Business tax

HM Revenue and Customs (HMRC) has reminded taxpayers that a new penalty regime for tax errors is due to come into effect soon.

Taxpayers who are late in meeting their tax bills are to be charged a lower rate of interest on unpaid liabilities.

Employers are being advised that, as from 16 March, HM Revenue and Customs (HMRC) is sending out penalty notices to those firms yet to file their 2007-08 form P11D(b) Class 1A National Insurance contributions annual returns.

The new Business Rates Supplement Bill must be amended if local economies are not to be hit by the burden of unwanted extra taxes, the CBI has warned.

A leading business group has petitioned the government to scrap legislation which allows local authorities to charge a tax on business car parking spaces.

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