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.
Press release ~ Improving HMRC’s Services for Agents/New Penalties podcast ~ New penalties system
 
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
Press release ~ Extra Personal Allowance for 2008-09
 
HMRCRevenue & 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).
 
HMRCRevenue & Customs Brief 41/08
This is an update to the Investment Management industry and to HMRC of progress on this centralsiation project.
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