| Proposed
Trust and Tax Return Changes |
Last month we reported
on the proposed inheritance tax (IHT)
changes for trusts. The professional
bodies are lobbying HMRC and the government
to reconsider the rules and we will keep
you in touch with developments. If you
have a trust, created before Budget day,
there is no need to take any immediate
action as the IHT charges will not generally
take effect until 2008.
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| Restaurant
Tips and Troncs |
HMRC have issued revised
guidance on the treatment of tips and
troncs. This issue has been the subject
of debate for some time with HMRC changing
their guidance. Part of their recent
attack was aimed at troncs, schemes operated
by employees (and not the employer) to
collect and distribute tips to other
employees and, in particular, the National
Insurance Contributions (NICs) due on
tips distributed through troncs.
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| Small
Companies and Their Associates |
A decision in the High
Court has overturned HMRC’s usual
interpretation of the rules on associated
companies. The small companies rate of
tax of 19% is payable where a company’s
profits are less than the upper limit
of £300,000. Where the company
has associates (broadly companies under
common control) the upper limit has to
be divided equally between the companies,
resulting in the companies paying higher
rates of corporation tax if they breach
this reduced limit.
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| P11D
Dispensations |
Last month we reported
that forms P11D which report details
of employees’ benefits in kind
and expenses have to be with HMRC by
6 July. Some of you will no doubt be
trying to collate the necessary information
to prepare these forms which is a time
consuming process.
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| Businesses
Get Disaster Planning Help |
Under the Civil Contingencies Act local
authorities are now obliged to help businesses
plan for disasters such as fires, terrorist
attacks and bird flu. The new services,
launched recently, are designed to ensure
that disasters cause as little damage
to the economy as possible and businesses
continue to trade.
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Will
Your Business Win During the World Cup? |
Independent shopkeepers
are expected to score a higher percentage
of alcohol sales than the big supermarkets
during this summer’s football World
Cup. Scottish and Newcastle UK predicts
that independents will account for two
thirds of the extra sales of beer to
be drunk at home during the tournament.
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| How
Much Spam? |
Did you know that more
than 1,000 emails were sent every second
in the UK last month. Nine out of ten
were spam according to research by search
engine provider Lycos. The worst offenders
are finance and pharmaceutical firms.
Record numbers mean some people are reaching ‘email
overload’, with 12% of users receiving
more than 200 messages a day.
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Practical
Guidance on Age Discrimination |
ACAS have published a free
guide for business owners to help them
prepare for the regulations which take
effect from 1 October 2006. The guide
looks at key areas such as recruitment,
appraisal, promotion, redundancy and
retirement. The guidance is being produced
now so you can review your procedures
before the legislation takes effect.
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| HMRC
and Offshore Assets |
There has been a lot of
recent publicity about HMRC formally
requesting financial institutions, including
Barclays, to deliver up details relating
to offshore bank accounts. This is clearly
a major offensive by HMRC, who seem to
feel that many UK residents ‘hide’ monies
offshore.
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New
Funds Available |
Two new Enterprise Capital
Funds (ECFs) are to be created under
a multi-million pound government scheme
to boost innovation, jobs and growth
for small businesses trapped in the equity
gap, Small Business Minister Margaret
Hodge has announced.
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full article
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