Business and Other Briefings
NAO: HMRC has made progress in changing the way it deals with Corporation Tax for the largest businesses in the UK, the NAO says, but there are ways in which it can improve, particularly in focusing on higher amounts of tax at risk.
That was the main finding in a report to Parliament which recognises that large businesses are an important part of the economy and that the largest 700 businesses paid £23.8bn in Corporation Tax in 2006-07.
Dealing with Corporation Tax for large businesses is complex because most are multinational companies, the tax legislation is complex and businesses are entitled to plan their tax affairs to minimise their tax liabilities within the rules. The Department has adopted a new approach to improve the way it works with large businesses and to create incentives for businesses to reduce their levels of tax at risk.
Press release ~ Management of large business Corporation Tax ~ Executive Summary ~ HM Revenue & Customs: Corporation Tax ~
HM Treasury: The Economic Secretary, Kitty Ussher, has published new Money Laundering Regulations targeted to fight Money Laundering and Terrorist Financing, which will come into effect on the 15 December 2007.
In addition, the government claims that the measures will also reduce regulatory burdens in low risk areas. The Government's Financial Crime Strategy estimated that organised crime costs the UK £20bn in social & economic harm each year.
Press release ~ Money Laundering Regulations 2007 ~ Anti Money laundering strategy ~ Financial crime and sanctions
HMRC: HM Revenue and Customs (HMRC) will introduce a series of measures for individuals & businesses affected by the recent severe flooding. The Government will bring forward legislation in next year's Finance Bill, which will allow the Commissioners of HM Revenue and Customs to waive interest & surcharges on tax paid late due to the floods. The Government propose to make this legislation retrospective from 26th July 2007.
HMRC will not charge penalties where they are satisfied that customers have missed deadlines as a result of the flooding and they ask that both businesses & individuals contact the department if the flooding has made it difficult for them to deal with their tax affairs.
HMRC has set up a new Helpline (open seven days a week from 8.00am to 8.00pm) for anyone affected by the recent floods, which will enable anyone affected by the flooding to get fast, practical help & advice on a wide range of tax problems they may be facing.
Press release ~ Helpline is on: 0845 3000 157.
HM Treasury: The government has launched a consultation document (closes on 19 October 2007) on changes to capital allowances - part of the package of reforms to business tax announced in Budget 2007, which outlines the package of reforms and seeks feedback from business on three new elements of the capital allowances regime:
* the annual investment allowance
* the definition of 'integral fixtures' to be assigned to the 10% cent pool, and
* payable enhanced capital allowances for environmentally beneficial investment
Press release ~ Consultation document ~
This Brief gives details of an article concerning: Information on forthcoming changes to VAT invoicing regulations, including invoice number requirements, margin scheme invoices, intra EC invoices and invoicing of exempt supplies to businesses in other EU member states.
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