VAT Rate Increase |
The standard rate of VAT is increasing on 4 January 2011. |
Concern as Time to Pay Arrangements Fall |
New figures show that fewer businesses are deferring tax payments through the HM Revenue & Customs' (HMRC) Time to Pay scheme, designed to help businesses during the economic downturn. |
HMRC Reports on R&D Support |
HM Revenue & Customs (HMRC) has issued a new report on research and development (R&D) decision-making processes in British businesses. |
VAT Rules on Entertaining Overseas Customers Changed |
HM Revenue & Customs (HMRC) has shifted its position on the VAT treatment of business entertainment provided to overseas customers. |
Change on Unfair Dismissal Claims on Cards |
Lord Young, the government’s new Enterprise Adviser, has told the BBC that he may recommend an increase in the length of time employees have to work before being allowed to bring unfair dismissal claims. |
Smaller Charities Win Online Filing Concession |
From 1 April 2011 onwards, all companies and organisations will have to file company tax returns online for any accounting period ending after 31 March 2010. |
Reminder on Filing Online |
HM Revenue & Customs (HMRC) has reminded anyone missing the 31 October deadline for filing paper self assessment tax return for 2009-2010 that they have until the end of January to file online. |
Alert to Employers on CD-ROM |
Businesses using HM Revenue & Customs' (HMRC) Employer CD-ROM have been urged to make sure it is up to date. |
Businesses Urged to Prepare for Pensions Shake-Up |
The government has set out plans for automatic enrolment into workplace pensions. |
PAYE in the spotlight |
PAYE could be on course for significant change following the launch of a major consultation. |
HMRC under fire over income tax cases backlog |
The head of the National Audit Office has criticised HM Revenue & Customs (HMRC) for failing to make enough progress in reducing a backlog of 18.2 million cases where there is potentially overpaid or underpaid income tax. |
Online VAT deadline looming |
Businesses need to act now if they have not already registered for online filing of VAT returns. |
Tax set to be made simpler |
Chancellor George Osborne has launched a new Office for Tax Simplification (OTS), with the task of identifying areas where complexities in the tax system for businesses and individuals can be reduced. |
Get ready for new equality act |
Time is ticking away for businesses to review their policies and practices to make sure they are in line with the new Equality Act. |
Late returns grace period to end |
Businesses are reminded that a seven-day grace period for late employers' and contractors' returns will cease from 31 March 2011. |
Guide aims to make managing employee performance easier |
New guidance is now available for businesses to help them manage the performance of their workforce more effectively. |
Revised guidance on 'fit and proper' persons |
New guidance on the fit and proper persons test for managers of charities has been issued. |
HMRC issues new security alerts |
HM Revenue & Customs has issued a new security warning over an email currently in circulation. |
Flexible Working – The World Cup |
Acas (the Advisory, Conciliation and Arbitration Service) is advising employers to be ready for the World Cup. Some employees will be expecting their employers to be flexible about working hours so that they can watch matches. |
State Pension Age And National Insurance Contributions |
HMRC are reminding employers to take care when deciding whether or not their employees need to pay national insurance contributions (NICs). |
Budget Date Announced |
The new coalition government is settling into office and a date has been announced for the emergency Budget. Chancellor of the Exchequer George Osborne will present the emergency Budget on Tuesday 22 June 2010. |
Changes to The Advisory Fuel Rates From 1 June 2010 |
To reflect the increase in fuel prices, HMRC have issued new advisory fuel rates for employees driving employer provided cars. |
Child Trust Fund to be Cut |
The government has outlined plans to make changes to the Child Trust Fund as part of plans to cut £6 billion in expenditure. |
Are There VAT Increases Ahead? |
The British Chamber of Commerce are predicting that we should expect an increase in VAT to help deal with the country’s budget deficit. |
Holiday Entitlement |
With signs that spring is finally here many employees will be planning or longing for their summer holidays. |
P11D Deadline Looming |
The forms P11D, and where appropriate P9D, which report employees’ and directors’ benefits and expenses for the year ended 5 April 2010, are due for submission to HMRC by 6 July 2010. |
HMRC Warn of Email Rebate Scam |
HMRC are warning that taxpayers are being emailed stating that they are entitled to a tax rebate. |
