Business News Archive
Pre Budget Report 2008 - November 2008
Chancellor of the Exchequer Alistair Darling has delivered a much-anticipated Pre-Budget Report against a backdrop of economic slowdown and turbulence in the global economy, which has steadily deteriorated since the 2008 Budget on 14 March.
Improvements announced to State Pension Scheme - November 2008
The DWP announced last week that the Government is proposing an amendment to the Pensions Bill which will allow some people to make up to six additional years of voluntary (Class 3) NI contributions in addition to those permitted under existing time limits.
Intestacy rules - November 2008
The Ministry of Justice has announced an increase in the amount of the statutory legacy on intestacy. The statutory legacy is the amount which an individual is entitled to receive from the estate of their husband, wife or civil partner where the individual has not made a Will.
Temporary Exemption On Stamp Duty Land Tax - November 2008
In a move to help the property market and first time buyers, Alistair Darling has introduced a Stamp Duty Land Tax (SDLT) exemption or holiday for purchases of residential property from 3 September 2008 to 2 September 2009 (inclusive).
Shopping on the Internet - November 2008
HMRC have updated their guidance on buying goods on the internet explaining when duty and / or VAT will need to be paid.
Changes to rights during maternity leave - November 2008
Following changes made to the Sex Discrimination Act and to the Maternity and Parental Leave Regulations, the law on contractual terms of employment during Additional Maternity Leave (AML) changed in respect of women whose babies were due on or after 5 October 2008. The date the baby is due, as shown on the MATB1 certificate (provided by the midwife or doctor at around 20 weeks into the pregnancy) is the relevant date and not the date the baby is actually born.
Gift aid form amended - November 2008
HMRC have updated their model Gift Aid declaration form for charities and community amateur sports clubs to reflect the reduction in the basic rate of tax from 22% to 20% from the beginning of this tax year.
Entrepreneurs’ relief - November 2008
The system of capital gains tax (CGT) for individuals and trustees changed radically from 6 April 2008. The changes included the abolition of taper relief and indexation allowance and the introduction of a single rate of CGT of 18%.
Tougher Penalties for Persistent Late Filing of Company Accounts and Returns with Companies House - November 2008
Late filing penalties are now doubled if accounts and returns for financial years beginning on or after 6 April 2008 are filed late in two successive years.
Mandatory Company Trading Disclosures - November 2008
From 1 October 2008, new rules are in place to unify and replace the various regulations setting out the trading disclosures that incorporated companies must make to show their legal identity. This is now being monitored by Trading Standards and can result in a £5000 fine.
Extra Take Home Pay - October 2008
For many employed individuals who are checking their payslip this month it should include a welcome bonus of a £60 reduction in their income tax deduction.
CBI Forecast - October 2008
A CBI forecast has predicted a ‘shallow recession’ during the final part of 2008 and that growth in the economy in 2009 will be the lowest since 1992.
Temporary Exemption On Stamp Duty Land Tax - October 2008
In a move to help the property market and first time buyers, Alistair Darling has introduced a Stamp Duty Land Tax (SDLT) exemption or holiday for purchases of residential property from 3 September 2008 to 2 September 2009 (inclusive).
Fake HMRC Emails - October 2008
HMRC are warning taxpayers that they are aware of a high number of emails being sent out offering a tax rebate.
Change To Benefits System - October 2008
From 27 October 2008, in a change to the benefits system, Employment and Support Allowance (ESA) will replace the current state benefits (Incapacity Benefit and Income Support) which are paid to individuals on incapacity grounds.
NMW Rates To Rise - October 2008
National Minimum Wage (NMW) rates are set to rise from 1 October 2008.
HSE Don’t Ban This, That And The Other - October 2008
The Health and Safety Executive (HSE) are keen to dispel the myth that they are responsible for banning ‘this, that and the other’.
Proposed Strict New Jobs List - October 2008
The UK Border Agency is proposing to introduce a new list of shortage jobs in order to better target migration at the needs of British businesses.
