Update from the Business & Enterprise Team – January 07
22-01-2007
Bulletin Lite
Your update from
the Business & Enterprise Team
January 2007, Issue Number: 19
Open Quote,
Is filing online one of your New Year resolutions? The deadline is 31 January – See page 4 for details.
Sital Nana
(Editor)
Tel: 020 7217 3223
E-mail: enquiries.gol@go-regions.gov.uk
HM Revenue & Customs interest rates – Quarterly instalment payments, and early payments of corporation tax not due by instalments | 2 |
The Work and Families Act | 2 |
Accession Nationals face working restrictions as they join the EU | 2-3 |
Six million workers set to benefit from extra holiday entitlement | 3 |
Next stage of consultation on HMRC powers | 3 |
Self Assessment deadline days away | 4 |
The Opportunities Programme | 4 |
500 red tape busting actions – over £2 billion business savings | 4-5 |
WEEE deadline means Producers & Retailers have to sign up for compliance | 5 |
Consultation opens on the operation of community investment tax relief and other incentives | 5 |
6 |
The Business and Enterprise Team’s role is to provide flexibility in supporting central government policies as well as being the conduit for ensuring the concerns of the business and enterprise communities connect with the relevant policy units within central government.
General Information
HM Revenue & Customs interest rates – Quarterly instalment payments, and early payments of corporation tax not due by instalments
New rates of interest have been announced. They cover quarterly instalment payments and early payments of corporation tax not due by instalments, in respect of accounting periods ending on or after 1 July 1999. These new rates of interest, which take effect from 22 January 2007, are set out below and are a result of the recent movement in market rates.
The rate of interest charged on underpaid instalment payments of corporation tax changes from 6 per cent to 6.25 per cent. The rate of interest on overpaid instalment payments of corporation tax, and on corporation tax paid early (but not due by instalments) changes from 4.75 per cent to 5 per cent.
For further information please see – www.hmrc.gov.uk
The Work and Families Act
The Work and Families Act has now passed into law and its main provisions will come into force in April 2007. Working Families welcomes the Act as a further step to helping families balance their work and caring commitments.
The changes to maternity provisions under the Act will take place for babies due on or after 1 April 2007. Changes to the right to request flexible working will apply from 6 April 2007.
For further information please see – www.dti.gov.uk/employment/workandfamilies/index.html
Accession Nationals face working restrictions as they join the EU
Bulgarian and Romanian nationals coming to work in the
The
Employers and employees will have a duty to abide by the new rules and there are controls in place for rogue employers and illegal workers, which mean if found breaking the law they could face an on the spot fine of £1,000, with the company employing the individual being fined up to £5,000. The Home Office will also continue to work closely with HM Revenue and Customs to tackle bogus self-employment.
For further information please see –
www.ind.homeoffice.gov.uk/aboutus/newsarchive/newrulesforromaniabulgaria
Six million workers set to benefit from extra holiday entitlement
Jim Fitzpatrick, Employment Minister, announced the Government’s proposals to increase workers’ holiday entitlement from 20 days per year to 28.
The Department of Trade and Industry (DTI) is launching a second public consultation on the implementation of the changes which closes on 13 April 2007. Statutory annual leave entitlement would be increased in two stages, rising from 20 to 24 days on 1st October 2007, and from 24 to 28 days on 1st October 2008.
The move would protect vulnerable workers and allow reputable companies to compete on a more level playing field with those companies that give employees only the minimum of holiday entitlement. An increase would move
For further information please see – www.dti.gov.uk/employment/holidays/index.html
Next stage of consultation on HMRC powers
A consultation document setting out how penalties for incorrect tax returns and accompanying safeguards could be updated is published.
The consultation is the next stage of HMRC’s work to modernise its powers, deterrents and safeguards. Currently, HMRC relies on provisions inherited from its predecessor Departments – the Inland Revenue and HM Customs and Excise – which evolved over a considerable period of time, and involve substantial differences between different areas and taxes.
Comments are invited on the new approach and the accompanying illustrative draft clauses. The deadline for submitting comments is 13 March 2007.
“Modernising powers, deterrents and safeguards: A new approach to penalties for incorrect tax returns” is available on the HM Revenue & Customs website at www.hmrc.gov.uk/consultations/index.htm (click the ‘Current consultations’ option).
Contributions may be made by e-mail to: powers.review-of-hmrc@hmrc.gsi.gov.uk
Details of the Consultative Committee to the Review of HMRC Powers and minutes of the Committee meetings can be found at: www.hmrc.gov.uk/about/powers-appeal.htm
Self Assessment deadline days away
With only several days until the self assessment filing deadline, HM Revenue & Customs (HMRC) is reminding taxpayers to get their returns in by 31 January, to avoid a £100 penalty for missing the deadline. Late payers also face a surcharge of 5% on any amounts still outstanding after 28 days, with persistent non-filers facing daily penalties of up to £60 per day.
