Business News - March 2008

These reports provide a snapshot of the state of the economy from informed finance professionals working at the heart of business, across all commercial sectors, size of businesses and UK regions.  It is one of the largest and most comprehensive quarterly reviews of business confidence both nationally and in the South East.

In the January issue, we reported on controversial new rules proposed by the government on residence and domicile.

Normally, the payment or reimbursement of expenses or the provision of a benefit in kind is taxable on the employee. However, particularly with expenses, it may well be that the employee is entitled to tax relief personally on the same amount. In order to obtain the relief, the employee would have to write to HMRC or fill out a tax return.

HMRC have announced that they have started sending penalty notices where their records show that they have not received 2006/07 forms P35 and P14 (the employer’s annual return and end of year summary). Similar penalties are also being issued where 2006/07 form CIS36 (the contractor’s annual return) is outstanding.

The government has announced up to £37m of funding to prevent work place disputes unnecessarily going to employment tribunals. The measures are part of a package designed to simplify the dispute resolution system.