Business News - March 2007

Gordon Brown presented his eleventh Budget on Wednesday 21 March 2007. This is expected to be his last before he makes a bid to become Prime Minister.

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We are becoming increasingly aware that many of our clients have not benefited from a recent comprehensive financial planning review.

As a leading Surrey firm of accountants, TWP recognises that our individual and business clients require and deserve comprehensive and independent financial planning advice. To ensure that you receive the very best service, we have selected Blacktower Financial Advisers to offer their broad range of personal and business financial planning advisory services to our clients. TWP will liaise closely with Blacktower to ensure your financial, tax and investment needs are properly co-coordinated.

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HMRC have announced new rates for journeys on or after 1 February 2007.

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Before 6 April 2006 the first £500 of the benefit in kind charge arising on the private use of employer provided computer equipment was exempt from tax. As the ‘annual value’ benefit in kind on the use of an asset is calculated as 20% of the market value of the asset when first used to provide the benefit, this exemption generally covered any potential benefit in kind.

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Sickness absence costs businesses a small fortune. The CBI statistics for 2005 suggest the costs are in the region of £495 a year in direct costs for every worker employed. Indirect costs are probably considerably more.

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HMRC have produced some of the tables but not the final VAT fuel scale charges which are due to come into effect on 1 May 2007. Businesses will have to use the new scale charges from the start of their first accounting period beginning on or after this date. HMRC are announcing the change early to allow businesses time to familiarise themselves with the new charging structure and make any necessary IT system changes.

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HMRC have announced that the threshold for the Cash Accounting Scheme will be more than doubled from £660,000 to £1,350,000 from 1 April 2007.

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Research has revealed that young people taking part in Government funded apprenticeships will enjoy significantly higher wages over their lifetime than they would have done without their training.

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Former workers at Haven and Butlins holiday camps are due to receive an estimated one million in back pay after the Court of Appeal found that they were paid less than the National Minimum Wage (NMW).

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HMRC have updated their guidance on Statutory Maternity Pay (SMP) due to women whose babies are due on or after 1 April 2007. The important date is when the baby is due not when the baby is born.

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The Government has issued the first commencement order which brings into force a number of the Act's provisions with an effective date of 27 February 2007.

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