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Business Alert 17 October 2007 |
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Welcome to Moore Stephens’ Business Alert Service, designed to help you keep up-to-date with business and tax legislation. The service provides details of key changes, issues and opportunities, and includes suggested action and links to more information.
To receive these Business Alerts automatically, email businessalerts@moorestephens.com.
PRE BUDGET REPORT
Three major changes will affect personal taxpayers as a result of the Pre Budget Report announcements – those affecting Capital Gains Tax taper relief; non-domiciliaries and the remittance basis; and also the changes to the IHT threshold for married couples, civil partners, widows and widowers. There are fact sheets on these subjects available on the Moore Stephens website:
Capital gains tax
Inheritance tax
Changes for non-domiciliaries
Other Pre Budget Report topics requiring urgent attention include: non-residents counting of days of arrival and departure (covered in the non-domiciliaries fact sheet); and the abolition of the NIC saving on holiday pay schemes for all except the construction industry – the scheme will eventually be abolished in full, but the construction sector will have a five year phasing out period. Other employers should seek urgent advice about the impact of the change.
CIS PENALTIES START
The new Construction Industry tax deduction scheme commenced in April 2007. Under the scheme there are penalties for late submission of the monthly returns due under the scheme. The penalties are a minimum of £100 per month, and will be levied on returns due on or before 19 October which are submitted after that date. In subsequent months, late returns will attract an automatic penalty. Current statistics from HMRC indicate that there is a significant number of businesses which are behind with their returns.
We believe the information in this Business Alert to be correct at the time it was sent, but cannot accept any responsibility for any loss occasioned to any person as a result of action or refraining from action as a result of any item herein.
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