The Business Payment Support Service, announced in the Pre-Budget Report 2008, is designed to meet the needs of businesses affected by the current economic conditions. Any business that is worried about being able to meet tax, National Insurance or other payments owed to HMRC, or anticipates that payments becoming due will cause them problems, can [...]
Friday, December 19, 2008
To reflect the reduction 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 January 2009, so employers using the advisory rates should advise affected employees and update any expense forms as soon as possible. The advisory fuel rates should [...]
Wednesday, December 17, 2008
Acas, the Advisory, Conciliation and Arbitration Service, have reported a sharp increase in the number of businesses and employees seeking advice on redundancy, lay-offs and business transfers. Apparently: ‘…the employers are most likely to ask about their legal responsibilities, consultation periods and how to decide which employees to make redundant. Common enquiries from employees include [...]
Sunday, December 14, 2008
HMRC have issued further guidance to businesses on the reduction in the standard rate of VAT from 1 December 2008. The guidance clarifies certain issues regarding the ‘tax point’ rules for the date of supply. In normal circumstances, where a business invoices within 14 days after the supply of goods and services, this is generally [...]
Wednesday, December 3, 2008
Travellers can now bring back more than double the amount of gifts and souvenirs from outside the EU without paying UK duty. The changes are as a result of a proposal that Gordon Brown made to the European Commission in 2004. The government has announced an increase to the allowance for what are known as [...]
Tuesday, December 2, 2008
HMRC have issued some draft legislation and guidance on how the tax relief on business cars, known as capital allowances, will be calculated from April 2009. The new rules apply to expenditure incurred on or after 6 April 2009 (1 April 2009 for companies). The 100% immediate write off for expenditure on cars with CO2 [...]
Monday, December 1, 2008
Commenting on the decision by the Bank of England’s Monetary Policy Committee to reduce interest rates by 1% to 2% earlier this month, Ian McCafferty, CBI Chief Economic Adviser, said: ‘The economy needs a significant monetary stimulus and the Bank has clearly decided this will be best achieved by another big cut in interest rates. [...]
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Monday, December 22, 2008
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