Business Newsletters - Winter 2005

All Change

Change is something of a recurring theme in this edition of our newsletter.
Imminent changes
The current BACS (Bankers Automated Clearing Service) will be discontinued in the very near future and replaced with BACSTEL-IP a completely new internet-based method for making submissions and collecting reports. Is your business ready? The changes needed depend on whether you currently use BACS directly or indirectly. For further information see www.bacs.co.uk

The Revenue are in the process of phasing out payment of Working Tax Credits through employers. In future all such payments will be made by the Revenue direct. If you are an employer you should by now have written to all affected employees (as instructed by the Revenue) to let them know of the changes being made. If you have not yet done so please talk to us urgently.

April 2006....and 2007!

April 2006 will see the arrival of the long awaited pensions ‘A’ day. The introduction of the new Construction Industry Scheme was also originally planned for April 2006 but a recent government announcement has confirmed deferral until April 2007. See our article ‘The Construction Industry: A Glimmer of Hope?’ for a summary of a recent court case on renewal of exemption certificates.

Changes that have already taken place

To complete the picture we summarise two changes that have already taken place. Those involved in the agricultural sector have seen the introduction of the Single Farm Payment and those in the service sector will be interested to read the article on changes to the rules for income recognition.

We would welcome a call or email if you have any questions on anything we have covered in this newsletter.

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