Business News
December 2008
Standard Rate VAT
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.
December 2008
Proposed Personal Tax Changes
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.
December 2008
Corporation Tax Changes
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.
December 2008
Taxation of Business Travel
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.
November 2008
The Pre-Budget Report 2008
Chancellor of the Exchequer Alistair Darling has delivered a much-anticipated Pre-Budget Report against a backdrop of economic slowdown and turbulence in the global economy, which has steadily deteriorated since the 2008 Budget on 14 March.
November 2008
Improvements Announced to State Pension Scheme
The DWP announced last week that the Government is proposing an amendment to the Pensions Bill which will allow some people to make up to six additional years of voluntary (Class 3) NI contributions in addition to those permitted under existing time limits.
November 2008
Shopping on the Internet
HMRC have updated their guidance on buying goods on the internet explaining when duty and / or VAT will need to be paid.
November 2008
Mandatory Company Trading Disclosures
From 1 October 2008, new rules are in place to unify and replace the various regulations setting out the trading disclosures that incorporated companies must make to show their legal identity. This is now being monitored by Trading Standards and can result in a £5000 fine.
October 2008
CBI Forecast
A CBI forecast has predicted a ‘shallow recession’ during the final part of 2008 and that growth in the economy in 2009 will be the lowest since 1992.
October 2008
Temporary Exemption on Stamp Duty Land Tax
In a move to help the property market and first time buyers, Alistair Darling has introduced a Stamp Duty Land Tax (SDLT) exemption or holiday for purchases of residential property from 3 September 2008 to 2 September 2009 (inclusive). The exemption effectively raises the current nil rate band of £125,000 (£150,000 in disadvantaged areas) to £175,000 for the period of one year only.
October 2008
Fake HMRC Emails
HMRC are warning taxpayers that they are aware of a high number of emails being sent out offering a tax rebate. The warning confirms that HMRC do not email taxpayers advising them of tax rebates or invite them to complete an online form to receive a rebate.
For further details, please contact Danbro for Umbrella Service: 01253 600141, General Enquiries: 01253 600140, London Office: 020 7836 8400 or email enquiries@danbro.co.uk or send an enquiry.
