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Business and Other Briefings
HMRC: HMRC has launched its latest podcasts for agents, on the new penalty regime and HMRC's services for agents. In the podcast, Brian Redford, Director of HMRC's Agents & Employers Service Improvement Programme (AESIP) discusses 'reasonable care' and what practical help is available for agents on the new penalty regime for incorrect returns.
HMRC: HM Revenue & Customs (HMRC) has issued a reminder about this month's change to the 2008/09 basic personal income tax allowance. The new tax codes must be applied by employers on the first pay day on or after 7 September 2008.
The change will mean most people under 65 who pay tax at the basic rate will see an extra £60 in their first pay packet on or after 7 September, and a £10 increase in their take-home pay each month after that until next April. Those paid weekly will get £53 the first time the increased allowance is used, and then receive £2.30 extra a week until April. The exact increases depend on how much tax they have already paid in 2008/09.
Anyone who only pays tax through Self Assessment, such as the self-employed, will have the new allowance taken into account in their tax calculation for 2008/09
HMRC: Revenue & Customs Brief 39/08
Provides details of the revised procedures for overseas insurers who are required to register and account for Insurance Premium Tax (IPT).
Provides details of the revised procedures for overseas insurers who are required to register and account for Insurance Premium Tax (IPT).
This is an update to the Investment Management industry and to HMRC of progress on this centralsiation project.
