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Business News - March 2008
Small Businesses Boosted by the Budget
High Wycombe based accountancy firm Fish Partnership is encouraging small business owners to pay close attention to this year’s budget, as a large proportion of the changes are pertinent to them.
The Budget 2008
Alistair Darling has delivered his first Budget as Chancellor of the Exchequer. His focus was very much on stability against a backdrop of economic slowdown and turbulence in the global financial budgets.
End of Tax Year Planning
The end of the tax year is fast approaching - here are two important tax planning ideas to consider before the 5th of April deadline.
Illegal Working Changes
For many years, there have been requirements for employers to verify the identity of their workers, to prevent illegal working. The legislation was backed up with fines.
Update on Residence and Domicile
In the January issue, we reported on controversial new rules proposed by the government on residence and domicile.
Expenses for Employees
Normally, the payment or reimbursement of expenses or the provision of a benefit in kind is taxable on the employee. However, particularly with expenses, it may well be that the employee is entitled to tax relief personally on the same amount. In order to obtain the relief, the employee would have to write to HMRC or fill out a tax return.
Employer and Contractor Returns Interim Penalties
HMRC have announced that they have started sending penalty notices where their records show that they have not received 2006/07 forms P35 and P14 (the employer’s annual return and end of year summary). Similar penalties are also being issued where 2006/07 form CIS36 (the contractor’s annual return) is outstanding.
Funds to Help Dispute Resolution
The government has announced up to £37m of funding to prevent work place disputes unnecessarily going to employment tribunals. The measures are part of a package designed to simplify the dispute resolution system.
Had Problems Filing your Tax Return on Time?
It will come as little surprise that, once again, an HMRC online system crashed an important time of year. This time it was the self assessment online service that was disrupted on 31 January 2008 and 1 February 2008.
Employment Rights - Statutory Limits
The limits on payments and awards made to workers in certain employment rights cases rose from 1 February 2008.
Benefits in Kind and Expenses in the Payroll
HMRC have published a consultation document on payrolling benefits in kind. The idea is that payrolling benefits in kind would remove the need for employers to complete P11Ds.
No PAYE/NIC or CIS Deduction Payments Due
Even if no PAYE/NICs or CIS deductions payments are due for a given month or quarter, businesses are still generally required to notify HMRC by way of a ‘nil’ return.
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