Accounting News - May 2013

Funding for Lending given new boost Business leaders have given a cautious welcome to the governments’ plan to extend the Funding for Lending scheme. The scheme is designed to encourage banks to lend by making cheap loans available, on the condition that they will pass on the benefits to businesses and homebuyers. more Tax campaign targets sales of second homes Tax investigators are to target people who have sold properties that are not their main homes and have not informed HM Revenue and Customs (HMRC) about any profit made. The Property Sales Campaign, which HMRC launched on 5 March, is aimed at people selling homes in the UK or abroad, where capital gains tax (CGT) should be paid on any profits made. Properties involved could include holiday homes or homes that have been given to the people selling them. more

‘Too good to be true’ pension release claims targeted

HM Revenue & Customs (HMRC) has issued a new warning on the risks involved in the early accessing or unlocking of a pension.

The alert came on 23 April, as HMRC warned people with pension savings that they could be targeted by “unscrupulous firms” using misleading information, including offering personal loans or cash incentives to entice them into cashing in pension pots before the age of 55. more

RTI triggers national insurance number guidance

Following the introduction of Real Time Information (RTI) reporting for PAYE, employers have been given new guidance on verifying or obtaining national insurance numbers.

HM Revenue & Customs (HMRC) issued the advice on 12 April after receiving a number of enquiries from employers experiencing difficulties. more

Late filing penalties start adding up

More penalties are on the way in May for taxpayers who have failed to submit their 2011-12 tax return online.

From 1 May, HM Revenue and Customs (HMRC) will charge a £10 daily penalty for each day an online return is late, up to a maximum of 90 days. more

New NMW rates confirmed

The government has announced the new National Minimum Wage (NMW) rates that will take effect on 1 October. more

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