Category Archives: Personal Legal Advice

Sponsored Tax Avoidance by UK Government

In 1984 the Government introduced the “quoted Eurobond exemption”, this little-known regulatory loophole intended to make UK companies more attractive to foreign lenders looking to minimise their tax bills. When a UK company pays interest to an overseas lender it would …

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Financial Independence

by Ray Best. Retiring and achieving a decent lifestyle is achievable for most people if you know how … Politicians have created a boom or bust economic environment in the UK over the years, often using the housing market as …

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Employee Shareholders

What are they? They are employees engaged on special contracts who give up many of their employment rights, including those in relation to unfair dismissal and statutory redundancy payments. In exchange for being granted shares in the business valued at …

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Director Loans

Business owners are often strapped for cash not because their businesses are unprofitable but often because having spent years building up the business they have aspirational lifestyles and want to live in a big house and to create personal wealth …

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Employers uneasy over changes to shared parental leave

New Government plans will see an overhaul of the regulations governing parental leave following the birth of a baby. Business groups, however, have voiced concerns over the proposed changes. At the moment, mothers are allowed six weeks of maternity leave …

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A new route for savers

National Savings and Investments certificates have gone back on sale. The certificates offer savers, disappointed with the effects that inflation has had on money squirreled away with banks and building societies, an alternative to low interest accounts. The bonds, which …

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Unfair dismissal changes may not boost employment

Plans by the Government to increase the qualifying period for unfair dismissal claims from one to two years may not raise recruitment levels, it has been argued. The Department for Business has now closed its consultation on the proposed change. …

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Drop ISAs, argues think-tank

One of the most popular savings accounts of recent years should be scrapped, a leading think-tank has said. Despite their success in attracting hundreds of million of pounds, Individual Savings Accounts (ISAs) have actually failed to promote the idea of …

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Tax bodies express disappointment over go ahead for new accounts format

Tax professionals have voiced their disappointment at the Government’s decision to press head with the introduction of the new iXBRL system for filing company accounts. The new system is due to come into effect as from 1 April 2011. iXBRL …

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Recovery appears to be taking root

Official figures have revealed that the UK economy grew by 0.8 per cent in the third quarter of the year, a faster rate than many had been expecting. The rate of expansion follows on from a surge in growth of …

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ID fraud now up to £1.9 billion

Criminals benefit from £1,000 for every stolen identity, new figures have revealed. The National Fraud Authority (NFA) has estimated that fraudsters stole some £1.9 billion last year, with the crimes affecting some 1.8 million individuals. According to the NFA, identity …

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New cap for tax relief on pensions

The amount that people can add to their pension funds and on which they can receive tax relief is to be reduced. The Treasury has confirmed plans to reduce the annual limit from £255,000 to £50,000. The government hopes that …

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Right to request flexible working to be extended

More parents are to get the right to request flexible working patterns. The government has said that it plans to extend the right to ask for more flexible ways of working to parents of children aged under 18 as from …

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Changes to minimum wage rates imminent

Employers are being reminded that new national minimum wage rates will be coming into effect in October. There is also a new rule affecting 21-year-olds. As from 1 October, employees will no longer have to be aged 22 to become …

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New paternity leave plans may be amended

New rules which will allow fathers to take longer periods of paternity leave could be changed by the coalition government. The Additional Paternity Leave Regulations 2010, due to come into force next year, will entitle fathers of babies due on …

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Emergency Budget likely to see significant tax changes

The government has announced that the emergency Budget will be delivered on Tuesday 22 June. The Conservative-Liberal Democrat government had promised an early Budget in an effort to tackle the UK’s deficit. The parties’ joint statement, following the deal to …

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What the political parties are promising

With the election looming, the main political parties have outlined what they intend to do on business support and tax. With economic recovery an urgent priority, all the parties have made tax, business regulation and strategies on public expenditure central …

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Employers to be allowed to issue electronic P60s

Employers will be able to issue P60s in electronic form from the end of the coming tax year, 2010/11. HM Revenue and Customs (HMRC) has changed the PAYE rules to allow employers to make use of eP60s instead of a …

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Budget date set for 24 March

The last Budget before the next general election will be held on Wednesday 24 March. In a business speech, the Prime Minister, Gordon Brown confirmed the date that many commentators had been expecting. In a written ministerial statement, the Chancellor, …

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Employers given advice on incorrect staff tax codes

HM Revenue and Customs (HMRC) has updated employers on how actions that are being taken to correct a series of wrong employee tax codes may affect them. Worries emerged earlier in the year that a significant proportion of the 25 …

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