Straight talking
HMRC Business Records Check - No let up for small to medium sized businesses
On the back of an enhanced penalty regime HMRC have recently embarked on a campaign to check the accuracy of business records of 80,000 SMEs over the next four years. SMEs typically employ up to 250 employees and are the back bone of the commercial sector in the UK. For many years businesses have been the unpaid tax collectors for HMRC and this new initiative poses a significant risk to those businesses whose records are not up to scratch. HMRC intend to carry out their record checks at short notice and fines for non-compliance are significant for serious failures. Good record keeping is essential to ward off the unwarranted attention of HMRC and businesses should act now to make sure their records are adequate and accurate. In times of economic uncertainty and the rising tide of compliance this new tax office initiative is yet another burden on business.
Vale and West can assist businesses who face an inspection and give advice on record keeping requirements. For further information and a free consultation please call 0118 957 3238 or email accountants@valewest.com
Insurance Sexism
Interesting news this week from the European Court of Justice – Insurance companies are no longer able to take gender into account for car insurance premiums as it is now considered sex discrimination!
Women drivers can expect their annual car insurance premiums to rise on average by 25%, despite the fact that men are more likely to have a car accident. Political correctness - yet again - wins the day over common sense.
Not so widely publicised is the impact that this ruling will have on the pensions and life assurance market. Pension annuities rates for women have always been less than men as they have a greater life expectancy. Now the European Court of Justice has abolished ‘actuarial sexism’ retiring ladies can expect a higher annuity and this time are the winners over the retiring gentlemen.
