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HMRC stepping up their campaign

April 26th, 2013

HMRC is defiant is retrieving as many revenue streams it can possible and one unit The High Net Worth Unit established in 2009 is already hitting record levels of success.

The unit, scrutinising the affairs of 5,800 people with assets of £20m or more, increased its yield from tax enquiries by 10%, having collected £200m in 2011/12.

Exchequer secretary to the Treasury, David Gauke, said: “HMRC’s high net worth unit provides the specialist attention they require in ensuring the wealthy pay the tax they owe. This government has reinvested almost £1bn in HMRC and expects them to deliver almost £22bn in 2014/15.

Meanwhile the HMRC department is making quite clear its intention to those who do not pay VAT by seizing assets to counterbalance the shortfall. It is thought that the stepped up initiative along with the hiked 20% VAT rate has added to the staggering 98% rise made in just one year.

Syscap an independent finance provider has been elected to find offenders and deal with the problem, a spokesperson for Syscap said “Small businesses need to be aware that HMRC is becoming more and more aggressive in claiming the VAT payments it is due from businesses,”

“As VAT bills are payable on invoiced work rather than receipts, many businesses will find themselves paying tax on work they haven’t yet received payment for. These businesses are likely to have invested money up front in fulfilling contracts, putting further strain on available cash.

A spokesman from HMRC said: “The government has given HMRC almost £1bn to tackle tax evasion, fraud and avoidance. HMRC is using this money to increase staffing in key teams, deliver an additional £20bn and increase criminal prosecutions for tax fraud fivefold by the end of the 2015.

“The vast majority of taxpayers are honest and pay what they have to under the law, so it is only right that we tackle the small minority of cheats who deprive the country of vital revenues.”

These statistics show how important it is that both companies and individuals keep their VAT affairs correct, fair and transparent and for those who work in these departments to adopt these good business practices.

For more information about the latest HMRC and financial changes please contact Bond Williams whose partner Lawyers Frettens keep them updated with all legalities.

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Posted in Economy, Tax, Finance Bill, Accountancy | No Comments »

Improvements in city job role figures

April 11th, 2013

The city is seeing a steady momentum with a marked increase in job roles following the end of 2012 and the beginning of 2013. Job availability rose by a staggering 25%. Although there has been a reported slight decrease in March it is the slowest decline compared to the same month last year with a 7% drop. Looking at the study of yearly change, the largest ever was reported between March 2011 and March 2012 when it was 55%, proving that March continues to be a difficult month for job creation.Hakan Enver, operations director, Morgan McKinley Financial Services, said: “This data indicates a good start to the year, but March 2013 was negatively affected by Easter coming earlier than usual, causing it to be a shorter working month,” he continued “There are signs that even when job availability falls, it is not declining quite as consistently as previous yearly comparisons.”

This report also brings a brighter Spring/Summer optimism having got through the worst of the hiring months of the year.
The research indicated that governance related functions including risk management, compliance and internal audit, as well as financially-driven change management are areas where talent is still very much sought after.

Salaries remain competitive with the average new hires pay packet standing at £77,296 held up by the quality professional talent in high demand.

For all the latest and most professional financial and accounting jobs in the area, contact Bond Williams today.

Posted in Recruitment, News | No Comments »

Budget response: economic outlook remains challenging, but measures to encourage job creation and retention are welcomed

March 21st, 2013

The Chartered Institute of Personnel and Development (CIPD) has welcomed measures set out in the Chancellor’s Budget today that will help more people get a foot on the employment ladder, make it easier for those who’ve been sick to return to work when they are able, and to help those in work plan with confidence for their retirement.

Commenting on today’s Budget and the accompanying forecast released by the Office for Budget Responsibility (OBR), Mark Beatson, Chief Economist at the CIPD, said: “The economic forecast released today alongside the Budget contains few surprises.  The very difficult situation in the eurozone casts a long shadow over the UK because of our close trade relationships with Europe so halving the growth forecast for 2013, to 0.6 per cent, was to be expected.  The OBR admits that it was surprised by the 600,000 increase in employment in 2012, given the lack of economic growth.  In this respect, the OBR forecast of 100,000 employment growth in 2013 and a further increase of 100,000 in 2014 may prove to be conservative.

“The difficult fiscal situation gave the Chancellor little room for manoeuvre, in terms of measures to stimulate the economy, but the budget did contain a few measures that should encourage employment creation and retention and provide a degree of support and certainty for employers.  The proposed reduction of up to £2,000 in employer National Insurance Contributions, to be introduced in 2014 for all employers, will provide a marginal incentive for small businesses to create new jobs and the announcement of growth vouchers to enable small firms to access business advice has the potential to provide them with invaluable help in recruiting, managing and engaging employees in support of business growth.”

On plans to give tax relief to companies that look after their employees and help them return to work after periods of sickness,Ben Willmott, head of public policy at the CIPD, adds: “We look forward to hearing more about the Government’s plans to support occupational health schemes. Research shows that the longer people are off sick, the less likely they are to make a successful return to work; after six months’ absence from work, there is only a 50% chance of someone making a successful return.  Anything that encourages more employers to look after the health of their workforce can only be a good thing – for employers and employees alike.”

On news that the flat rate state pension will be brought forward from 2017 to 2016, Charles Cotton, rewards adviser at the CIPD, said: “Without the simplicity of a flat-rate pension to explain what life on the state pension alone looks like, it has been difficult for employers to convince some staff of the benefits of contribution to a workplace pension scheme.  By bringing forward the implementation of a simple, easy to understand baseline pension, government is speeding up employers’ ability to encourage more workers to invest more in their pensions savings, to boost retirement incomes closer to the levels most would aspire to.”

Posted in CIPD | No Comments »

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