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News...
The proposed changes announced in the Pre-Budget Report to the
capital gains tax (CGT) system are radical. Taper relief for CGT
will be abolished for disposals on or after 6 April 2008. Other
changes to the CGT system include introducing a flat rate of CGT
of 18% and abolishing indexation, an allowance for inflation.
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To reflect the increases in fuel prices, HMRC have issued new
advisory fuel rates for company car drivers. These take effect
for all journeys undertaken from 1 January 2008 so employers wishing
to use the new rates should advise affected employees and update
any expense forms as soon as possible.
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According to a government report, cuts in ‘red tape’ are
saving UK businesses and third sector organisations more than £800
million per year.
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Chancellor Alistair Darling announced in his Pre-Budget speech
a change to the way in which the inheritance tax (IHT) nil rate
band of £300,000 can be used for married couples and civil
partners.
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In November’s enews we reported on proposed changes to the
capital allowances system and HMRC have now issued a 91 page document
including draft legislation.
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A new Employment Bill will, if enacted, impose tougher penalties
on employers and dispute resolution procedures will be simplified.
The overall effect of the Employment Bill is to strengthen and
clarify key aspects of employment law. It was introduced and had
its first reading on 6 December 2007 with the aim of receiving
Royal Assent by summer 2008.
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In the Pre-Budget Report the government announced a package of
reforms affecting the personal tax rules on residence and domicile.
The government has now published a consultation document which
contains further detail on the proposed changes.
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You may well remember that the Arctic Systems case involved a
husband and wife who owned a company 50/50 and, broadly, took the
profits out by way of dividends, again 50/50. HMRC attempted to
tax the dividends solely on the husband, as he was performing most
of the work which generated the profits of the company.
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