Tax Relief Boost For Small Businesses - September 2008
Bradford based chartered accountants and business advisors, Watson Buckle, are encouraging entrepreneurs to take advantage of a boost to a tax credit system.
Gift Aid Transitional Relief - September 2008
Charities are entitled to claim a tax repayment in respect of gift aid donations made by individuals.
Reducing Employers’ Administration - September 2008
The Department for Business, Enterprise & Regulatory Reform (BERR), has launched a campaign advising employers on how they can reduce the amount of administration involved in dealing with their employment law obligations.
NMW Changes - September 2008
HMRC have announced that some changes to penalties and calculation of arrears of National Minimum Wage (NMW) payments have been delayed to April 2009.
Salary Sacrifice Arrangements - September 2008
Salary sacrifice is a complex area which should not be overlooked.
Penalties - September 2008
HMRC have published a leaflet on the new HMRC penalties warning tax payers to make sure that their records are sufficient to comply with the new penalty regime.
‘Paper’ Tax Return Deadline Looming - September 2008
HMRC are reminding taxpayers who wish to complete paper self assessment tax returns that the new 31 October 2008 deadline is ‘only weeks away’.
Licence To Bring In Migrant Workers - September 2008
The UK Border Agency has started a television campaign aimed at employers to help prepare them for the introduction of the government's new rules for skilled migrant workers which become effective from November 2008.
VAT Treatment Of Charity Challenge Events - September 2008
HMRC have issued revised guidance on Charity Challenge Events, including those that qualify for the VAT Charity Fundraising Exemption.
Careless Drivers - September 2008
Under the new careless driving laws, which came into effect from 18 August 2008, motorists who kill whilst avoidably distracted at the wheel will face prison.
Give Yourself A Tax Break By Cycling To Work - August 2008
Fuel prices may be starting to fall, but more and more of us are still thinking about cutting down on our mileage, not just to cut our motoring costs but to reduce our carbon footprints too.
Termination Payments - August 2008
When a business and a member of staff go their separate ways, the tax status of any termination payment can be a significant issue for both parties. In the current economic climate, where more businesses are considering redundancies, employers need to be clear where they stand.
Extra Personal Allowances - August 2008
HMRC have now issued further guidance on the increase in the personal tax allowance which is due to take effect from 7 September 2008.
Report On HMRC’s Lost Discs - August 2008
Alistair Darling has made a statement to Parliament following the Poynter Review, which was commissioned following the loss of the child benefit data discs.
Professional Subscriptions - August 2008
Do you pay any professional subscriptions? If so then tax relief may be due on the subscription as long as the professional body appears on the latest HMRC list.
HMRC Penalties For Errors - August 2008
HMRC have issued revised guidance on the system of penalties which they will be able to apply to taxpayers.
£10,000 VAT Errors - August 2008
Businesses have long been allowed to correct net errors not exceeding £2,000 in their VAT returns.
HMRC Powers - August 2008
HMRC has been busy aligning its own rights and powers following the merger, several years ago, between the two old organisations of the Inland Revenue and HM Customs.
Newcomers Must Earn The Right To Stay In The UK - August 2008
The government has announced that foreign nationals who wish to become British citizens will have to earn the right to stay here.
Accountants Highlight New Audit Thresholds - July 2008
A reminder has gone out to small businesses from Bradford chartered accountants Watson Buckle to be clear on whether they need to continue with an annual independent audit, following changes to the thresholds above which this is compulsory.
Advisory Fuel Rates - July 2008
To reflect the increases in fuel prices, HMRC have issued new advisory fuel rates for employees driving employer provided cars. These take effect for all journeys undertaken from 1 July 2008 so employers wishing to use the new rates should advise affected employees and update any expense forms as soon as possible.
HMRC Warning On Scams - July 2008
HMRC have updated their guidance on scams. HMRC have become aware of a new ruse to persuade unsuspecting taxpayers to complete a form detailing their bank or credit card details.
