Office of Tax Simplification (OTS) outlines proposals
The Office of Tax Simplification has outlined its initial proposals including a merging of tax and NI systems, a review of IR35 and simplified procedures for small business.
http://www.tax-news.com/news/UK_Tax_Panel_For_Radical_Small_Business_Reforms____48203.html
Missing petrol receipts leads to un-reclaimed VAT
A survey by Global Expense revealed that with 41% of mileage claims missing a valid VAT receipt, businesses were unable to reclaim more than £124m in VAT last year.
http://www.accountancyage.com/aa/news/2033426/businesses-fail-recover-gbp100m-vat
New tax year brings 45 tax and benefit changes
Over 29 million workers will be affected by the changes in tax and benefit coming in on 6 April with an average loss to families of £200 per year.
http://www.bbc.co.uk/news/business-12714407
Millions face poverty in retirement
According to a Chatham House think tank millions of Britons face a severe drop in standard of living when they retire.
http://www.totallymoney.com/news/index.php/2011/03/squeezed-middle-face-retiring-in-poverty/
Drivers of large company cars face tax increase
From April the maximum list price for company cars, currently £80,000 will be abolished. This will lead to a tax increase for those driving company supercars.
http://www.contractoraccountants.com/2011/03/14/drivers-of-supercars-set-to-pay-more-income-tax/
Base rate held at 0.5%
The Bank of England’s Monetary Policy Committee voted to hold base rate at 0.5%. However, the majority experts are still predicting a rise shortly with May being the favourite.
http://www.moneysavingexpert.com/news/banking/2011/03/interest-rates-march-2011
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