Business and Other Briefings
HMRC: A new dedicated Business Payment Support Service, designed to meet the needs of businesses affected by the current economic conditions has been launched by the Chancellor in the Pre-Budget Report. This targeted support will give businesses a fast & streamlined service for arranging to pay their HM Revenue & Customs (HMRC) tax bill to a timetable they can afford.
In addition to this, HMRC will offer further practical help by not imposing additional penalties or surcharges on the tax within a time to pay arrangement.
HM Treasury: In the Pre-Budget Report on Monday 24 November, the Government announced that it would increase duties on tax paid on tobacco, alcohol and petrol to offset the temporary cut in VAT to 15% so that prices remained broadly unchanged.
The Government has made an order to amend the previously announced increase in the rate for spirits to leave spirits in broadly the same position as other alcoholic products. Orders giving effect to these changes have been laid before Parliament.
BERR: At a Credit Card Industry Summit at the Department for Business last week, the Government and industry agreed proposals that will give extra breathing space to struggling borrowers. It was agreed that the credit card industry would report back in two weeks time on a set of fair principles to help card borrowers to manage their debts.
OFT: The OFT has published a new quick guide for businesses on how to comply with competition and consumer laws – See ‘Guidance Notes and Best Practice Guides’ section for more information.