has recently revealed the limits to their new found powers, which are: HMRC must only target those who have long-term debts and have received at least four demands for payment It must ensure that at least £5,000 is left in total across all debtor’s accounts, including savings, building societies, and even ISAs The funds must......Read More

Budget 2014 Mar 21, 2014

Were you on Budget Watch on Wednesday? What did you think of Osborne’s announcements? Here is our breakdown of the Budget 2014: Growth Forecast Economy expected to grow by 2.7% in 2014, higher than December forecast of 2.4% 2015 growth forecast to be 2.3%, 2.6% in 2016 and 2017   Welfare Cap Set at £119bn in 2015-16, rising to £127bn in 2018-19   Tax Avoidance 15% stamp duty on properties worth £500,000+ bought by corporations Increase in HMRC’s budget for tax avoidance prevention New “guilty until proven innocent” approach   Business £7bn cut from energy bills for manufacturers No employee NI for under 21s Increased investment allowance......Read More

Auto Enrolment - The Facts Mar 18, 2014

If your employer hasn’t adopted auto-enrolment yet, chances are, they soon will. On April 1 st  2014, all businesses with 160 or more employees will have to offer a workplace pension, and all staff  must  be auto-enrolled. From April 2017, it will become compulsory for  all  businesses with employees, no matter how few, to enrol them in a workplace pension scheme, whether they like it or not. To find out the staging date for your business, grab your PAYE reference and  go here . As an employee, you can choose to opt-out, but your employer will be legally required to enrol you on a scheme – if you do not wish to participate in the scheme your employer will have to un-enrol you the following month and refund......Read More

Budget 2014: Predictions Mar 18, 2014

It’s that time of year again. That’s right, the Budget will be announced tomorrow, and we’ve got a few predictions to share with you.   Energy Bills The price of non-renewable fuels could come under the microscope again this year, with the manufacturing industry body, EEF , requesting a reduction in the carbon price floor, or the carbon tax.   Tax While it’s possible that income tax and National Insurance (NI) may eventually be combined into one single ‘earnings tax’, in the meantime Osborne could raise the threshold to lower the amount of NI paid by low earners. From 6 th April 2014, the income tax threshold is due to increase to £10,000, however, employee NICs begin to be charged at 12% on earnings......Read More

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