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Tax and NIC’s
Business Calls for Tax and NICs Reform
Tuesday, November 27th, 2012At Budget 2011, the Chancellor of the Exchequer announced that a Government aim was to look at simplification of the tax system. This led to a ‘Call for Evidence’ document, which was followed by a ‘Next Steps’ document in November 2011, following a recommendation from the Office of Tax Simplification (OTS) in their Small Business [...]
Tax and NICs Integration
Sunday, June 3rd, 2012In the Budget 2012 Report, HM Treasury announced that its ‘simplification’ process would continue, as they looked at integrating tax and National Insurance. This would build on the announcement at Budget 2011, plus work that had already been undertaken by its stakeholders. The Report promised that a consultation would be issued in April 2012, however, [...]
Week 53 Provisional Tax Collection
Thursday, April 5th, 2012In March, we advised that we had been communicating with HMRC about underpayments of tax that may arise from the correct application of Week 53 procedures. Tax is collected via PAYE on a provisional basis to ensure, amongst other things, that there are no fluctuations in net pay simply as a result of there being [...]
Week 53 and Provisional Tax Collection
Tuesday, March 13th, 2012The Learn Centre (TLC) has received quite a few queries about the possibility of underpayments of tax due to increased instances of Week 53 situations in the 2011/12 tax year. Therefore, this warranted an in-depth discussion on the topic. The tax year is divided into 52 weeks, 26 fortnights or 13 four-weekly pay periods. However, [...]
50p tax v ‘Mansion Tax’
Tuesday, March 13th, 2012George Osborne referred to it as temporary and said that it could do lasting damage to the economy. Boris Johnson said that it was harming the City of London and last week we reported that over 500 business leaders had called for the abolition of the 50p Additional Rate in a letter to The Daily [...]
Office of Tax Simplification
Tuesday, March 13th, 2012The Office for Tax Simplification (OTS) was established on 20 July 2010 with the purpose of providing independent advice to Government on areas of possible simplification of the tax system for taxpayers and businesses. This advice, in the form of a report, is presented to the Chancellor ahead of his Budget statement which may, or [...]
Taxation and Pensioners
Tuesday, March 13th, 2012On 14 June 2011, the OTS wrote to David Gauke, Exchequer Secretary to the Treasury, outlining proposals for further simplification reviews. In addition to the proposal to review small business taxation was the request to focus on the taxation of pensioners, simplifying the system for the estimated 5.6 million people of pensionable age who pay [...]
HMRC – 0T Reversal Q&A Document Published
Sunday, January 29th, 2012HMRC advised at the start of the year that they were reversing their decision to tax post-termination share-related payments at BR. From April 2012, such payments after leaving will be taxed at 0T on a Week 1 / Month 1 basis. Last week, we advised that the necessary Regulations to effect this change in legislation [...]
New Double Taxation Convention with Hungary
Monday, September 12th, 2011The UK and Hungary have signed a replacement double taxation agreement. A new comprehensive Double Taxation Convention between the United Kingdom and the Republic of Hungary was signed in Budapest on 7 September 2011, replacing the earlier 1977 agreement. The Convention enters into force once both countries have completed their legislative procedures. Further information: UK/HungaryDouble [...]
Views sought on integration of income tax and NICs
Sunday, July 17th, 2011HM Treasury has posed fourteen questions to draw out views on the burdens faced by employers in paying income tax and NICs through the PAYE system. The independent Office of Tax Simplification (OTS) was set up in July 2010 to carry out reviews and provide expert advice to the Chancellor on options to improve and [...]
