From time to time, we produce information for clients on a number of topical and important issues, some of which can be found below:
April 2008
National Minimum Wage Increases
The National Minimum Wage will rise to £5.73 (£5.52)
an hour in October 2008.
 More
Entrepreneurs' Relief Draft Legislation
In the Pre-Budget Report last October Chancellor Alistair Darling
announced a series of changes to the capital gains tax (CGT)
regime for individuals and trustees. These changes included the
abolition of taper relief and indexation relief and the introduction
of a single rate of CGT of 18%. The changes take effect from
6 April 2008.
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Update on Residence and Domicile
The government will implement a package of reforms announced
in the 2007 Pre-Budget Report subject to certain changes. The
measures will take effect from 6 April 2008.
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‘Income Shifting’ Legislation Delayed
The introduction of the proposed legislation on ‘income
shifting’ has been delayed until April 2009.
More
Online Submission of Employers Forms
The employers annual returns P35 and P14 (P60) are due for submission
to HMRC by 19 May 2008. There is a tax free incentive payment
due of £100 for small employers, those with less than 50
employees, who successfully file their returns electronically.
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Reduced Rate for Smoking Cessation Products
A reduced 5% VAT rate for ‘over the counter’ sales
of smoking cessation products was introduced from 1 July 2007
for a period of one year only. The government has announced that
the 5% reduced rate will continue to apply.
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Implementation Date Change for Rights During Maternity
Leave
Following changes being made to the Sex Discrimination Act and,
later this year, to the Maternity and Parental Leave Regulations,
the law on contractual terms of employment during Additional
Maternity Leave (AML) is due to change in respect of women whose
babies are due on or after 5 October 2008. HMRC had previously
advised that this change would be effective for babies due from
6 April 2008.
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In Year Online Filing of Employer Returns
HMRC have issued some additional guidance on filing in year
forms online. The guidance concerns online submission of forms
P45 and P46.
More
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