If you need help with your return, you should visit HMRC’s website – in particular the self assessment web pages at www.hmrc.gov.uk/sa. If that doesn’t answer your questions, call the self assessment helpline on 0845 900 0444, which is available seven days a week between 8.00am and 8.00pm.
Business
The Opportunities Programme
The Opportunities Programme has been awarded funding by the London Development Agency for 2 years to provide advice and guidance to private sector employers in Croydon, Lambeth, Southwark, Wandsworth, Bromley,
The key objective of the project will be to promote the concept of employing and retaining more disabled workers. Advice and guidance could take a number of forms dependent on the identified needs i.e. advice on DDA legislation, reasonable workstation adjustments, recruitment and retention, changing staff attitudes and perceptions and accessing job brokerage services.
The businesses that will receive the consultancy advice will be the principal beneficiaries of the work of the Opportunities Programme; however, we also envisage that the number of disabled people finding employment as a result of the work of the project will increase.
For further information please contact Moira Skinner, Programme Director London Borough of Croydon, 7th Floor Taberner House, Park lane,
Email – moira.skinner@croydon.gov.uk or scott.nixon@croydon.gov.uk
500 red tape busting actions – over £2 billion business savings
A government-wide action plan identifying over 500 ways to reduce red tape was unveiled by the Prime Minister last month. The government ‘Simplification Plans’ will save business and the third sector over £2 billion in administrative costs.
The detailed measures, across 19 departments and agencies, have been identified as a result of comprehensive consultation with business, public and third sector organisations. The aim is to cut administrative burdens by 25% by 2010.
For all sizes of business – from
For further information including a full list of the regulations and links to the departmental reports can be found at –
www.cabinetoffice.gov.uk/regulation/reform/simplifying/plans.asp
WEEE deadline means Producers & Retailers have to sign up for compliance
Producers of electrical goods will from July 2007 be required to meet the environmental costs of dealing with waste products under new rules recently published – Waste Electrical and Electronic Equipment (WEEE) Regulations – and all companies who import, manufacture and rebrand electrical & electronic equipment will have to finance its treatment, recovery and environmentally safe disposal.
By 15 March 2007 producers will need to join an approved producer compliance scheme to ensure that they are able to comply with the Directive from 1 July 2007.
For further information please see –www.dti.gov.uk/innovation/sustainability/weee/page30269.html
Consultation opens on the operation of community investment tax relief and other incentives
In the Social Enterprise Action Plan,
As part of that work it confirmed that HM Treasury and the Office of the Third Sector, together with the Small Business Service and HM Revenue and Customs are conducting a review of the delivery and operation of the community investment tax relief (CITR) scheme.
The Government set out where interested parties might submit evidence on how the operation of the community investment tax relief and other incentives might be improved. The call for evidence will run until 28 February and responses should be sent to: citr.operation@sbs.gsi.gov.uk
The Government’s social enterprise action plan can be found at: www.cabinetoffice.gov.uk/third_sector
Comments
We welcome feedback on the Bulletin and items that have included. If you wish to make any other comments or suggestions for future editions, please do not hesitate to contact us at: enquiries.gol@go-regions.gov.uk . You can also call Sital Nana on 020 7217 3223.
Useful links Department of Trade & Industry – www.dti.gov.uk . Department of Communities & Local Government – www.communities.gov.uk/ London Development Agency (LDA) – www.lda.gov.uk . Business Link for Social Enterprise London promote community, best practice, advocacy & development – working directly with individuals, organisations and regional government to help them realise their vision in the social enterprise sector – www.sel.org.uk Capital Enterprise (CE) is a not-for-profit membership organisation which exists to help businesses start-up and grow through its membership of enterprise support organisations across The The Small Business Service (SBS) is an executive agency of the Department of Trade and Industry – www.sbs.gov.uk . ACAS aims to improve organisations and working life through better employment relations. We provide up-to-date information, independent advice, high quality training and work with employers and employees to solve problems and improve performance – www.acas.org.uk . |
Government Offices represent the interests of 10 Central Government Departments, including the Department of Trade and Industry, Department for Education and Skills and Department for Culture, Media and Sport in the English regions. They support the Departments’ aims of improving economic performance, skills, productivity and innovation by influencing the priorities set by Government and regional partners for the regional economic development, and assisting their effective delivery. In the
