Business News - November 2006

We have previously reported that the Employment Equality (Age) Regulations 2006 took effect from 1 October 2006. These regulations introduce significant changes to recruitment, appraisal, promotion, redundancy and retirement procedures.

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We reported a couple of months ago on the changes to the postal charging system which introduced pricing by size and weight.

The Royal Mail has now introduced a new shopping facility for stamps which is aimed at people working from home. To purchase the ‘stamps’ users go online and select first, second or international deliveries and pay by credit card.

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HMRC have advised small employers who successfully filed their 2005/06 payroll end of year returns, P35 and P14s, online that they can now reduce their next PAYE payment by the £250 incentive payment. They advise that this can be done without waiting for HMRC confirmation that the amount is due.

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A study carried out by Manchester University has found that the average worker is late for work once a month which is a problem for many businesses.

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An increasing number of women are setting up their own businesses after becoming mothers, according the report produced by the London School of Economics and Yellow Pages.

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The EC has finally agreed the UK’s proposal to align the output VAT charge with the benefit in kind charge on the provision of private fuel assessable on the individual. The proposals and legislation were announced in the 2005 Budget and will be implemented from May 2007.

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The Finance Act 2006 abolished the £500 tax exemption for the private use of computer equipment provided by an employer to an employee. This removed a tax-free incentive by which employers had been able to offer their employees tax-free home use of computer and related equipment such as scanners and printers. The reason for the withdrawal of the incentive was that some employers had been using the exemption to provide their employees with packages including MP3 players and games consoles.

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HMRC have published guidance for businesses which buy and sell mobile phones, computer chips and certain other goods which will change the way in which VAT is dealt with on these items by making the purchaser responsible for paying the VAT using a system known as ‘reverse charge’.

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The latest monthly summary of business conditions in the United Kingdom, as reported by the Bank's Agents is now available.

  Internet Link: Bank of England Agents Summary