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Pension scheme four charged

October 31, 2011 By in Business, Directors Payroll, HM Revenue and Customs, Payroll Services, Small business, Twitter uk Tags:

HM Revenue & Customs   (National)

HM Revenue & Customs

The former President of the Association of Taxation Technicians and three of his business associates who administered a pension scheme, have been charged with stealing £5million through a tax fraud targeting the pension industry.

The four – three men and a woman – were arrested last year in dawn raids carried out by HM Revenue & Customs (HMRC) investigating an alleged multi million pound fraud. The raids took place at residential and business premises in the West Midlands, Derby and Leicester.

Simon De Kayne, Assistant Director of Criminal Investigation for HMRC, said:
“Today four people have been charged linked to what we believe is a fraud resulting in over £5 million being stolen from public funds. We are committed to bringing such cases to the courts and depriving those involved of the proceeds of their crime.”

Notes for editors

1. The defendants were charged with Conspiracy to Cheat the Revenue after being summonsed to appear at Birmingham Magistrates Court today, Monday, 31 October 2011. They have all been bailed until 9 November 2011 to appear at Birmingham Crown Court. The defendants are:
* Andrew Meeson, (DOB 10.06.61), former President of the Association of Taxation Technicians, of 12, George Street, Wolverhampton, West Midlands.
* Peter Spencer Bradley, (DOB 08.02.67), of The Forge, Springhill Lane, Lower Penn Wolverhampton, West Midlands,
* Alison Jayne Bradley, (29.01.65), of The Forge, Springhill Lane, Lower Penn, Wolverhampton, West Midlands.
* Steven Price (28.07.64) of Pine Tops, Pratts Lane, Mappleborough Green, Studley, West Midlands.

2. In conjunction with HMRC executing the search warrants last year The Pensions Regulator took action to suspend Tudor Capital Management Ltd from acting as trustees from pension trust schemes.

3. Follow HMRC on Twitter @HMRCgovuk

Government proposes new rules to save SMEs £millions in reporting and accountancy fees

October 6, 2011 By in Network new business, online filing, Outsourced Payroll, Wage Slips Tags: , , 1 Comment

Government proposes new rules to save SMEs ?millions in reporting and accountancy fees

More than 100 thousand UK businesses could save in excess of £600 million in accountancy and administration costs every year under proposals to reduce financial reporting requirements, published by the Department for Business, Innovation and Skills today.

The consultation on Audit Exemptions and Change of Accounting Framework sets out plans to allow more small companies and subsidiaries to decide whether or not to have an audit.

Current EU rules mean that to classify as ‘small’ for accounting purposes, a company must comply with two out of three criteria relating to their turnover, balance sheet total and number of employees. However, to obtain an audit exemption in the UK, small companies must fulfil both the balance sheet and turnover criteria. Under the new proposals, UK SMEs would be eligible for audit exemption by meeting any two of the three criteria, saving them an estimated £206m per year.

The Government is also proposing to introduce legislation in 2012 to exempt most subsidiary companies from mandatory audit, provided their parent is prepared to guarantee their debts. Savings are estimated at £406m per year.

The consultation launched today covers the whole of the UK and will close on 29 December 2011.

Notes to editors:

  1. At present, EU rules mean a company must comply with two out of three criteria in order to be classified as ‘small’ for accounting purposes:
    • no more than 50 employees;
    • balance sheet total no more than £3.26 million;
    • no more than £6.5 million in turnover
  2. The consultation document, response form and contact details are available athttp://www.bis.gov.uk/Consultations/audit-exemptions-and-accounting-framework
  3. The Plan for Growth is available at http://www.bis.gov.uk/policies/growth/the-plan-for-growth
  4. For both audit exemptions and the change of accounting framework, it is proposed that changes will apply for accounting years ending on or after 1 October 2012
  5. The consultation is relevant to companies and LLPs who are currently subject to mandatory audit, business associations, academics, investors, credit rating agencies, banks, audit and accounting professionals and legal advisers
  6. BIS‘s online newsroom contains the latest press notices, speeches, as well as video and images for download. It also features an up to date list of BIS press office contacts. Seehttp://www.bis.gov.uk/newsroom for more information

Contacts

NDS Enquiries
Phone: For enquiries please contact the issuing dept
ndsenquiries@coi.gsi.gov.uk
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