News
December 2007
Planes, Trains and Tornados!
Rather a snappy title I know, but all will become apparent as you read on!
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Changes to the VAT Invoicing Regulations with Effect from 1 October 2007
VAT regulation changes were made on 23 July 2007 and make minor modifications to the format of invoices which are effective from 1 October 2007
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Construction Industry Scheme Penalties
The Construction Industry Scheme (CIS) was significantly changed from 6 April this year when monthly returns were introduced for contractors. The CIS300 return details the payments made to subcontractors and any tax deducted from those payments. The returns have to be submitted to HMRC by 19th of the month.
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Phishing Scams
HMRC have updated their guidance on so-called 'Phishing' scams targeting taxpayers in an effort to fraudulently obtain personal information from them.
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Back to School with Tax Credits
Claimants of tax credits are being reminded by HMRC that they must let them know of changes in their family circumstances within one month of the change. HMRC advise that, with children now back at school and those with older children starting or returning college and university courses soon, it is important that claimants let HMRC know if family circumstances have changed.
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Imperial Weights and Measures to Remain Legal
British businesses are to be allowed to continue to sell goods in pounds and ounces. After years of wrangling between the UK and the European Commission (EC), it has been agreed that the UK does not have to abandon imperial measurements entirely and replace them with metric only measurements.
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Tips May be Part of National Minimum Wage
A tribunal has ruled that in certain circumstances tips given to employees count towards the National Minimum Wage (NMW). A group of London food businesses took the case to court after HMRC claimed that some staff had not been paid the NMW between 2000 and 2003.
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NMW Rates Set to Rise
National Minimum Wage (NMW) rates are set to rise again from 1 October 2007.
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24 Days Annual Holiday Entitlement
Employees minimum annual holiday entitlement is increasing from 1 October 2007. The holiday entitlement will increase to 4.8 weeks (24 days if employees work a five day week) from 1 October 2007 and to 5.6 weeks (28 days if employees work a five day week) from 1 April 2009.
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VAT on Home Computers
HMRC have issued guidance on a change in their policy regarding VAT recovery on computers. The rules affect computers which are made available by employers to their employees for their personal home use.
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Additional Maternity and Paternity Pay and Leave
The government had previously announced their intention to extend Statutory Maternity Pay (SMP), Maternity Allowance and Statutory Adoption Pay from the current 39 weeks entitlement to 52 weeks.
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National Minimum Wage Prosecutions
HMRC have issued a warning to employers about their programme of targeted enforcement of national minimum wage (NMW) procedures. The programme, which is now in its third year, was introduced to work with employers and workers to address issues and concerns around the NMW.
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Company Car Drivers And Fuel
The Pre-Budget report also contained an announcement which will affect some company car drivers.
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Income ‘Shifting’
We have previously reported the case of Mr and Mrs Jones who finally won their case in the House of Lords in July this year. You may remember that the profits of Arctic Systems (their company) were paid equally to them by means of dividends. HMRC had tried to have the income assessed solely on Mr Jones rather than between them but failed in their attempt.
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Postal Disputes
The postal workers union, the Communication Workers Union (CWU), may be planning more postal disputes. To keep abreast of planned disruptions use the link below.
View CWU
website
