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Millions of people due for tax rebate |
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Written by Administrator
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Wednesday, 08 September 2010 11:29 |
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Millions of people in the UK are due to receive a tax rebate following a problem with HM Revenue and Customs’ (HMRC) Pay as You Earn (PAYE) computer system. It is thought that 4.3 million individuals paid too much tax between 2008 and April this year, with those affected expected to receive an average rebate of £418 each. The first 45,000 letters informing people are expected to arrive on Tuesday with the rest due before Christmas. HMRC has identified a further 5.8 million people who may have overpaid income tax before March 2008. However, experts warn that it could take up to four years for individuals to be reimbursed. In addition, 1.4 million people are believed to have underpaid around £2 billion via the PAYE system. Each person will be required to pay back an average of £1,500. An HMRC spokesman told the BBC: ‘The overwhelming majority of PAYE cases - over 40 million - are right, so most people have paid the right amount of tax. But for a variety of reasons in some cases there will be a discrepancy. ‘The Government accepts that the way we go about deducting tax at source needs to be much more accurate and the introduction of the NPS [computer system] paves the way for a real time system which in turn boosts accuracy.’ Meanwhile, Emma Boon from campaign group the Taxpayers' Alliance, said: ‘Some [people] won't be finding out about it for a few weeks or maybe even a few months, so it could be towards Christmas which really isn't what you want to hear’. |
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Regional employer NICs holiday scheme comes into effect |
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Written by Administrator
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Wednesday, 08 September 2010 11:28 |
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The National Insurance Contributions ‘holiday’ scheme unveiled in the June Emergency Budget has come into effect. Up to 400,000 new businesses established outside of London, the South East and East of England are eligible for a "holiday" in paying staff National Insurance Contributions (NICs). Firms can save up to £5,000 for up to the first ten employees hired in their first year of operation. The scheme is to run for three years. The Government estimates that 400,000 new businesses could benefit - potentially cutting their national insurance payments by up to £50,000 each. "We need to rebalance our economy which has become over-reliant on public spending and jobs provided by the public sector," said Exchequer Secretary to the Treasury David Gauke. "The NICs holiday for new businesses, in addition to cuts in corporation tax, will provide a valuable boost to start-up businesses and help foster the private sector-led recovery that will drive growth in the UK over the coming years." More details of the scheme, including a postcode checker, are here. |
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Citroenews Autumn 2010 |
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Written by Administrator
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Wednesday, 02 June 2010 10:37 |
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Inside this issue... The increase in VAT - what you need to know | Saving for your children's future | Offshore accounts - where are we now? | Emergency Budget Round-Up | Web Watch | Reminders for your Autumn Diary Download |
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Last Updated on Monday, 06 September 2010 15:47 |
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Businesses urged to review pay systems |
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Written by Administrator
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Wednesday, 08 September 2010 11:26 |
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Small and medium-sized businesses are being urged to review their pay systems to ensure that they are complying with regulations on equal pay. The call came from the British Chambers of Commerce (BCC) and the Equality and Human Rights Commission (EHRC) and follows the release of joint guidance aimed at helping employers increase transparency around pay in the workplace. Statistics suggest that women who work full time are still paid on average 16.4% less per hour than men. The gap is wider in the private sector than in the public, at 21.6% compared to 14.6%. ‘Businesses want to pay people fairly for the job that they do,’ said David Frost, BCC Director General. ‘This guidance should help smaller businesses analyse any pay gap and make any changes required by law. ‘Taking action now to make pay systems transparent and fair should help businesses recruit the best talent to enable the private sector to drive economic recovery.’ Dr Jean Irvine, Commissioner at the EHRC, said: ‘What we ask of small and medium size employers is not difficult; it takes minimal time and effort but can offer a real return. Linking equal work to equal pay will see employees rewarded fairly for the work they do.’ It comes in the wake of a study by the Chartered Management Institute (CMI), which found that the gender pay gap between male and female managers in the UK will take 57 years to close. A copy of the guidance can be viewed here.
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Last Updated on Wednesday, 08 September 2010 16:20 |
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Britons withdraw ‘£60bn from savings pot’ |
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Written by Administrator
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Wednesday, 25 August 2010 09:37 |
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An increasing number of Britons are digging into their savings to cover shortfalls in their income, new research suggests. According to a survey by investment firm Schroders, savers are thought to have withdrawn a total of £60 billion, with individuals taking out an average of £4,600. The study found that women are more likely to raid their savings than men, while those aged over 65 are most likely to tap into their capital to help them pay for everyday living costs. ‘The amount of capital being drawn down suggests that it is not just rainy-day funds that are being drained, but a significant proportion of individuals' long-term savings,’ said Robin Stoakley of Schroders. ‘This is particularly an issue for those nearing or in retirement as they have less opportunity to rebuild their savings and declining annuity income proves insufficient to cover their day to day expenditure,’ he continued. Persistently low interest rates are providing little incentive for saving, experts said, with spending proving to be a more sensible option for some. |
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