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Recession news centre

Regardless of which party wins the next election, the country will, in all likelihood, need to reduce spending and increase taxation for many years to come in order to reduce the burden of debt caused by the economic crisis. While the Government seems to be targeting high earners at the moment, it’s only a matter of time before all taxpayers end up paying more.

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VAT online filing

From 1 April 2010 all businesses with an annual (VAT exclusive) turnover of £100,000 or more must file their VAT returns online and pay any VAT due electronically.

In addition any business that registers for VAT on or after that date will also have to file online and pay electronically whatever its turnover.

Unless already in operation online filing will require some planning to ensure compliance obligations are met on time and that it does not disrupt the business.

HMRC to target hospital consultants and veterinary practices

HMRC has identified ‘upwards’ of 800 Hospital Consultants to be investigated in 2010. 

Up until now the motor and travel expense claims have been the primary risk areas identified by HMRC, but the emphasis will change in the New Year. HMRC has issued formal notices to BUPA, Sun Life and other institutions who pay commission to hospital consultants to identify enquiry cases where the commissions appear to have either been understated or omitted from tax returns.

In addition, in the South West HMRC are targeting veterinary practices with the enquiries including common themes relating to the use of Locums and staff accommodation. At present this is believed to be a regional ‘project’ being conducted by HMRC but this could be rolled out nationally if common errors arise or the yield obtained is significant.

Pre-Budget Report 2009

On 9 December 2009 the Chancellor, Alistair Darling introduced a pre-election pre-Budget Report to the Commons that would, he said, “build a strong economy and a fair society”.

HMRC telephone performance

HMRC's performance in answering telephone calls during 2008/09 was well below its own targets and industry standards, the National Audit Office has reported. In its Customer Contact Directorate, which answers 95% of calls to the Department's contact centres, only 57% of 103 million call attempts were answered, compared with 71% in the year before and an industry benchmark of over 90%.

Recognising that this level of performance was unacceptable, the Department launched initiatives to improve its management of caller demand.

Smaller firms get extra time to prepare for new pension scheme

Small businesses are to be given flexibility over the introduction of the Government’s new compulsory workplace pension scheme. The scheme is to be known as the National Employment Savings Trust (NEST) is aimed at employees aged over 22 earning between £5,035 and £33,540 and who do not have an occupational pension scheme.

The scheme is to commence in October 2012 when the largest businesses – those employing 120,000 staff or more – will begin enrolling workers. However, smaller firms will join the scheme on a phased basis over the next three years. Start-up businesses formed from 2012 won’t be required to implement a NEST fund until 2016. Auto-enrolment is expected to be fully introduced by 2017.