Are you planning a party for your staff? Make sure you are clear on the tax implications.

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From 1 October 2008, new rules are in place to unify and replace the various regulations setting out the trading disclosures that incorporated companies must make to show their legal identity.  This is now being monitored by Trading Standards and can result in a £5000 fine.

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The government has announced significant changes to the system of personal allowances and tax rates for the next few years. These mainly impact on those with higher levels of income.

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HMRC may ask for a Payment On Account (POA) when you have personal income which has not had tax deducted at source. In other words, they assume that your personal income will be the same for the next tax year.

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The main rate of corporation tax which applies to companies with profits of more than £1.5 million fell to 28% from 30% from 1 April 2008.

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The law says that clothing is primarily worn for the purposes of personal decency and so when used for work will effectively have tow purposes, and thus cannot be ‘exclusively’ used for work.

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