Business News - February
From time to time, we produce information for clients on a number of topical and important issues, some of which can be found below:
Cold As Ice: The Arctic Backlash
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Lincolnshire based accountants Moore Thompson are informing individuals that HM Revenue and Customs have published a draft consultation on income shifting. This follows the controversial case against husband and wife run company Arctic Systems Limited, in which HMRC lost appeals to allow them to impose a hefty backdated tax bill on the couple. |
Entrepreneurs’ Relief
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In the Pre-Budget Report in October 2007 the 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. |
Residence and Domicile
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Following the Pre-Budget Report announcement that HMRC would be reviewing the rules on residence, HMRC have issued some draft legislation which is expected to take effect from 6 April 2008. |
Money Laundering Regulations
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From 15 December 2007, the Money Laundering Regulations 2007 require certain businesses to have systems in place to prevent money laundering and report suspicious transactions. These regulations replace the previous ones which have been in force since 2004. |
PAYE end of year returns
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HMRC are running a series of workshops on the online completion of end of year PAYE returns. You can use the link below to see when sessions are running in your area. |
HMRC payments due 31 January 2008
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HMRC have apologised for a problem that they have identified with the self assessment tax return. The problem apparently only relates to tax returns submitted prior to 31 October 2007 where the taxpayer asked for any unpaid tax to be collected directly rather than by a restriction in their tax codes for 2008/09. |
HSE launch campaign to stop slips and trips
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The Health and Safety Executive (HSE) have announced that they will run a workplace slips, trips and falls campaign in February and March this year. |
PAYE tax codes about to be issued
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HMRC have advised that they are about to issue PAYE tax codes to employees for the 2008/09 tax year. |
Holidays
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On returning to work in the New Year, many will be reaching for the travel brochures to plan their next holiday getaway. Now would be a good time to ensure that your employees (or your own) holiday entitlement has been correctly calculated. |
Could You Up The Ante When It Comes To TAX Efficiency?
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Moore Thompson accountants are asking local individuals whether their tax saving strategies are as efficient as they could be. There are a number of ways employers can alleviate taxation for their employees, at little or no extra cost to themselves. On a more personal level, individuals can reduce the amount of tax they pay by implementing minor adjustments to their lifestyle. |
