Raw material costs fell 3.2% in April 2000, indicating some serious problems in primary industries, while providing some relief for manufacturing industry. Personal bankruptcies have started to show their biggest increase since the 1991 recession, with an 11.8% increase in the first quarter compared with a year earlier. This is largely blamed on excessive personal...Read More

Present stock market valuations are a bubble waiting to burst, according to the fund manager at Phillips and Drew in 2000. The firm is well-known for their bearish views which have yet to be fulfilled. Normal valuation methods, such as price earnings ratio and yields indicates that the US economy is valued at twice its...Read More

A useful guide on fraud has been produced by accountants Ernst & Young for the CBI. It notes that fraud is a significant threat facing all businesses. Attempts to quantify the risk are almost impossible as much fraud is undetected, and fraud which has been detected is often unreported. Not only are there financial losses,...Read More

The Finance Bill 2000 was published on 7 April 2000. It comprises two volumes totalling 558 pages, including 152 clauses and 40 schedules. It weighs three kilograms and costs £27.40. [2000]Read More

Inland Revenue has published guidance on its new information powers now contained in section 20B of Taxes Management Act 1970. This new provision allows Inland Revenue to obtain information about a taxpayer from that taxpayer or a third party who is in a position to provide information. The section contains these exceptions: a taxpayer is...Read More

In 2000 Inland Revenue changed its definition of “retail price when new” with regard to deductible car rental. The law only allows a business to deduct the whole cost of car rental from taxable profits if the retail price when new of the car did not exceed £12,000. If the car does exceed this figure,...Read More

A harsh court decision has held that a supply for VAT purposes does not require a contract. A gun maker was obliged to give up his stock of guns when the Firearms (Amendment) Act 1997 became law. For this he received compensation of £579,315. Customs assessed him for £53,559 VAT for this supply. The trader...Read More

Taxpayers may register for electronic filing of tax returns from 3 April 2000, though the service is not yet available. [2000]Read More

The limit for simplified reporting of estates for inheritance tax is increased from £200,000 to £210,000 for deaths after 5 April 2000. [2000]Read More

The government launched a consultation in 2000 on jurisdiction for enforcing contractual disputes across EU member states. In particular, the document wishes to consult on: circumstances when a customer should be able to sue in his home country; how website purchases should be treated; and costs and benefits of alternative approaches and the likely impact...Read More