Our Winter Newsletter is now out – please click on the link to read it.
After the recent Pre-Budget Report, our leading article ‘What is happening to CGT?’ looks at one of the Report’s surprises, the new flat rate of capital gains tax and the removal of taper relief. The article summarises main areas of CGT, indexation allowances and annual capital gains exemption, as well as their effect on you, the benefits and possible problem areas are explained.
Staying with tax, firstly, do you have any future plans to buy or lease new business equipment? Changes to the capital allowances tax reliefs are due to take effect from April 2008; this will impact if you are planning to incur capital expenditure or to take on a lease. Or do you need to change your Will? The new rules allowing the transfer of any unused nil-rate band for inheritance tax (IHT) purposes between spouses and civil partners announced in the Pre-Budget Report are explained.
New National Minimum Wage (NMW) rates are now in place and the government is increasingly concerned by the large numbers of employers not paying the requisite hourly rates. Make sure you are complying and are not caught in the NMW clampdown.
In the data centre are two new briefings:
New Directors’ Duties – Are you ready?
If you are a Director you will be aware that the Companies Act 2006 makes changes to your responsibilities. However, do you know what these changes are, when they take effect or what their practical impact will be? Directors are now more accountable than ever and our briefing will help you minimise your risk of challenge of claims under the new regime. It provides an essential summary of the new rules, including: Explanation of each of the 7 directors’ duties, how these overhaul the way business decisions are to be made and what the offences are and how to avoid them.
Travel and Subsistence for Employees – Maximise your tax relief and minimise your problems.
The rules for claiming tax relief on travelling and subsistence expenditure are complex and the expenditure incurred from travel and subsistence by your employee can give rise to many problems. Employers need to understand the rules to avoid costly misunderstandings and mistakes. The briefing covers the main areas to consider in deciding whether tax relief is available on travel or subsistence.
Please contact us if you have any questions arising from the features included in our newsletter.
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