HM Revenue & Customs (HMRC) is to carry out a review of its Business Record Checks project, designed to tackle poor record-keeping by small and medium-sized enterprises. Continue reading →

A major change to the way that employers submit information on tax and national insurance for their employees is to begin next year with a pilot programme. Continue reading →

Government plans have been announced for a major reduction in health and safety rules, with the first changes taking effect from January. Continue reading →

Business Secretary Vince Cable has set out plans for major reform of employment law.

The package of measures, announced on 23 November, include an overhaul of employment tribunals, expected to deliver £40 million a year in benefits to employers. There will also be a call for evidence on whether the 90-day minimum consultation period for collective redundancies should be reduced. Continue reading →

Businesses are becoming more aware of their obligations under the Data Protection Act (DPA), according to new figures from the Information Commissioner’s Office (ICO). Continue reading →

Employers are being urged to make sure their PAYE paperwork is correct after hundreds of returns incorrectly claimed to employ A N Other in 2009/10. Continue reading →

Pensions experts have warned that around three million people may drop out of a government scheme designed to encourage more workers to save for their older age. Continue reading →

A crack team of more than 2,000 tax inspectors is to be set up by HM Revenue and Customs to target tax avoidance and evasion. Continue reading →

The Business Secretary Vince Cable has once again attacked banks over a lack of lending to SMEs.

Mr Cable made the attack during a speech on the economy at the Liberal Democrat’s annual conference in Birmingham.

He said: “Productive British business and banking are currently at odds.”

“Banks operate like a man who either wears his trousers round his chest, stifling breathing, as now, or round his ankles, exposing his assets. That’s if they have any.”

Cable added that “we want their trousers tied round their middle: steady lending growth; particularly to productive British business, especially small-scale enterprise.”

In July Mr Cable suggested dividends and bonuses paid out by banks could be targeted by the Government as part of a “carrot and stick” approach to boost lending.

He added that if the banks were left unchallenged, a lack of available finance for SMEs could halt any economic recovery.

LINK: Cable sees truce ahead with UK banks, halting year of conflict

If you want more information then please contact Rodliffe Accounting Ltd.

The Financial Reporting Council and the Department for Business, Innovation and Skills (BIS) have published a joint missive calling for annual accounts for the smallest businesses to be simplified in order to cut red-tape for micro-entities.

The FRC say that the paper, timed to coincide with an Office of Tax Simplification (OTS) consultation on SMEs, is the first step to freeing them from the shackles of accounting toil.

Objectors say that simpler reporting requirements could spook traders and creditors making them reluctant to engage, fearing SMEs will be unable to honour their debts.

Supporters say the new proposals will cut red tape, freeing businesses up to expand and develop – boosting the economy at the same time.

John Davies, ACCA head of technical, welcomed the principle, but feared the practice.

He said: “Preparing accounts is important from the perspective of financial discipline.”

However he said the institute would be open to evidence of excessive reporting requirement that could be cut under new proposals.

ICM chief Philip King said the economy could actually suffer if reporting restrictions were relaxed.

“Without audited numbers that can be trusted, banks will not lend and suppliers will not extend credit to their customers,” he said.

“Credit fuels business – access to credit comes from greater access to information, not less.”

The BIS/FRC proposition calls for a simplified trading statement (rather than the current profit and loss account), a statement of position – including details of assets and liabilities – and a simplified annual return.

LINK: Simpler SME reporting ties users in knots

If you want more information then please contact Rodliffe Accounting Ltd.