Trialling the use of debt collection agencies to collect tax credit debt The announcement of legislative changes to enable the collection of existing tax credit debt from a new tax credit award.
Recovering Debt New initiatives aimed at recovering debt owed to central government include:
Trials and pilots with the Department of Work & Pensions and Debt Collection Agencies. An increase to HMRCs debt management resource for the rest of this year and for 2013-14. CIPP Comment With the introduction of Real Time Information, HMRC will know how much is due from employers. The additional resource is likely to be used to identify and recover any underpayments, therefore narrowing the tax gap further. Digital Services Over the next three years, HMRC will significantly expand the range of digital services to include: 20 million taxpayers will receive a Personal Tax Statement, showing how their tax is calculated and spent by government, and A more joined-up digital experience for our business customers, providing an overview of their HMRC 'account', links to all their online transactions and a facility for accessing tailored help and asking HMRC questions.
As the Autumn Statement has limited impact on the payroll profession, “ That’s all Folks! ”
Budget 2012
Chartered Institute of Payroll Professionals’ Budget 2012 Summary
Introduction After all the various leaks and rumours that have abounded over the last week, there was little in today’s Budget that came as a surprise. But the Chancellor did announce bold moves on taxation and there was plenty on how to revive the British economy. And that was the dominant theme of this Budget – how can the government get the economy growing? We want to hear the word growth, not the tired word austerity! To this end, the Chancellor announced a number of measures that are likely to be welcomed by the business community. Reductions in Corporation Tax should please larger businesses, along with simplifications to the VAT system. A simplification of the tax system for smaller businesses was announced which should make the completion of tax returns simpler for up to 3 million businesses with a turnover of up to £77,000. As rumoured earlier this week, the Chancellor has announced a significant increase to the income tax personal allowance which will rise by £1100 to £9205 in April 2013, the largest ever increase. The 50p Additional Rate, which you may remember last year George Osborne referred to as a “temporary tax”, has been reduced to 45p, as was widely anticipated.
CIPP Policy News Journal
12/04/2013, Page 143 of 362
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