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New Worldwide Disclosure Facility launched by HM Revenue & Customs

HM Revenue & Customs (HMRC) has announced the creation of a new Worldwide Disclosure Facility (WDF) that will allow people to ensure their affairs are correct before the Common Reporting Standard (CRS) comes into force on in October 2018.

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More than a third of companies unaware of apprenticeship levy

New research from the British Chambers of Commerce (BCC) has revealed that more than one in three businesses have not heard of the apprenticeship levy.

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News - July 2013

UK counts 52bn cost of fraud

Fraud is costing the UK economy billions of pounds a year, new research has found.

The Annual Fraud Indicator, compiled by the National Fraud Authority (NFA) and published on 6 June, put the annual cost at £52 billion.

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RTI rule relaxation extended

HM Revenue & Customs (HMRC) is to extend the temporary relaxation of new Real Time Information (RTI) reporting rules for businesses with fewer than 50 employees.

HMRC originally announced the rule relaxation on 19 March for employers with fewer than 50 employees who pay employees weekly or more frequently, but only process their payroll monthly.

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Red tape freeze extended to more businesses

A freeze exempting small businesses from some new regulations is to be extended to larger enterprises.

Business Minister Michael Fallon announced on 6 June that the freeze exempting businesses with fewer than ten employees from burdensome new regulations would be extended to firms with up to 50 staff, and will continue from 2014.

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Underpaid workers win 4 million in back wages

Failure to pay their workers the national minimum wage has cost employers targeted by HM Revenue & Customs (HMRC) £4 million.

HMRC secured an average of £300 in back pay for 26,519 employees, topping up wages that had previously been below the legal minimum rate, in the 2012-13 financial year.

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Data handling failure 'will cost businesses customers'

The Information Commissioner says that businesses that fail to handle their customers’ personal data properly will quickly find themselves losing clients.

Speaking at the launch of the Information Commissioner’s Office (ICO) annual report on 20 June, Christopher Graham said consumers were keenly aware of how their data should be handled.

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Pensions compensation boosted for long-serving staff

The amount of money which long-serving staff can receive in retirement if their company folds is set to increase.

Long service is not currently taken into account when a person whose defined benefit pension scheme collapses and is then taken over by the Pension Protection Fund (PPF).

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Directors to face pay clampdown

The government has introduced new measures to curb the excessive pay of executives at the largest companies.

It is introducing regulations, which will apply to large and medium-sized companies and groups, with effect from 1 October 2013. It says the changes mean that investors will be better informed about how much directors have been, and will be, paid, along with how this relates to company performance.

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