Business
News - January 2008
Business
Confidence Report |
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.
 South
East 2007
National
2007
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| Capital
Gains Tax Reform |
The proposed changes announced in the
Pre-Budget Report to the capital gains
tax (CGT) system are radical. Taper relief
for CGT will be abolished for disposals
on or after 6 April 2008. Other changes
to the CGT system include introducing a
flat rate of CGT of 18% and abolishing
indexation, an allowance for inflation.
View
full article
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| Advisory
Fuel Rates |
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.
View
full article
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| Proposed
Cuts in ‘Red Tape’ |
According to a government report, cuts
in ‘red tape’ are saving UK
businesses and third sector organisations
more than £800 million per year.
View
full article
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| Inheritance
Tax Nil Rate Band |
Chancellor Alistair
Darling announced in his Pre-Budget speech
a change to the way in which the inheritance
tax (IHT) nil rate band of £300,000
can be used for married couples and civil
partners.
View
full article
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| Capital
Allowances |
In November’s
enews we reported on proposed changes to
the capital allowances system and HMRC
have now issued a 91 page document including
draft legislation.
View
full article
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| Employment
Bill |
A new Employment
Bill will, if enacted, impose tougher
penalties on employers and dispute
resolution procedures will be simplified.
The overall effect of the Employment
Bill is to strengthen and clarify
key aspects of employment law.
It was introduced and had its first
reading on 6 December 2007 with
the aim of receiving Royal Assent
by summer 2008.
View
full article
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| Consultation
on Residence and Domicile |
In the Pre-Budget Report
the government announced a package of reforms
affecting the personal tax rules on residence
and domicile. The government has now published
a consultation document which contains
further detail on the proposed changes.
View
full article
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| Income
Shifting Consultation |
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.
View
full article
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