Changes made to Retirement Age

The Default Retirement Age (DRA) of 65 is to be phased out between 6th April and 1st October 2011. There is also to be an increase in the Pension age to 66 for men and 65 for women from 2018. Employers will no longer be able to let employees go just because they have reached … Continued

Tax Return Deadline

All online tax returns must be filed by midnight on the 31st January or you will be subject to £100 fine. Payment of the outstanding tax should also be made by this time or there will be interest of 3% per annum from the relevant payment date, added to the amount of tax you pay … Continued

CCH Insurance Policy

Given the significant rise in the number of investigations being carried out, the likelihood and possible cost of experiencing an investigation, is increasing. The handling of a tax investigation can be expensive with costs running into thousands of pounds. M. B. McGrady & Co offers an insurance policy against such investigations, called CCH Insurance. In … Continued

HMRC to carry out Business Record Checks (BRCs) on Small to Medium Businesses

The HRMC published a consultation paper on the 17th December 2010 outlining their intention to concentrate on Business Record Checks. This proposal aims to assess the adequacy and accuracy of Business Records in the Small and Medium sized (SME) business sector (Small or Medium businesses are defined as having a turnover of less than €50 … Continued

New powers and penalties for HM Revenue and Customs

Since 1997 we have had a system called “self-assessment” for tax. This means that you assess your own tax by means of the figures you enter on your tax return. In the majority of cases, the returns are merely processed by HM Revenue and Customs and the tax you pay is the tax you have … Continued