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Welcome to the HW Newswire

September 2008

News...


Small firms 'confused' by National Minimum Wage

Many small business owners are still bemused by current legislation on the National Minimum Wage (NMW), according to new research. full story...

HMRC issues Self Assessment deadline reminder

HM Revenue & Customs (HMRC) has issued a reminder to small business owners, urging them to prepare for next month's new Self Assessment deadline. full story...

HMRC withdraw pre-paid business reply envelopes

HM Revenue & Customs has reviewed the practice of providing pre-paid envelopes in light of modern methods of transaction and will withdraw pre-paid envelopes from 1 October 2008, with the exception of those issued for benefits and credits. full story...


Key Dates...


October 2008

1st Due date for payment of Corporation Tax for period ended 31 December 2007
Excise duties on main road fuels to increase by 2 pence per litre.

5th Individuals/trustees must notify the Revenue of new sources of income/chargeability in 2007/08 if a Tax Return has not been received.

14th Due date for income tax for the CT61 quarter to 30 September 2008.

19th Quarter 2 2008/09 PAYE and CIS remittance due for small employers and contractors.

31st Deadline for submission of the 2008 paper Tax Return (provided issued by 31 July 2008).
Filing date for Corporation Tax Return Form CT600 for period ended 31 October 2007.

For future key dates please click here

Tax Tips



When you next move house, instead of selling your old home you could let it out, so that the rent covers the mortgage interest and other expenses.
This may be particularly appropriate given the current uncertainties in the property market. When you eventually sell this property, the proportion of the gain relating to the period when it was occupied as your main home will be exempt from tax. In addition, you can claim a further tax exemption of up to £40,000 per owner because the property has been let. With the benefit of all these reliefs, you might find that the gain on the let property is more or less tax free. Any gain which does remain is taxed at 18%.



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