Archive for June, 2012

Contractors Beware – IR35 Letters On The Way

According to Contractor UK, the IT Contractors website, the first contractors to face investigation under HMRC’s new IR35 tax regime have received letters telling them that they potentially fall within the scope of the rules. The letters ask contractors who believe the IR35 rules do not affect them to provide supporting evidence for that claim. Earlier this year, HMRC issued new guidance on IR35 along with a set of ‘business entity tests’ to help contractors evaluate their activities and examples of the type of evidence they could use to demonstrate their compliance should they face investigation.

More details form Contractor UK

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Plans To Simplify Staff Dismissals

The BBC are reporting that new plans to allow employers to dismiss staff using a settlement agreement have been announced by Business Secretary Vince Cable.

The proposal is to provide employers and employees with an alternative to employment tribunals to solve workplace problems. British Chambers of Commerce (BCC) and the Confederation of British Industry (CBI) have both welcomed the plans saying they would give businesses confidence and simplify the dismissal process.

However, shadow business secretary Chuka Umunna said the move could undermine employee rights and might be counter-productive in terms of growth.

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Inflation Falls Again

The ONS has just announced that headline inflation has fallen to 2.8%.  The Consumer Prices Index (CPI) has fallen from 3% in April while the Retail Prices Index has fallen to 3% from 3.5%.

The ONS cite continuing falls in in the cost of fuel, food and commodities.  The experts were surprised by the fall, they had been expecting inflation to remain at April levels for several month.  But now they say we  can expect inflation to fall further over the summer as the effects of the VAT hike fall out of the calculations.

Source MGBA

ONS inflation data

How Are LEPs Performing? The Government Wants To Hear From You

How well do you think the LRPs are performing? Well an all-parliamentary group is undertaking an enquiry to find out.  Individuals and businesses are being asked to give their views on the performance of LEPs in promoting local growth and creating jobs. The call for evidence is part of a new inquiry into the effectiveness of LEPs and and Enterprise Zones, which was formed in October 2011.

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