Business and Other Briefings

FSA:  The Financial Services Authority (FSA) has announced that the second stage of its review of the effectiveness of its mortgage regime will focus on areas where the risk of consumer detriment may be higher, such as sub-prime and lifetime mortgages. 

It will also look at whether consumers are taking out suitable and good value home loans and whether customers are treated fairly over the life of their mortgage, including if they go into arrears.
Press release ~ Outcome of Stage one press release ~ FSA - Mortgage advisers

FSA:  The Financial Services Authority (FSA) and the Financial Ombudsman Service yesterday published a Feedback Statement describing responses to the discussion initiated last year about how the costs of funding the ombudsman service’s compulsory jurisdiction (CJ) could be shared among firms in future.

The responses have indicated that there is broad support for increasing the importance of the case fee - as opposed to the levy - in financing the Financial Ombudsman Service.  At the same time, there was support for increasing the number of cases (currently two) which can be considered by the ombudsman service before a firm starts paying case fees.
Press release ~ Feedback Statement 07/2 Financial Ombudsman Service Compulsory Jurisdiction Funding Review ~ Discussion paper 06/2 Financial Ombudsman Service compulsory jurisdiction: funding review ~ Financial Ombudsman Service

HMRC: How HM Revenue & Customs (HMRC) is working to improve its relationship with the tax profession is one of the subjects covered in the department's new podcasting service, which launched last week.  The podcasts are between three and four minutes' duration, offering advice, support & helpful hints in a conversational style.

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Another podcast offers help & advice to employers in completing their Employers' Annual Return.
Press release ~ HMRC podcasts


HMRC:  Revenue & Customs Brief 36/07

This Brief gives details of an article concerning: VAT Input Tax deduction without a valid VAT invoice: Revised Statement of Practice.

HMRC:  Revenue & Customs Brief 35/07

This Brief gives details of an article concerning: Tax Credit Relief - Sharjah - Petroloeum Revenue Tax.

HMRC:  Revenue & Customs Brief 34/07

This Brief gives details of an article concerning: The Income Tax Act 2007.

 

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