The Autumn Newsletter from Petersons contains a variety of business and topical tax issues. Consistency and certainty in tax rules ensure that tax treatment is fairer so one of the Government’s latest subjects for consultation is no surprise! A ‘statutory residence test’ is long overdue given that the subject of residency has long been in debate. This affects more people than you may realise, so this edition’s cover article outlines the plans.
1 October 2011 brings about two new employment related matters for business owners; new employment regulations concerning agency workers and the annual National Minimum Wage increase. Whilst some businesses may be struggling financially the cost of breaching the rules could be far more costly.
Announcing new tax penalties also seems to potentially hike up compliance costs but for contractors in the construction industry being aware of how the new late return penalties operate could minimise the damage.
Good planning rarely goes unrewarded so if you are planning to incur expenditure on your business premises in the near future make sure you read ‘Spotting the winning ticket in the premises lottery’. Planning can also pay dividends when it comes to inheritance and our article ‘When 10% is really 4%...’ will explain further.
We have saved better news until last and the whole of the last article is devoted to some of the tax reliefs available to business owners. The downside is that you may need to act quickly to benefit as the Government are considering withdrawing some of them!