Business
News - February 2008
| Entrepreneurs’ Relief |
In the Pre-Budget Report in October 2007
the Chancellor, Alistair Darling, announced
a series of changes to the capital gains
tax (CGT) regime for individuals and trustees.
These changes included the abolition of
taper relief and indexation relief and
the introduction of a single rate of CGT
of 18%. The changes take effect from 6
April 2008.
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full article
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| Residence
and Domicile |
To reflect the increases in fuel prices,
HMRC have issued new advisory fuel rates
for company car drivers. These take
effect for all journeys undertaken from
1 January 2008 so employers wishing to
use the new rates should advise affected
employees and update any expense forms
as soon as possible.
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full article
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| Money
Laundering Regulations |
From 15 December 2007, the Money Laundering
Regulations 2007 require certain businesses
to have systems in place to prevent money
laundering and report suspicious transactions.
These regulations replace the previous
ones which have been in force since 2004.
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full article
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| PAYE
End of Year Returns |
HMRC are running a series
of workshops on the online completion of
end of year PAYE returns. You can use the
link below to see when sessions are running
in your area.
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| HMRC
Payments Due 31 January 2008 |
HMRC have apologised
for a problem that they have identified
with the self assessment tax return. The
problem apparently only relates to tax
returns submitted prior to 31 October 2007
where the taxpayer asked for any unpaid
tax to be collected directly rather than
by a restriction in their tax codes for
2008/09. It is only possible to collect
underpayments via a tax code restriction
where you are an employee or company director,
with sufficient pay to enable any underpayment
up to £2,000 to be collected.
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full article
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| HSE
Launch Campaign to Stop Slips and
Trips |
The Health and
Safety Executive (HSE) have announced
that they will run a workplace
slips, trips and falls campaign
in February and March this year.
The campaign, which is called Shattered
Lives, is aimed at workers who
are most at risk of a slip, trip
or fall in the workplace. These
include not surprisingly construction
workers and kitchen workers.
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full article
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| PAYE
Tax Codes About to be Issued |
HMRC have advised that
they are about to issue PAYE tax codes
to employees for the 2008/09 tax year.
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full article
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| Holidays |
You may well
remember that the Arctic Systems
case involved a husband and wife
who owned a company 50/50 and,
broadly, took the profits out by
way of dividends, again 50/50.
HMRC attempted to tax the dividends
solely on the husband, as he was
performing most of the work which
generated the profits of the company.
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full article
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