Glazers Newswire

Glazers October 2008 Newswire

Should you wish to register to receive our monthly newswires, please click here.

Tax Deductible Expenses

Do you ever get confused by what is tax-deductible and what isn't?

See our handy summary by clicking here.

-----------------------------------------------------------

Extra Take Home Pay

For many employed individuals who are checking their payslip this month it should include a welcome bonus of a £60 reduction in their income tax deduction. The reason for this is the increase in the personal allowance which finally took effect for paydays from 7 September. Don’t expect the bonus each month as the effect for October onwards will be a reduction in tax of £10 a month!

Click here to view article.

-----------------------------------------------------------

Temporary Exemption on Stamp Duty Land Tax

In a move to help the property market and first time buyers, Alistair Darling has introduced a Stamp Duty Land Tax (SDLT) exemption or holiday for purchases of residential property from 3 September 2008 to 2 September 2009 (inclusive). The exemption effectively raises the current nil rate band of £125,000 (£150,000 in disadvantaged areas) to £175,000 for the period of one year only.

Click here to view article.

-----------------------------------------------------------

Fake HMRC Emails

HMRC are warning taxpayers that they are aware of a high number of emails being sent out offering a tax rebate. The warning confirms that HMRC do not email taxpayers advising them of tax rebates or invite them to complete an online form to receive a rebate.

Click here to view article.

-----------------------------------------------------------

New Filing Rules for Employee Details

Employers who make payroll returns need to be aware of changes to the way employee details should be filed to HMRC.

Click here to view article.

-----------------------------------------------------------

NMW Rates to Rise

National Minimum Wage (NMW) rates are set to rise from 1 October 2008.

Click here to view article.

-----------------------------------------------------------

Apprenticeship Minimum Earnings Set To Rise

There is an increase in the minimum earnings received by apprentices, due to take effect in August 2009. The minimum weekly earnings are currently £80 per week, but are due to rise to £95 per week.

Click here to view article.

-----------------------------------------------------------

Businesses Encouraged to Give to Grassroots Grants Scheme

There is a government initiative to encourage businesses to make a difference and get involved with community activities across the country. Small community groups with annual income below £20,000 are eligible under the Grassroots Grants scheme to receive grants of between £250 and £5,000. The government has set aside £50 million from the fund of £130 million to match any investments from businesses.

Click here to view article.

-----------------------------------------------------------

Business & Tax News

You can find all our recent tax and business articles by clicking on the following links:

Tax - www.glazers.co.uk/tax_news.htm
Business - www.glazers.co.uk/business_news.htm

-----------------------------------------------------------

Glazers Chartered Accountants
843 Finchley Road, London NW11 8NA
Tel no: (020) 8458 7427
Fax no: (020) 8458 8504
e-mail:quality@glazers.co.uk
web: www.glazers.co.uk

Glazers is registered to carry out audit work and regulated by the Institute of Chartered Accountants in England and Wales for a range of investment business activities.

The information in this newswire is believed to be correct at the time of circulation. It is essential to take advice on specific issues.

© Copyright Glazers 2010. All rights reserved. This information has been produced for general interest. It is therefore essential to take advice on specific issues. We are unable to take responsibility for any outcome resulting from acting upon, or refraining to act upon, this information.