Illegal Working - July 2008
For many years, there have been requirements for employers to verify the identity of their workers in order to prevent illegal working.
Employees’ Mileage Payments - July 2008
As you may be aware there is a statutory system of tax and NIC free mileage rates for business journeys in an employee’s own vehicle. These mileage payments are known as ‘Authorised Mileage Allowance Payments’ (AMAP).
Tax Freedom Day - July 2008
This year ‘Tax Freedom Day’ fell on June 2. The statistics make interesting reading in that the average UK taxpayer spends more than five months of the year working for the government as opposed to working for themselves.
National Minimum Wage And Tips - July 2008
An Employment Appeal Tribunal has ruled in HMRC’s favour in the case of Annabel’s Restaurant and Nightclub. The case concerned the payment of tips through a ‘tronc’, which is an arrangement which sometimes operates in the restaurant industry.
Surfing At Work - July 2008
According to the CBI the average UK office worker spends 95 minutes of their working week surfing the web for personal use. This they estimate costs the economy £10.6 billion a year.
Tax Credits Renewal - July 2008
Tax credits are state benefits which are generally available to lower income families. However, entitlement to the credits is significantly increased where individuals pay for childcare or have a dip in normal levels of income perhaps due to incurring trading losses.
Payroll Changes And Personal Allowances - July 2008
Tucked away in a recent issue of ‘Notes for payroll software developers’ is a bit more information on the timescale for the increase in the current year’s personal allowance from £5,435 to £6,035 and the reduction in the higher rate point from £36,000 to £34,800.
New Penalties For Tax Return Mistakes - June 2008
The government has announced new legislation with a view, they say, to making the tax penalty regime simpler and more effective
Calculating Company Car Tax for Directors - June 2008
April also sees the introduction of a new relief against Capital Gains Tax (CGT) – Entrepreneur’s relief. This relief was announced in January 2008 after widespread outrage at the chancellor’s plans to overhaul the Capital Gains Tax regime.
10% Tax Rate Climb Down - June 2008
We live in quite amazing times in the world of tax. Over a year ago, in Gordon Brown’s last Budget speech as Chancellor, the so-called ‘abolition’ of the 10% starting rate was announced. The government’s reason for this was, and still remains, the simplification of the tax system.
Take Care What Information You Post On The Internet - June 2008
It has been reported in the Daily Express that tax inspectors are searching social networking sites for potential tax evaders, who may be ‘advertising’ their wealth or assets which may lead HMRC to believe they have ‘hidden’ remuneration.
Health And Safety Risks Caused By Hangovers - June 2008
According to a new survey conducted by Norwich Union Healthcare, 77% of employers believe alcohol is the main threat to employee wellbeing and a big contributor to employee absence.
Flexible Working Extension - June 2008
The government has announced plans to extend the right to request flexible working to parents with children up to the age of 16.
SMP And Salary Sacrifice Arrangements - June 2008
HMRC have published some guidance on the complex area of salary sacrifice and entitlements to both statutory maternity pay and continuing non cash benefits during maternity leave.
Update Your Will - June 2008
The Law Society has warned that thousands of Wills could need updating as a result of rising care and nursing fees which force the elderly to sell their assets, in many instances their homes, to pay for care. The home is generally the largest asset left to loved ones.
Payroll Changes And Personal Allowances - June 2008
Chancellor Alistair Darling has announced an increase in the personal allowance of £600 and an adjustment to the higher rate threshold (the total of the personal allowance and basic rate limit) as reported in the earlier article, ‘10% tax rate climb down’.
Drive To Help Women Boost Their State Pension - June 2008
Women pensioners could boost their state pension or even be in line for a windfall payment under special terms.
Take Extra Care With Your Tax Returns, Say Accountants - May 2008
West Yorkshire chartered accountants Watson Buckle have warned taxpayers and businesses that new penalties are on the way for incorrect tax returns.
