The standard rate of VAT will be reduced from 17.5% to 15% for the period 1 December 2008 to 31 December 2009. The rate will then revert to 17.5%. No changes have been made to the 5% reduced rate or the 0% rate. The government will introduce ‘anti-forestalling legislation’ to prevent abuse of the reduction in [...]
Monday, November 24, 2008
The government has announced significant changes to the system of personal allowances and tax rates for the next few years. These mainly impact on those with higher levels of income. Allowances and rates The 2009/10 personal allowance will be £6,475. The basic rate limit will be £37,400. Therefore an individual will pay 40% tax rather than the [...]
Friday, November 21, 2008
The main rate of corporation tax which applies to companies with profits of more than £1.5 million fell to 28% from 30% from 1 April 2008. The small companies corporation tax rate which applies to companies with up to £300,000 of profits increased from 20% to 21% from 1 April 2008. The intention was to increase [...]
Tuesday, November 18, 2008
Further details have been provided on the changes to the capital allowance treatment of cars. The changes will have effect from 1 April 2009 for corporation tax purposes and 6 April 2009 for income tax. The special rules that restrict the amount of capital allowances for cars costing more than £12,000 will be abolished. Expenditure on [...]
Monday, November 17, 2008
ACAS (Advisory, Conciliation and Arbitration Service) has made available a revised Code of Practice dealing with discipline and grievance procedures. The Code has been approved by the Secretary of State for Business, Enterprise and Regulatory Reform. The draft guidance will now be put before Parliament for approval. The revised Code provides broad principles on discipline and [...]
Sunday, November 16, 2008
Do you know how much your state pension could be when you retire? The Pensions Service will provide a forecast of this information either by letter or an online email service. As detailed on their website “a State Pension forecast gives you in today’s money values: an estimate of basic and additional State Pension you may get [...]
Saturday, November 15, 2008
New legislation under the Health and Safety Offences Act 2008 will increase penalties and provide courts with greater sentencing powers for those who flout health and safety legislation. The Act will increase the maximum level of penalties that can be imposed by the lower courts on those who breach health and safety regulations from £5,000 to [...]
Tuesday, November 11, 2008
According to HMRC data the success of the Child Trust Fund (CTF), the tax exempt long-term savings and investment account for children born on or after 1 September 2002, continues to grow. The statistics published by HMRC show: 97% of eligible parents are aware of the Child Trust Fund around 3/4 of parents continue to open accounts for [...]
Monday, November 10, 2008
Are you planning a party for your staff? Make sure you are clear on the tax implications. The good news is that, unlike entertaining customers, employee entertaining costs are generally allowable against the profits of the business. What about the employees themselves? Is it a perk of their jobs and will they be subject to tax? Generally, as [...]
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Sunday, November 30, 2008
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