Business News - August
From time to time, we produce information for clients on a number of topical and important issues, some of which can be found below:
Extra Personal Allowances
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HMRC have now issued further guidance on the increase in the personal tax allowance which is due to take effect from 7 September 2008. |
Professional Subscriptions
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Do you pay any professional subscriptions? If so then tax relief may be due on the subscription as long as the professional body appears on the latest HMRC list. |
HMRC Penalties For Errors
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HMRC have issued revised guidance on the system of penalties which they will be able to apply to taxpayers. |
£50,000 VAT Errors
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Businesses have long been allowed to correct net errors not exceeding £2,000 in their VAT returns. |
HMRC Powers
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HMRC has been busy aligning its own rights and powers following the merger, several years ago, between the two old organisations of the Inland Revenue and HM Customs. |
Effects Of The Increase To Personal Allowances
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Lincolnshire based accountants Moore Thompson are informing individuals that HM Revenue and Customs have announced the effects of changes to personal allowances. HMRC increased the annual personal allowance for earnings before they are subject to income tax at 20%. This was by means of compensation for the abolition of the 10p tax rate. |
Statistics Show An Increase In Female Entrepreneurs
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Lincolnshire based accountants Moore Thompson are encouraging local women to think about starting up their own business after statistics released by the government equalities office show that the majority of female entrepreneurs are able to work more flexibly from a self-employed status. 75% of surveyed women agreed that work family life balance is improved when you run your own business. |
HMRC Reduces Tax Rebate Timeframe
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Lincolnshire based accountants Moore Thompson are advising individuals to double check their tax codes, and waste no time in applying for rebates where they are due. This follows a note in the small print of the Finance Bill revealing plans to reduce the time limit for claiming overpaid tax back from five years to four. |