Credit Squeeze - May 2008
It appears that many businesses are suffering a cash “squeeze” from delayed payment of their invoices as the credit crunch begins to impact on the economy.
Homeworking Costs Increase - May 2008
From 6 April 2008, HMRC has increased the tax and NIC free guideline rate that employers can pay home working employees without keeping records from £2 to £3 per week.
P11D Deadline Looming - May 2008
The forms P11D, which report employees and directors benefits in kind and expenses, are due for submission by 6 July 2008 for the year ended 5 April 2008.
Employment Support Allowance - May 2008
Incapacity Benefit and Income Support are to be replaced by Employment Support Allowance (ESA). The change takes effect from 27 October 2008.
Skills Gap - May 2008
With school and college students preparing to start the summer term and sit final examinations, the CBI has published the results of a new annual audit of the nation’s skills.
Employees Entitled To Know More - May 2008
The Information and Consultation of Employees Regulations 2004 have been extended to cover undertakings with 50 or more employees from 6 April 2008.
Entrepreneurs’ Relief - May 2008
After business leaders voiced their objections to the abolition of taper relief, the Chancellor introduced a new Entrepreneurs’ Relief (ER). ER may be available for disposals, reorganisations and relevant transactions taking place on or after 6 April 2008.
10% Rate Of Income Tax - May 2008
HMRC have issued some additional guidance on filing in year forms online. The guidance concerns online submission of forms P45 and P46.
Marks & Spencer VAT Win - May 2008
M&S have won a landmark victory in the European Court of Justice. The case concerned whether or not HMRC were correct to limit the amount of VAT they repaid to the company after their chocolate teacakes were reclassified as a cake rather than a chocolate biscuit.
Changes to Residence and Domicile Tax Rules - By John Kinsella - April 2008
As a result of the confirmation in Alistair Darling’s budget, April 6th 2008 is the date that they new legislation on taxation for non-domiciled individuals comes into force.
Entrepreneurs’ Relief - By John Kinsella - April 2008
April also sees the introduction of a new relief against Capital Gains Tax (CGT) – Entrepreneur’s relief. This relief was announced in January 2008 after widespread outrage at the chancellor’s plans to overhaul the Capital Gains Tax regime.
National Minimum Wage Increases - April 2008
The National Minimum Wage will rise to £5.73 (£5.52) an hour in October 2008.
Entrepreneurs' Relief Draft Legislation - April 2008
In the Pre-Budget Report last October Chancellor Alistair Darling announced a series of changes to the capital gains tax (CGT) regime for individuals and trustees.
Update On Residence And Domicile - April 2008
The government will implement a package of reforms announced in the 2007 Pre-Budget Report subject to certain changes. The measures will take effect from 6 April 2008.
‘Income Shifting’ Legislation Delayed - April 2008
The introduction of the proposed legislation on ‘income shifting’ has been delayed until April 2009.
Online Submission Of Employers Forms - April 2008
The employers annual returns P35 and P14 (P60) are due for submission to HMRC by 19 May 2008.
Reduced Rate For Smoking Cessation Products - April 2008
A reduced 5% VAT rate for ‘over the counter’ sales of smoking cessation products was introduced from 1 July 2007 for a period of one year only.
Implementation Date Change For Rights During Maternity Leave - April 2008
Following changes being made to the Sex Discrimination Act and, later this year, to the Maternity and Parental Leave Regulations, the law on contractual terms of employment during Additional Maternity Leave (AML) is due to change in respect of women whose babies are due on or after 5 October 2008.
In Year Online Filing Of Employer Returns - April 2008
HMRC have issued some additional guidance on filing in year forms online. The guidance concerns online submission of forms P45 and P46.
The Budget 2008 - March 2008
Alistair Darling has delivered his first Budget as Chancellor of the Exchequer. His focus was very much on stability against a backdrop of economic slowdown and turbulence in the global financial budgets.