According to a review commissioned by the government led by business woman Julie Deane, self-employed workers should get more support in running their businesses.
Filing deadlines are quite generous which can lead to directors thinking companies house are unlikely to take action against them failing to file tax returns and accounts. However this is not the case according to an analysis by law firm Nockolds showing that there has been a rise in convictions against directors by companies’ house of over 16% from 2013/2014. On top of these convictions companies house collected over £81m in late filing penalties in 2014/2015.
Under the EU’s Audit Regulation and Directive (ARD) the government is to raise the audit exemption threshold to a maximum of £10.2m.
From 6 April 2016 a new single tier state pension is to be introduced for those reaching state pension age. Many pensioners will receive a boost according to research by the Department for work and pensions (DWP) following this introduction.
The new tax year, 2015-2016, will see the first use of online tax accounts. This introduction is set to remove the requirement for self-assessment forms once the system is rolled out as it replaces these forms with universal digital tax accounts.
A study by The United Nations suggests that countries should consider the introduction of a voluntary tax in leisure activities such as concerts and football matches in order to raise funds for humanitarian operations.
A proposal to introduce a voluntary ‘Fair Tax Payer’ label for companies who engage in good tax practices is being requested to be brought forward. The European parliament is calling on the European commission to bring the proposal forward in order to increase tax transparency.
More than a million small businesses have to enrol employees automatically into a workplace pension scheme within the next two years;this new rule has left some employers confused about their responsibilities.
Following the launch of a government inquiry airport shops could be forced to give VAT discounts to passengers travelling outside the European Union.
As part of its digital strategy HMRC will close 137 of its 170 offices across the country, affecting 60,000 staff with unconfirmed job losses as the tax department moves its operations into 13 super hubs.