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 the […]

With the continuing media coverage of the effects of the credit crunch, we have recently surveyed our clients to see what impact the economy is having on their businesses, and where we can help. Our colleague firms in The Corporate Finance Network also conducted similar research in the Autumn, and it was interesting to note […]

UK tax payers waste more on IHT payments than any other tax Britons say the so called “death tax” is their fourth most resented tax However, four in five people (82%) have not taken any steps to reduce their overall tax payments UK taxpayers are wasting millions of pounds due to poor IHT planning according […]

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 be […]

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 […]

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 asking […]

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. […]

The year before Tax Credits were introduced there was a different non-means tested allowance available, which was never advertised by the Inland Revenue. It is called the Children’s Tax Allowance for the Year 2002/3. You can still claim this tax allowance before the 31 January 2009 deadline. You need to phone HMRC on 0845 302 […]

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 emissions […]

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 […]