News

April 22, 2016

Also in the news this week - 22 April 2016

Ruling confirms that parking fines are not tax deductible

Businesses cannot set their parking fines against their tax bill, the tax tribunal has ruled. In a recent case, G4S Cash Solutions had claimed that its parking fines were a business expense and could be used to reduce its profits for tax purposes. The ruling upheld HMRC's view that fines for breaking the law cannot be used to reduce a tax bill. Jim Harra, HMRC's director general of business tax, said: "We've always said fines incurred for breaking the law are not tax deductible. The tribunal has now established a clear precedent for rejecting any future such claims."

SMEs slow to adopt online payment methods

A survey of 750 UK SME owners by Visa Europe has found that while 36% of small businesses use debit cards to make payments for their business, only 22% accept payments this way. The contrast is even more stark among sole traders; 56% of them use online banking to make payments and 32% make payments via debit card online but only 9% of this group accept online card payments to their own business from customers.

What are most the popular employee benefits?

Health insurance is second only to contributory pension schemes when it comes to the popularity of employee perks, according to new research. The 2016 Willis PMI Group Employee Benefits Index found that 40% of employees ranked health insurance in their top three favourite benefits - up from 37% in 2015. Health screenings also saw a notable rise in this year's index, moving up from sixth place to joint fourth alongside critical illness cover. Life insurance was the third most popular benefit.

Searching for tech start-up stars

Apple co-founder Steve Wozniak is to be head judge of this year's Talent Unleashed awards, alongside Sir Richard Branson and Facebook EMEA VP Nicola Mendelsohn. In its fifth year, Talent Unleashed recognises start-ups and entrepreneurs dedicated to transforming business and the wider community through technological innovation. This year's awards have five categories including: best start-up - social impact; best start-up - tech innovation and best digital SME - tech innovation. Entries close on 27 May 2016 and the UK awards ceremony takes place on 21 July in London.