Business News
Business Payment Support Service
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 get in touch with HMRC to discuss payment options to help them deal with temporary cash flow difficulties on 0845 302 1435.
Changes to the Advisory Fuel Rates from 1 January 2009
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.
Demand for Advice on Redundancy and Lay-Offs
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.
Cut in Interest Rates
Commenting on the decision by the Bank of England’s Monetary Policy Committee to reduce interest rates by 1% to 2% earlier this month.
VAT - Extension of 14 Day Limit
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.
Double Up on your Duty Free
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 'other goods', which includes souvenirs, clothing, electrical goods and perfume.
Capital Allowances on Cars
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.
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