London businesses get up to £2,000 tax cut

Around 206,000 businesses in London could see their National Insurance Contributions (NICs) cut by up to £2,000 when the new Employment Allowance is introduced in April 2014. Across the UK 1.25 million businesses and charities will benefit from the new allowance on employer NICs. In London 74,000 will pay no employer NICs at all. The allowance will mean that a business that employs one person on...

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Patent tax break makes YouTube debut

HM Revenue & Customs (HMRC) has produced a video on YouTube explaining the Patent Box, a new tax incentive designed to encourage companies to develop innovative products. The Patent Box will allow them to apply a lower rate of Corporation Tax to profits from patented inventions and certain other innovations. The tax relief will be phased in from 1 April 2013 and the lower rate of Corporation...

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Registering for self-employment and Self Assessment

Thinking of setting up your own business or considering self-employment? Follow HM Revenue and Customs’ simple, 10-step guide to setting up as a sole trader. 1. Getting started: registering as self employed If you are newly self-employed, or are just starting up your own business you will need to let HM Revenue and Customs (HMRC) know by registering for business taxes. You’ll be asked for...

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Customs raid illicit fuel operation

Two men from County Armagh have been arrested and a number of vehicles seized at a laundering plant capable of evading around £12 million in taxes. HM Revenue and Customs (HMRC) officers and the Police Service of Northern Ireland searched industrial premises in the Newtownhamilton area yesterday and discovered the laundering plant which could produce over 18 million litres of illicit fuel a...

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Eight arrested in £51m money laundering investigation

51 million of criminal cash. The arrests took place in Burton upon Trent, Staffordshire and Tadworth, Surrey as five premises were searched for evidence by 50 HM Revenue and Customs (HMRC) officers, assisted by local police.Colin Booker, Assistant Director, Criminal Investigation, HMRC, said: “Money laundering and associated tax evasion is a serious offence and is usually the result of major...

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