Business
News - December 2007
From
Taper Relief to Possible Retirement Relief |
In last month’s
enews we reported on the shock announcement
in the Pre- Budget Report that capital
gains tax taper relief and indexation allowance
would be scrapped for disposals on or after
6 April 2008. Since then business leaders
have been making representations to the
Chancellor, Alistair Darling, to change
his mind or to delay the introduction of
the proposals which have significant implications
for many taxpayers.
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full article
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| HMRC
Apologise to Child Benefit Customers |
Following the announcement that HMRC disks,
containing an estimated 25 million Child
Benefit recipients’ personal and
banking information, have gone missing,
HMRC have put a letter on their website
apologising to all those potentially affected.
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full article
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| Changes
Ahead for Capital Allowances |
As you are no doubt aware the system of
tax reliefs on expenditure on equipment
in your business is a complex one. Broadly
when you buy a piece of equipment to use
in your business you normally cannot set
the full cost against that year’s
profits, unless the value of the item is
quite small, or a special tax relief applies.
The cost of more expensive items is written
off against profits over a number of years,
using the capital allowances system.
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full article
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| PAYE
Penalties |
HMRC had previously issued a significant
number of incorrect late filing penalty
notices to employers in respect of their
2006/07 PAYE end of year forms P35 and
P14. These forms are used to report details
of employees pay, tax, national insurance
contributions, etc.
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full article
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| Northern
Rock ISA Savers |
Following the problems
at Northern Rock earlier this year, the
government has announced that it will allow
the people affected to re-invest their
money into any cash ISA, including Northern
Rock’s, and so restore their tax
advantages. This announcement applies to
funds withdrawn from Northern Rock ISAs
between the 13 and 19 September 2007 inclusive.
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full article
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| 2008/09
Allowances Announced |
The government has published
the 2008/09 rates and allowances for income
tax, national insurance contributions (NI),
the state retirement pension as well as
other benefits and allowances.
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full article
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| Staff
Parties |
Are you planning
a party for your employees? Are
you aware of the tax implications?
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full article
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