Online News - Business News - Date: February 2008
Entrepreneurs' Relief
In the Pre-Budget Report in October 2007 the Chancellor, Alistair Darling, announced a series of changes to the capital gains tax (CGT) regime for individuals and trustees. These changes included the abolition of taper relief and indexation relief and the introduction of a single rate of CGT of 18%. The changes take effect from 6 April 2008.
Residence and Domicile
Following the Pre-Budget Report announcement that HMRC would be reviewing the rules on residence, HMRC have issued some draft legislation which is expected to take effect from 6 April 2008.
Money Laundering Regulations
From 15 December 2007, the Money Laundering Regulations 2007 require certain businesses to have systems in place to prevent money laundering and report suspicious transactions. These regulations replace the previous ones which have been in force since 2004.
PAYE End of Year Returns
HMRC are running a series of workshops on the online completion of end of year PAYE returns. You can use the link below to see when sessions are running in your area.
HMRC Payments Due 31 January 2008
HMRC have apologised for a problem that they have identified with the self assessment tax return. The problem apparently only relates to tax returns submitted prior to 31 October 2007 where the taxpayer asked for any unpaid tax to be collected directly rather than by a restriction in their tax codes for 2008/09. It is only possible to collect underpayments via a tax code restriction where you are an employee or company director, with sufficient pay to enable any underpayment up to £2,000 to be collected.
HSE Launch Campaign To Stop Slips And Trips
The Health and Safety Executive (HSE) have announced that they will run a workplace slips, trips and falls campaign in February and March this year. The campaign, which is called Shattered Lives, is aimed at workers who are most at risk of a slip, trip or fall in the workplace. These include not surprisingly construction workers and kitchen workers.
PAYE Tax Codes About To Be Issued
HMRC have advised that they are about to issue PAYE tax codes to employees for the 2008/09 tax year.
Holidays
On returning to work in the New Year, many will be reaching for the travel brochures to plan their next holiday getaway. Now would be a good time to ensure that your employees (or your own) holiday entitlement has been correctly calculated. The minimum statutory holiday entitlement was raised from 20 days to 24 days per annum from 1 October 2007. This entitlement is inclusive of Bank Holidays.
For further information, please contact us on +44 113 389 6200 or email enquiries@kirknewsholme.co.uk
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