Business and Other Briefings

HMT: David Gauke, Exchequer Secretary to the Treasury, has announced a change in legislation to prevent tax avoidance.  The measure will close an unintended tax loophole for UK residents transferring pension savings overseas.  Legislation, which will have effect from 6 April 2011, will be introduced in Finance (No.3) Bill.
Press release ~ HMRC Statement on the Government Proposal
 
BIS: The Government has accepted the independent Low Pay Commission’s (LPC) recommendations for this year’s National Minimum Wage (NMW) rates, which will come into effect on 1 October 2011.
Press release & links ~ Directgov: Minimum Wage ~ LPC comment ~ TUC comment ~ CBI comment
 
HMRCHM Revenue & Customs (HMRC) has issued an alert to employers about key PAYE changes coming in this spring. The changes affect Employer Annual Returns and starter & leaver PAYE forms.
Press release & links
 
Directgov: HMRC is changing the way it deals with people who don't send their tax returns on time or who pay their tax late.  The new rules mean that the more you delay the more you will pay.
Press release & links
 
BIS: Skills Minister, John Hayes has called on senior leaders in SMEs to take advantage of funding that will support leadership & management training to help them grow their businesses.  Around 13,000 SMEs & social enterprises that demonstrate a potential for growth will benefit from the Leadership & Management development grant.
 
A match funded grant of up to £1,000 can be spent on leadership training & coaching that helps grow the business, improving productivity and competitiveness.  The programme also includes a free consultation with an expert adviser before the training commences, as well as a free follow-up to discuss the impact of the training and any further skills needs.
Press release & links
 
HMRCRevenue & Customs Brief 15/11
This brief confirms a change to the way HM Revenue & Customs views delayed tax for inaccuracy penalties.
 
HMRCRevenue & Customs Brief 14/11
This brief explains how legislation in Schedule 10 to 2010 Finance Act allows for a higher penalty rate where income or gains that arise outside the UK are under-declared.
 
EU News: The European Commission has launched recently a public consultation (closes on 22 July 2011) that addresses the ways in which corporate governance of European companies can be improved – See ‘Consultations’ section for more information.
Preventing Unwanted Sensitive Data Acquisition on Government Networks