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Business News - April 2008
National Minimum Wage Increases
The National Minimum Wage will rise to £5.73 (£5.52) an hour in October 2008.
Entrepreneurs' Relief Draft Legislation
In the Pre-Budget Report last October 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.
Update on Residence and Domicile
The government will implement a package of reforms announced in the 2007 Pre-Budget Report subject to certain changes. The measures will take effect from 6 April 2008.
‘Income Shifting’ Legislation Delayed
The introduction of the proposed legislation on ‘income shifting’ has been delayed until April 2009.
Online Submission of Employers Forms
The employers annual returns P35 and P14 (P60) are due for submission to HMRC by 19 May 2008. There is a tax free incentive payment due of £100 for small employers, those with less than 50 employees, who successfully file their returns electronically.
Implementation Date Change for Rights During Maternity Leave
Following changes being made to the Sex Discrimination Act and, later this year, to the Maternity and Parental Leave Regulations, the law on contractual terms of employment during Additional Maternity Leave (AML) is due to change in respect of women whose babies are due on or after 5 October 2008. HMRC had previously advised that this change would be effective for babies due from 6 April 2008.
In Year Online Filing Of Employer Returns
HMRC have issued some additional guidance on filing in year forms online. The guidance concerns online submission of forms P45 and P46.
Local Accountants Advise Landlords to Speak Up
Local accountancy firm Fish Partnership are stressing to local property owners the importance of notifying HMRC of any income they may have generated by renting out their properties.
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