Business and Other Briefings
HMRC: Employers who haven't yet filed their 2006-07 Annual Return need to do so by 19 May and the best way to beat the deadline is online. Open 24 hours a day, seven days a week, online filing provides employers with the quickest and easiest way to file their return.
For employers with fewer than 50 employees who file a valid return online, there is a £150 tax-free payment available. Employers with 50 or more employees must file their returns online.
Press release ~ HMRC: PAYE Online services (Internet) ~ HMRC Employers PAYE podcast
Insolvency Service: The Insolvency Service is consulting (closes 3 August 2007) on proposals to simplify Individual Voluntary Arrangements (IVAs) for those with undisputed debts of less than £75,000 – See ‘Consultations’ section above.
HM Treasury: The Chancellor of the Exchequer, Gordon Brown, and the City Minister, Ed Balls, have met with members of the High-Level Group on Financial Services to discuss progress from their first meeting, as well as announcing new measures to enhance the global competitiveness of the City & the UK-based financial sector.
The Group welcomed progress over the last 7 months and discussed a number of substantive new proposals.
Press release ~ The City UK website ~ UK Trade & Investment ~ Corporation of London ~ Think London ~ International Financial Services London ~ Islamic Finance Qualification (IFQ) ~ Glossary of Islamic financial terms~Islamic Banking in the UK ~ National Skills Academy for the Financial Services sector
CLG: Local Government Minister Phil Woolas has published new legislation aimed at encouraging empty shops, offices, factory and warehouse buildings back into commercial use as part of a package to create thriving urban centres, renovate empty buildings and promote greater use of brownfield land.
At present, most empty commercial property receives a 100% relief from taxation for the first three months and 50% thereafter; and empty warehouses and factories receive a permanent exemption from rates. From next April 2008, the relief will be modernised and empty commercial property will be liable for the full business rate after an initial rate-free period of three months, or six months for factories and warehouses.
In addition to the reforms to the tax incentives that affect the built environment directly, the Government has also announced that it will consult on the tax treatment of payments made by leaseholders when they pay a penalty clause to landlords for prematurely ending a lease contract.
Press release ~ The Rating (Empty Properties) Bill ~ Kate Barker's review of Land Use Planning ~ Sir Michael Lyons' report into Local Government ~ Business Premises Renovation Allowance (BPRA) ~ Land remediation relief ~ Commercial and Industrial Property Estimated Vacancy Statistics: England, 2004/05
FSA: The Financial Services Authority (FSA) has reported an increase in commitment by senior management to the principle of Treating Customers Fairly (TCF), but warned firms who have failed to engage that they face tough action. The current level of progress on TCF was set out in a report published last week.
To ensure rapid engagement, the FSA has also announced a new deadline for all firms to have completed their work on TCF and be able to demonstrate that they are consistently treating their customers fairly by end of December 2008.
To help small firms, the FSA will expand the range of TCF online tools and begin the rollout of regional workshops. The FSA is currently developing a framework to use when testing firms which will identify potential TCF risk areas. Supervisors will also include in their regular work a greater amount of detailed testing at the front line. More details will be published in July.
Press release ~ FSA - Treating Customers Fairly (TCF) ~ ‘Treating Customers Fairly Initiative: Progress Report' ~ ‘Treating Customers Fairly – towards a fair outcome for consumers’ ~ TCF self assessment tool
FSA: The Financial Services Authority (FSA) has concluded its investigation into the sales of policies used to contract out of the State Second Pension (S2P), previously known as the State Earnings Related Pension Scheme (SERPS), and found no evidence of widespread mis-selling.
A report about the investigation of sales of Appropriate Personal Pensions will be published at the end of May and an update will also be published to the August 2005 report by Oxford Actuaries and Consultants (OAC): 'Contracting out of SERPS/S2P to an Appropriate Personal Pension: a quantification of relative impact'.
To assist those who may have been above the pivotal age at the time they contracted out, the FSA will be publishing a step-by-step guide later this month (on the FSA Money Made Clear website) explaining where grounds for complaint may exist and, if so, what steps consumers should take next.
The FSA is also updating its existing information which helps consumers decide whether or not to contract out of S2P, going forward, and explains what consumers should do if they believe that they were wrongly advised.
Press release ~ Money made clear ~ 'Contracting out of SERPS/S2P to an Appropriate Personal Pension: a quantification of relative impact' (2005) ~ FSA ~ What the state providesCurrent consumer factsheet ~
HMRC: Changes to the Cash Accounting Scheme (CAS) mean an extra 56,500 businesses can now benefit from the scheme, bringing the total number of businesses UK-wide to more than 810,000. This means 44% of VAT-registered firms can now enjoy simpler VAT.
Businesses are eligible for the scheme depending on the size of their turnover. Changes which come into effect this month mean the turnover threshold for eligibility for CAS has increased from £660,000 to £1.35m.
The Scheme allows businesses with turnover of less than £1.35m to defer paying their quarterly VAT until they have received payment from their customers. Normally, firms must pay their quarterly return based on invoices issued & received - as opposed to money received and paid out.
Press release ~ Choose the right VAT scheme for your business (click on Cash Accounting Scheme)
HMRC: Revenue & Customs Brief 39/07
This Brief gives details of an article: Weald Leasing Limited.
