Johnson Murkett & Hurst

• NATIONAL MINIMUM WAGE INCREASES
  The National Minimum Wage will rise to £5.73 (£5.52) an hour in October 2008. The hourly rate for 18 to 21 year olds will increase to £4.77 (£4.60) and for 16 and 17 year olds to £3.53 (£3.40) an hour................read more
• ENTREPRENEUR'S RELIEF DRAFT LEGISLATION
  In the Pre-Budget Report last October Chancellor Alistair Darling announced a series of changes to the capital gains tax (CGT) regime for individuals and trustees. These changes included the abolition of taper relief and indexation relief and the introduction of a single rate of CGT of 18%. The changes take effect from 6..................read more
• UPDATE ON RESIDENCE AND DOMICILE
  The government will implement a package of reforms announced in the 2007 Pre-Budget Report subject to certain changes. The measures will take effect from 6 April 2008. The main proposal is that UK residents who are non-domiciled or not ordinarily resident, who wish to continue to be taxed on a ‘remittance basis’ rather than...............read more
• INCOME SHIFTING LEGISLATION DELAYED
  The introduction of the proposed legislation on ‘income shifting’ has been delayed until April 2009. You may well remember that HMRC proposed to legislate following their defeat in the Arctic Systems case. This involved a husband and wife who owned a company 50/50 and, broadly, took the profits out by way of dividends...............read more
• ONLINE SUBMISSION OF EMPLOYERS FORMS
  The employers annual returns P35 and P14 (P60) are due for submission to HMRC by 19 May 2008. There is a tax free incentive payment due of £100 for small employers, those with less than 50 employees..............read more
• REDUCE RATE FOR SMOKING CESSATION PRODUCTS
  A reduced 5% VAT rate for ‘over the counter’ sales of smoking cessation products was introduced from 1 July 2007 for a period of one year only. The government has announced that the 5% reduced rate will................read more
• IMPLEMENTATION DATE CHANGE FOR RIGHTS DURING MATERNITY LEAVE
  Following changes being made to the Sex Discrimination Act and, later this year, to the Maternity and Parental Leave Regulations, the law on contractual terms of employment during Additional Maternity Leave (AML) is due to change in respect of women whose babies are due on or after 5 October 2008. HMRC had previously.................read more
• IN YEAR ONLINE FILING OF EMPLOYER RETURNS
  HMRC have issued some additional guidance on filing in year forms online. The guidance concerns online submission of forms P45 and P46. HMRC have advised that they will be making changes to their systems which will mean that employers will be unable to submit these forms online between 2 and 8 of April 2008.................read more

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