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| MAY 2008 - ENEWS | | 01 May 2008 | | This month has been a busy month as usual. We update you on Entrepreneurs’ Relief and the government’s announcement that they plan to compensate those individuals who are worse off following the income tax rate changes.
We also include our usual round up of news. Please browse through this month’s articles using the links below and contact us if any issues or questions arise....[more] |
| CREDIT SQUEEZE | | 01 May 2008 | | | It appears that many businesses are suffering a cash “squeeze” from delayed payment of their invoices as the credit crunch begins to impact on the economy. There are complaints from businesses that some large customers have begun to extend their payment period terms. This is putting a strain on the cashflow of businesses....[more] |
| HOMEWORKING COSTS INCREASE | | 01 May 2008 | | | From 6 April 2008, HMRC has increased the tax and NIC free guideline rate that employers can pay home working employees without keeping records from £2 to £3 per week....[more] |
| P11D DEADLINE LOOMING | | 01 May 2008 | | | The forms P11D, which report employees and directors benefits in kind and expenses, are due for submission by 6 July 2008 for the year ended 5 April 2008. The process of tracking down the information can take some time so it is important that you don’t leave things until the last minute....[more] |
| EMPLOYMENT SUPPORT ALLOWANCE | | 01 May 2008 | | Incapacity Benefit and Income Support are to be replaced by Employment Support Allowance (ESA). The change takes effect from 27 October 2008.
The employer form SSP1, which is used when an employee’s entitlement to SSP ceases, will be re-designed to coincide with the change. The change should mean that employers will not need to include as much information on the new form which will be made available from October 2008....[more] |
| SKILLS GAP | | 01 May 2008 | | With school and college students preparing to start the summer term and sit final examinations, the CBI has published the results of a new annual audit of the nation’s skills.
The 'CBI/Edexcel Education & Skills Survey 2008' of 735 firms, employing 1.7 million people between them, has identified apparent skills gaps in the workplace and reveals the skills that employers value the most....[more] |
| EMPLOYEES ENTITLED TO KNOW MORE | | 01 May 2008 | | | The Information and Consultation of Employees Regulations 2004 have been extended to cover undertakings with 50 or more employees from 6 April 2008. ...[more] |
| ENTREPRENEURS’ RELIEF | | 01 May 2008 | | | After business leaders voiced their objections to the abolition of taper relief, the Chancellor introduced a new Entrepreneurs’ Relief (ER). ER may be available for disposals, reorganisations and relevant transactions taking place on or after 6 April 2008....[more] |
| 10% RATE OF INCOME TAX | | 01 May 2008 | | | Since the start of the tax year the basic rate of income tax has been reduced from 22% to 20% and the starting rate of 10% abolished for income except for savings and dividend income. ...[more] |
| MARKS & SPENCER VAT WIN | | 01 May 2008 | | | M&S have won a landmark victory in the European Court of Justice. The case concerned whether or not HMRC were correct to limit the amount of VAT they repaid to the company after their chocolate teacakes were reclassified as a cake rather than a chocolate biscuit. The issue of cakes and chocolate biscuits is an important one as it means they are zero rated rather than standard rated. The case dates back many years. ...[more] |
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