The construction industry is said to be in complete disbelief after the Office for National Statistics said that business in this sector has contracted by 4.7% in the first quarter of 2011. This figure was later revised to 4% but this has in no way has alleviated any confusion concerning this matter.
Business News
Construction Industry Left Scratching Its Head After Latest ONS Figures
Posted on 26th May 2011 by Andy
HMRC Will Treat Honest Traders With A ‘Light Touch’
Posted on 19th May 2011 by Andyn a bid to cut costs on ‘drawn out and costly’ tax procedure inspections HMRC have promised to treat honest traders with a light touch. On the flip side they plan to throw the book out firms suspected of multiple taxes.
Unemployment Falls as Jobless Rate for Young People Increases to 20%
Posted on 18th May 2011 by AndyDuring the first 3 months of the year UK unemployment fell by 36,000 according to the Office for National Statistics. After this fall the rate of unemployment now stands at 7.7% but among 16-20 year olds there are one in five young people now out of work. This roughly amounts to 935,000.
Construction Recruiters Anticipate ‘Bounceback’
Posted on 12th May 2011 by AndyAfter months of uncertainty and numerous construction projects being postponed across the country it would as though things are about to look up. Construction recruitment companies have resumed hiring again in anticipation of a sector bounce back.
HMRC Profiting From Tax Refund Delays?
Posted on 9th May 2011 by AndyIn recent weeks HMRC has denied profiting from tax refund delays. Leading accountants have claimed that these delays are becoming more and more widespread and the waiting period for a refund can often take months. This new dispute follows the miscalculation of PAYE liabilities last year which was also well documented through out the media. At the time, this was also denied before the ever sheepish HMRC held their hands up to their mistake.
Recruiters Advised To Review Compliance Procedures
Posted on 19th April 2011 by AndyRecruiters have this week been urged to review their compliance procedures after it was announced that a recruitment agency and its director are facing a £10m Transfer of Debt notice from HMRC under Managed Service Company legislation.
One In Three Recruiters Currently Make A Loss
Posted on 31st March 2011 by AndyAccording to new research carried out by market analysts Plimsoll, one in three recruiters are currently making a loss. This is due to ever increasing costs pertaining to things such as fuel, materials and ever increasing wage demands.
David Pattison, senior analyst at Plimsoll has stated that ‘62% of companies have seen their gross margin fall [ Read more ]
IR35 Retained
Posted on 30th March 2011 by AndySince the recent report carried out by the OTS that was questioning the future of IR35 the decision has been made to retain the existing format but to improve on the way it is administered. This is according to the recent Budget documents.
New HMRC Fiasco
Posted on 16th March 2011 by AndyWith it being so close to the beginning of the new tax year it is no surprise at all that HMRC is once again grabbing headlines as a result of their continual bumbling antics. The latest fiasco pertains to last years shock tax demands when around 1.4 million people were sent a letter by HMRC requesting they pay back underpaid tax. The amount totalled a staggering £3.8 billion
IR35- Abolition or Reform?
Posted on 11th March 2011 by AndyThe Office of Tax Simplification (OTS) has apparently urged HMRC to better enforce the rules surrounding IR35. The aim of IR35 is to tackle tax avoidance by contractors operating as de facto employees. An interim report has been carried out to determine possible solutions and the results or some what contradictory to each other.
