News from InAccountancy
HMRC have published detailed guidance for charities and community amateur sports clubs (CASCs) on the new Gift Aid Small Donations Scheme (GASDS).
HMRC have introduced an optional system of ‘simpler income tax for smaller businesses’ which takes effect from April 2013 for smaller unincorporated businesses.
According to late May data released by the Office of National Statistics (ONS), the UK gross domestic product (GDP) in volume terms was estimated to have increased by 0.3% between the fourth quarter of 2012 and the first quarter of 2013, unrevised from the previous publication.
In May 2013, HM Revenue and Customs reported that an estimated 3.5 million taxpayers were due a tax refund for the year 2012/13, with the average repayment thought to be between £350 and £500.
Changes by the Government to the ‘higher rate threshold’, which is the level of income after which taxpayers begin to pay the 40 per cent higher rate of tax, mean that it will increase by 1 per cent, for 2014/15 and 2015/16 to £41,865 and £42,285 respectively.
Yet another tax payment deadline is fast approaching. If you are in the payments on account regime for income tax, the second payment on account for 2012-2013 is due for payment on 31 July 2013.
Confidence among small businesses rose to its highest level in three years according to the latest Small Business Index from the Federation of Small Businesses (FSB) released in June 2013, with confidence rising across all parts of the UK and in most sectors.
HMRC have updated their Basic PAYE Tools which is a software package designed to help those employers operating their own payroll.
The Office for National Statistics has announced the latest official labour market statistics. These are as follows:
HMRC have announced that they will extend the temporary relaxation of the new reporting rules for businesses with fewer than 50 employees from October 2013 until April 2014 and that this relaxation will come to an end at this point.