Extra Take Home Pay
For many employed
individuals who are checking their payslip this
month it should include a welcome bonus of a £60
reduction in their income tax deduction. The
reason for this is the increase in the personal
allowance which finally took effect for paydays
from 7 September. Don’t expect the bonus
each month as the effect for October onwards
will be a reduction in tax of £10 a month!
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CBI Forecast
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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.
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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.
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Fake HMRC Emails
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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.
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Change to Benefits System
From 27 October 2008,
in a change to the benefits system, Employment
and Support Allowance (ESA) will replace the
current state benefits (Incapacity Benefit and
Income Support) which are paid to individuals
on incapacity grounds. The new ESA will initially
only be payable to new claimants.
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NMW Rates to Rise
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HSE Don’t Ban This,
That and the Other
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Proposed Strict New Jobs
List
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The UK Border Agency
is proposing to introduce a new list of shortage
jobs in order to better target migration at the
needs of British businesses. The proposed list
would reinforce the selective approach of the
new points based system.
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Chandlers
Ford Office: a |
CW Fellowes, Templars House, Lulworth Close, Chandlers Ford, Hampshire,
SO53 3TL.
t | +44 (0) 23 8024 7070 f |
+44 (0) 23 8024 7071
Fareham Office: a |
DHB Fellowes, Carnac Place, Carnac Court, Cams Hall Estate, Fareham,
Hampshire, PO16 8UY.
t | +44 (0) 1329 220554 f |
+44 (0) 1329 225266
e | advice@cwfellowes.com w | www.cwfellowes.com
We also trade as DHB Fellowes.
Registered in England and Wales No: 6491259.
Registered to carry on audit work and regulated for a range of
investment business activities by the Institute of
Chartered Accountants
in England and Wales. |
