News - August

From time to time, we produce information for clients on a number of topical and important issues, some of which can be found below:

Employers plan to freeze pay

Halesowen accountants E R Grove & Co has praised the efforts of workers and employers to try and minimise job lasses, after figures from the Confederation of British Industry (CBI) showed over half of all employers were planning to keep wages on hold during their next round of pay talks.

Warning over text message scam

Halesowen accountants E R Grove & Co are advising that only a few months after HM Revenue and Customs (HMRC) announced it would start contacting taxpayers by text to discuss their tax affairs, a warning has been issued regarding electronic communications from bogus organisations which offer to refund overpaid tax directly into the recipient’s bank account, if they provide the details.

End of Holiday Home Tax Relief

Halesowen chartered accountants E R Grove & Co are putting out a warning to those who own holiday homes.

Revenue Struggles with Tax Repayments

Halesowen chartered accountants E R Grove & Co are warning that many people are struggling to obtain refunds of overpaid tax from HM Revenue and Customs (HMRC), with claims taking up to three months to be processed.

Gold standard for ER Grove’s training

ER Grove & Co has recently received a prestigious Gold accreditation from the Association of Certified Chartered Accountants (ACCA) in recognition of the quality of training it provides for its trainee accountants.

Rise in Prosecutions for Employing Illegal Workers

Businesses are being warned to undertake more rigorous checks into applicants’ backgrounds as the number of prosecutions for employing illegal workers increased over 500%, according to Giant Precision a business process outsourcer.

Are you complying with the National Minimum Wage Rules?

HMRC are reminding employers that since the beginning of the current tax year automatic penalties have been introduced for those who do not comply with the National Minimum Wage (NMW) Regulations.

Business Payment Support Services

According to government figures, as at the end of April 2009, over 116,000 businesses have agreed time to pay tax arrangements with HMRC to the value of two billion pounds.

Redundancy Alternative

The Confederation of British Industry (CBI) has made a proposal for an 'Alternative to Redundancy' (ATR) scheme which could be introduced as part of a package of measures to reduce job losses.

Starting a new Business

HMRC have amended the form CWF1 which is completed by those individuals who have set up a new business either as a sole trader or as a partner in a partnership. The form is used to notify liability to Class 2 National Insurance Contributions (currently £2.40 a week) amongst other things.

HSE Warning not to be misled over new Law Poster

The Health and Safety Executive (HSE) is warning businesses not to be misled into buying unnecessary and expensive copies of the health and safety law poster. Employers have a duty to display the poster prominently in the workplace or provide employees with a copy of the pocket card version. Both poster and card set out the employer’s and employees’ responsibilities.

Swine Flu Advice for Businesses

The UK has moved from the 'containment' to the 'treatment' phase of swine flu (H1N1) as the number of people catching swine flu continues to rise.

Scrappage Incentive Scheme Successful

According to the Society of Motor Manufacturers and Traders (SMMT) 29,796 vehicles have been registered under the scrappage scheme since it started on 18 May 2009. This accounted for 9.7% of June’s new car registrations a total of 17,014 units. In addition to cars 323 vans were also registered in June under the scheme (1.9% of van registrations).

Pension Payments

Pension contributions made by an individual are usually paid net of basic rate tax. Where the individual is a higher rate taxpayer further relief is due which significantly reduces the net cost of the contribution.

Minimising Inheritance Tax on Family Firms

Halesowen chartered accountants E R Grove & Co are reminding business owners of an important tax relief which can reduce their inheritance tax bill when the time comes to pass a business on – which can be made even more effective with a little careful planning.