Business News - July
From time to time, we produce information for clients on a number of topical and important issues, some of which can be found below:
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. |
Don’t Adjust Tax Codes Yet
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Lincolnshire based accountants Moore Thompson are advising employers and payroll managers not to adjust employees’ tax codes based on the change to personal allowances announced in May 2008. |
Tips Not Included In National Minimum Wage
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Lincolnshire based accountants Moore Thompson are advising employers in the retail and hospitality sectors to examine how they deal with tips on behalf of employees. |
Advisory Fuel Rates
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To reflect the increases 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 July 2008 so employers wishing to use the new rates should advise affected employees and update any expense forms as soon as possible. |
HMRC Warning On Scams
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HMRC have updated their guidance on scams. HMRC have become aware of a new ruse to persuade unsuspecting taxpayers to complete a form detailing their bank or credit card details. |
Illegal Working
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For many years, there have been requirements for employers to verify the identity of their workers in order to prevent illegal working. |
Employees’ Mileage Payments
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As you may be aware there is a statutory system of tax and NIC free mileage rates for business journeys in an employee’s own vehicle. These mileage payments are known as ‘Authorised Mileage Allowance Payments’ (AMAP). |
National Minimum Wage And Tips
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An Employment Appeal Tribunal has ruled in HMRC’s favour in the case of Annabel’s Restaurant and Nightclub. The case concerned the payment of tips through a ‘tronc’, which is an arrangement which sometimes operates in the restaurant industry. |
Surfing At Work
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According to the CBI the average UK office worker spends 95 minutes of their working week surfing the web for personal use. This they estimate costs the economy £10.6 billion a year. |
Tax Credits Renewal
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Tax credits are state benefits which are generally available to lower income families. However, entitlement to the credits is significantly increased where individuals pay for childcare or have a dip in normal levels of income perhaps due to incurring trading losses. |
Increase In Personal Allowances
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Tucked away in a recent issue of ‘Notes for payroll software developers’ is a bit more information on the timescale for the increase in the current year’s personal allowance from £5,435 to £6,035 and the reduction in the higher rate point from £36,000 to £34,800. |
