NEE i] f o oiovi
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NEVIS
TRANSPORT Latest regulations The following regulations came into force on January 1998:
• Vehicle Excise Duty (Reduced Pollution) Regulations 5998 (SI 5998 No 3094)*—I2.00.
• Motor Vehicles (Type Approval of Reduced Pollution Adaptations) Regulations 1998 (SI 1998 No 30 93)*—b.50.
• Goods Vehicles (Plating and Testing) (Amendment) (No 2) Regulations 1998 (SI 1998 No 3113)*—fr.0o.
• Road Vehicles (Authorised Weight) Regulations 1998 (SI 1998 No3m)*—f2.00. * Available from the Stationery Office.
Contact: 0171 873 0011.
VAT
Intrastat threshold Customs and Excise (C&E) has increased the threshold at which businesses are required to provide Intrastat Supplementary Declarations from £225,000 to £230,000. The Intrastat system requires all VAT-registered traders to declare the value of their intra-E U trade on their periodic VAT returns for the purpose of compiling EU trade statistics. Companies with intraEU trade worth more than this sum will be required to provide monthly statistical returns.
Agency co-ordination The Department of the Environment, Transport and the Regions (DETR) has announced the establishment of the Driver, Vehicle and Operator (DVO) Strategy Board. The board will promote better cross-agency coordination between the DVO organisations and the DETR. DVOs include the: • Driving Standards Agency; • Driving and Vehicle Licensing Agency;
• Vehicle Certification Agency; II Vehicle Inspectorate;
• Traffic Area Network.
HEALTH & SAFETY Checking for bugs The Health and Safety Executive (HSE) has announced that health and safety inspectors will be checking whether companies have assessed the potential risks in their workplaces arising from the "millennium bug".
Where there is evidence that sufficient and suitable assessment of the potential risks to health and safety has not been made, inspectors will consider taking enforcement action. If a significant risk to health and safety from software failure is detected, an Improvement Notice may be issued, requiring action to be taken by a specified deadline.
CHIP approval
Chemical (Hazard Information and Packaging for Supply) (Amendment) Regulations /998* have come into force, making some changes to the CHIP approved supply list.
* Si 1998 No 3106 is available from the Stationery Office, priced at 65p.
TAXATION Corporation tax
Three sets of re tions* have been laid before Parliament which will introduce a modem system of corporation tax payments for larger companies. They provide: • Detailed rules for the new system of installment payments;
• A new interest regime for overpaid and underpaid tax during the installment payments period_ * Corporation Tax (installment Payments) Regulations (SI 1998 No 3175); Taxes (Interest Rate) (Amendment No 2) Regukttions (SI 1998 No 3176); and Finance Act 1994, Section 199 (Appointed Day) Order (511998 No 3173). They will all be available soonfrom the Stationery Office.
Euro dealings The Inland Revenue has published a leaflet* detailing how the Euro will affect companies in their dealings with the IR.
* The Euro—Tax and National Insurance Options for UK Businesses from r January 1999 is available free from tax enquiry centres and tax offices. Alternatively, it is available on the Internet at: http://www.inlandreventie.govuk/whats_newl index.htm.
Interest rates
The following decreases in rates of interest on late paid and overpaid tax have taken effect.
• Income tax and capital gains tax which is paid late: from 9.5% to 8.5%; and which is overpaid, from 4.75% to 4%.
• Development land tax, petroleum revenue tax, stamp duty reserve tax, advance corporation tax and income tax on company payments paid late or overpaid: from 7.25% to 6.5%.
• Unpaid corporation tax (Cl) for accounting periods ending on or after I October i993: from 7.5% to 6.5%; and overpaid CT for the same period: from 4% to 3.25%.
• Late payments or repayments of corporation tax: —from 7.25% to 6.5%.
• Unpaid tax on gilt interest: from 7.25% to 6.5%; and excessive payments of such tam from 4.5% to 3.5%.
FINANCE The value of the Euro Below are the Euro Rates as they have been fixed against Euro-zone curr endes.
Country Currency Euro Rate
Austria Sch 13.7603
Belgium/Lux BR/ LFr 40.3399
Finland FM 5.94573
France FFr 6.55957 Germany DM 1.95583
Ireland 0.787564 Italy /936.27
Netherlands FT 2.20371 Portugal Es 200.482 Spain Pta 166.386
Guide to grants
The 1999 Guide to Grants for Business* has now been published. The guide includes information on: • £1,900m worth of EU grants; • koom worth of UK Government grants; • Various loans and loan guarantee schemes; • Venture capital sources; • Leasing to raise working capital; • Help with exporting; • Protecting products and services.
* Available, priced E39.5o, from Centaur Grant Potential, Centaur House, 124/128 City Road, London ECIV2NJ. Contact: 0171 253 4770.