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News - Business News - Date: November
2008
VAT changes
In his Pre-Budget Report this week, Chancellor Alistair Darling announced that the standard rate of VAT will be reduced from 17.5% to 15% on 1 December 2008.
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The Pre-Budget Report 2008
Chancellor of the Exchequer Alistair Darling has delivered a much-anticipated Pre-Budget Report against a backdrop of economic slowdown and turbulence in the global economy, which has steadily deteriorated since the 2008 Budget on 14 March.
He emphasised that the measures set out were designed to help families and businesses through “economic uncertainty not seen for generations” and to position the UK to take full advantage of a future recovery in the UK economy.
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Entrepreneurs’ Relief
The system of capital gains tax (CGT) for individuals and trustees changed radically from 6 April 2008. The changes included the abolition of taper relief and indexation allowance and the introduction of a single rate of CGT of 18%.
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Improvements announced to State Pension Scheme
The DWP announced last week that the Government is proposing an amendment to the Pensions Bill which will allow some people to make up to six additional years of voluntary (Class 3) NI contributions in addition to those permitted under existing time limits.
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Intestacy Rules
The Ministry of Justice has announced an increase in the amount of the statutory legacy on intestacy. The statutory legacy is the amount which an individual is entitled to receive from the estate of their husband, wife or civil partner where the individual has not made a Will.
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Shopping on the internet
HMRC have updated their guidance on buying goods on the internet explaining when duty and / or VAT will need to be paid.
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Changes to Rights during Maternity Leave
Following changes made to the Sex Discrimination Act and to the Maternity and Parental Leave Regulations, the law on contractual terms of employment during Additional Maternity Leave (AML) changed in respect of women whose babies were due on or after 5 October 2008. The date the baby is due, as shown on the MATB1 certificate (provided by the midwife or doctor at around 20 weeks into the pregnancy) is the relevant date and not the date the baby is actually born.
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Gift aid form amended
HMRC have updated their model Gift Aid declaration form for charities and community amateur sports clubs to reflect the reduction in the basic rate of tax from 22% to 20% from the beginning of this tax year.
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Tougher penalties for persistent late filing of Company Accounts and Returns with Companies House
Late filing penalties are now doubled if accounts and returns for financial years beginning on or after 6 April 2008 are filed late in two successive years.
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Mandatory company trading disclosures
From 1 October 2008, new rules are in place to unify and replace the various regulations setting out the trading disclosures that incorporated companies must make to show their legal identity. This is now being monitored by Trading Standards and can result in a £5000 fine.
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