Business News - May 2006

With the news that a major high street bank is being forced to hand over details of its customers’ offshore accounts, which could result in more than £1bn of unpaid tax being discovered, we are offering help to clients who may wish to check their own accounts.

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Another tax year passes, with the associated flurry of ISAs, VCTs and pension contributions,we are now enjoying simple pensions(!) and we have witnessed another tax grabbingBudget, with the pain very much hidden in the small print.

This newsletter attempts to cover the salient points of both the Budget and A-Day. We hopeyou find it of interest.

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It is time to start gathering together the information to complete the forms P11D which report to HMRC details of benefits and expenses provided to employees and directors in the tax year to 5 April 2006. The forms have to be submitted to HMRC by 6 July so you have some time to track down the relevant information and to complete the forms.

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HMRC have issued a reminder to businesses to ensure that their registered details are up to date.

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HMRC have set up a specialist office providing advice to charities – and those dealing with charities (individuals and businesses).

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Additional guidance on complying with the Data Protection Act 1998 when buying or selling databases containing personal information has been published.

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Research into the effects of the family-friendly legislation introduced in 2003 has found a big increase in the number of working parents taking advantage of benefits such as flexible working.

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A £400 million government scheme designed to improve opportunities for workplace training has been launched.

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The government has delayed its decision on whether to extend superstores’ Sunday opening hours until next year.

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The chancellor, Gordon Brown has revised his proposed Budget measures in respect of trusts, following protests by the life assurance industry and MPs amongst others.

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