From 2002, company cars will be taxed on the basis of the carbon dioxide emissions from their engines. The new charge starts at 15% of the car’s list price for cars with an emission of no more than 165 grams per kilometre. The percentage increases by one percentage point for each additional five grams until...Read More

A new website intends to “name and shame” late payers, it was announced in 2000. The site can be accessed at debtlist.com. Entries are posted on the website by small and medium-sized businesses. It allows companies to review payment history before deciding whether to trade with the company. The Late Payment Act has generally proved...Read More

Accountants are accused of ignoring their responsibilities under laws designed to combat money laundering, it was stated in August 2000. Of the 14,000 disclosures to the National Criminal Intelligence Service (NCIS) each year, fewer than 1% are believed to come from accountants. It is estimated that over £500 billion of dirty money is laundered through...Read More

A discussion paper has been produced on share-based payments. It is becoming increasingly common for companies to obtains supplies of goods and services in return for shares, rather than for cash. The proposal is that such supplies should be shown as an expense valued on the fair value of shares issued. This will usually be...Read More

Barter advertising should not usually be included in accounts, according to Urgent Issues Task Force Information Sheet 40. Barter advertising is when two businesses agree to advertise each other’s products or services, or when an advertiser receives some benefit in kind in lieu of payment. The Task Force believes that many such advertisements are not...Read More

A woman’s entitlement to statutory maternity pay must reflect a pay rise she receives at any time before she starts her maternity leave. This is the latest ruling to throw a spanner in the works of SMP calculations. A woman with sufficient qualifying service is entitled to SMP of 90% of her weekly pay for...Read More

The right to dismiss someone with immediate effect can still allow the employee to claim for payment in lieu of notice. A sales and marketing director was engaged in a “high risk, high reward” operation. His contract of employment had one clause under which he could be summarily dismissed for serious misconduct, a second clause...Read More

It is established that an employee cannot make a private profit from his employment. This arises from agency law. Any gift received by an employee from a customer or any payment for a customer for work done in the course of an employee’s duties legally belongs to the employer. This is sufficient to cover a...Read More

An employee is entitled to take unpaid leave for attendance at certain public bodies of which he or she is a member. From 14 August 2000, the scope of those bodies is extended to include Scottish water and sewerage authorities, and the Water Industry Consultative Committees. The Time off for Public Duties Order SI 2000...Read More

The first edition of Working Together, produced by Inland Revenue for the accountancy profession, promised more details in the second edition of how the national minimum wage applies to directors. This has now been published. “The joint guidance prepared by the ICAEW [Institute of Chartered Accountants in England and Wales] and the DTI is still...Read More