It includes action by the government to support hardworking families keep more of their hard- earned money by:
increasing the personal allowance by an extra £400 to £11,000 from April 2017 so that a typical rate taxpayer will be £905 better off compared to 2010, and an individual on the National Minimum Wage working up to 30 hours a week will not pay any income tax exempting children from Air Passenger Duty so that, taken together with measures introduced in Finance Act 2014, a family of four flying to Australia will save £194 supporting investment in the crucial UK oil and gas industry through cutting the Supplementary Charge by 12%, cutting the Petroleum Revenue Tax from 50% to 35% and introducing two new allowances increasing the tax credits available for large and small businesses investing in research and development a new tax relief to promote the production of children’s TV in the UK, and further support for high-end TV and film tax. The bill also contains key policies to make the UK more competitive for business, such as:
Finally, the bill legislates to create a fairer tax system, by clamping down on tax avoidance and ensuring that banks contribute their fair share. This includes:
introducing a new Diverted Profits Tax of 25%, aimed at multi-national companies that artificially shift their profits offshore to avoid paying UK tax putting a stop to unfair tax avoidance - raising nearly £2.5 billion by 2019/20 to support the economic recovery increasing the bank levy and introducing new rules for banks – raising nearly £8 billion over the next 5 years
General PAYE News
CIPP survey on ‘cheque imaging’ consultation
26 March 2014
Please take ten minutes to tell us whether you still use cheques and in what circumstances and whether the introduction of ‘cheque imaging’ to speed up cheque processing would be beneficial to your business. Cheques continue to form a vital part of the British payments landscape. Nearly £840 billion of cheques were processed in 2012, accounting for ten percent of all payments made by individuals. While there is a decline in cheque volumes, over nine in ten businesses and other organisations continue to use them. Cheques are used by sole traders, other micro businesses and small businesses to make over a fifth of their outgoing payments. For many smaller charities and other voluntary organisations, cheques are the primary method of payment. The government has already taken a number of steps to ensure that the banking industry provides individuals and businesses with a choice of payment methods that adequately serve their needs. In 2009 the Payments Council, the industry body responsible for setting payments strategy, announced a target date of 2018 for closure of the central cheque clearing system. Many stakeholders felt this decision would lead, in practice, to the abolition of cheques. This decision caused considerable anxiety for many people in the UK, particularly those who are elderly, housebound or rely on cheques to conduct their day to day business (such as many
CIPP Policy News Journal
08/04/2015, Page 260 of 521
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