Moore Thompson accountants are reminding businesses that, under new rules introduced in October, tips are no longer allowed to count towards the National Minimum Wage (NMW). This represents a change from the previous rules, where such payments could count in certain circumstances.

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One of the significant announcements in the Pre-Budget Report is a further increase in national insurance contributions (NIC) which is to take effect from 6 April 2011.

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In the Pre-Budget Report changes were announced to the complex rules for the Special Annual Allowance (SAA) charge which affects those with substantial income who make significant pension contributions. The current rate of the SAA charge is 20% on excess pension contributions. The aim of the charge is to discourage individuals from making significantly higher pension contributions in anticipation of the removal of higher rate tax relief which will occur in 2011.

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In a move designed to tackle certain remuneration practices that are considered to have contributed to ‘excessive risk taking’ in the banking industry, a temporary bank payroll tax of 50% is to apply to certain bonuses regardless of how they are paid. The tax will apply to the amount of the bonus which exceeds £25,000 for any individual employee and is applicable to banks, building societies and other related financial businesses.

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To reflect the increase in fuel prices, HMRC have issued new advisory fuel rates for employees driving employer provided cars. These take effect for all journeys undertaken from 1 December, so employers using the advisory rates should advise affected employees and update any expense forms as soon as possible.

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Gordon Brown had revised his proposal to withdraw the income tax and NI exemption on employer provided childcare vouchers.

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HMRC issued some important guidance regarding the changes in the place of supply of services rules which take effect from 1 January 2010.

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Moore Thompson accountants are warning that there has been an increase in the number of investigations into companies’ tax affairs by HM Revenue and Customs (HMRC) since the authority was granted new powers.

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Following this year’s Pre-Budget Report, the Chancellor confirmed that the 15 percent VAT holiday ended on 1 January 2010, when the rate reverted back to 17.5 percent.

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