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Business News - August 2008
Extra Personal Allowances
HMRC have now issued further guidance on the increase in the personal tax allowance which is due to take effect from 7 September 2008.
Report on HMRC’s Lost Discs
Alistair Darling has made a statement to Parliament following the Poynter Review, which was commissioned following the loss of the child benefit data discs. The Independent Police Complaints Commission (IPCC) has also issued a report into the circumstances surrounding the loss.
Professional Subscriptions
Do you pay any professional subscriptions? If so then tax relief may be due on the subscription as long as the professional body appears on the latest HMRC list. The list includes all bodies approved by HMRC up to 30 May 2008.
HMRC Penalties for Errors
HMRC have issued revised guidance on the system of penalties which they will be able to apply to taxpayers.
£10,000 VAT Errors
Businesses have long been allowed to correct net errors not exceeding £2,000 in their VAT returns. From the first new VAT period commencing on or after 1 July 2008, HMRC have raised the previous limit of £2,000 to a minimum figure of £10,000.
HMRC Powers
HMRC has been busy aligning its own rights and powers following the merger, several years ago, between the two old organisations of the Inland Revenue and HM Customs. This process will take a number of years as the different organisations previously had different powers, from rights to view paperwork and in some cases to rights of access to business premises.
Newcomers Must Earn the Right to Stay in the UK
The government has announced that foreign nationals who wish to become British citizens will have to earn the right to stay here.