HMRC Takes Hard Line on Time to Pay Applications |
The number of companies being refused more time to pay tax bills has doubled, new figures have revealed. |
Emergency Budget |
George Osborne presented his first Budget on Tuesday 22 June 2010. |
Capital Gains Tax Changes |
A new rate of Capital Gains Tax (CGT) of 28% will be introduced. For individuals, the rate of CGT remains at 18% where total taxable gains and income, after taking into account all allowable deductions including losses, personal allowances and the CGT annual exemption, are less than the basic rate limit. The new 28% rate will apply to gains or any parts of gains above this limit. |
Standard Rate of VAT to Increase |
It is proposed to increase the standard rate of VAT from 17.5% to 20% with effect for any supply made on or after 4 January 2011. |
HMRC Amend PAYE Penalties Guidance |
At the start of the tax year new late payment penalties were introduced for PAYE and other payments due from employers. |
Keep Proper Records! |
The government has outlined plans to make changes to the Child Trust Fund as part of plans to cut £6 billion in expenditure. |
HMRC Launch Tax Credit Video |
Every year, tax credit claimants must renew their tax credit awards by 31 July or their payments may stop. |
Maternity Rights for the Self Employed |
It appears as though the self employed will become entitled to maternity leave for the first time under new laws introduced by the European Union (EU). |
Budget 2010 |
Alistair Darling presented his third Budget on Wednesday 24 March 2010. |
Annual Investment Allowance Increased |
Most businesses are able to claim an Annual Investment Allowance (AIA) on the first £50,000 spent on plant and machinery. This provides immediate 100% tax relief on qualifying expenditure. |
Close Company Loan Write Offs |
Close companies, generally meaning family and owner managed companies, are subject to special rules in relation to loans or advances made to participators and their associates. Participators primarily means shareholders. Where such loans are written off or released an equivalent amount is treated as a deemed net dividend for income tax purposes. |
Entrepreneurs’ Relief |
The amount of an individual’s capital gains that can qualify for Entrepreneurs’ Relief are currently subject to a lifetime limit of £1 million. Gains qualifying for the relief are charged at an effective tax rate of 10% rather than the usual rate of 18%. |
Stamp Duty Land Tax And First Time Home Buyers |
At present the Stamp Duty Land Tax rate is 1% for residential property purchases where the consideration is more than £125,000 but does not exceed £250,000. |
Payment of VAT |
HMRC are advising businesses that from 1 April 2010 all cheque payments by post will be treated as being received by HMRC on the date when cleared funds reach HMRC's bank account. This change does not affect any cheque payments made by Bank Giro. |
Employer Supported Childcare |
In 2009 the government announced changes to employer supported childcare and HMRC have now issued further guidance on the changes. |
National Insurance - New EU Rules |
HMRC have released new guidance for employers about forthcoming changes to EU rules regarding national insurance for people moving around Europe for work. The rules apply from 1 May 2010. To read the guidance in full, please use the link below. |
HMRC Will Publish Details Of ‘Deliberate’ Offenders |
HMRC have the necessary power under existing tax law to publish the details of taxpayers where it is established that they have committed ‘deliberate’ tax offences. HMRC have confirmed that they will apply this provision for tax periods starting on or after 1 April 2010 and for offences which are committed on or after this date. |
Official Rate Of Interest |
From 6 April 2010 the official rate of interest applying to interest-free or low interest loans made to employees will be 4%. The current rate is 4.75%. Employees are generally liable to tax on a benefit equal to the amount of interest, calculated at the official rate, where the balance of the loan exceeds £5,000 at any point in the tax year. |
Employment Rate Falls To 72.2% |
The government has announced the latest employment statistics which show the number of people in employment has dropped by 54,000. |
Fit Notes |
Fit notes will be brought into effect from April 2010 and are a replacement for sick notes. The information that doctors will be asked to provide means that instead of giving patients a sick note saying they are too ill to work, they will be able to advise whether a person may be fit for work with some help and support, and what employers can do to assist in this process. Assistance could include a phased return to work, altered hours, amended duties or workplace adaptations. |
Penalty Guidance on Late Payment of PAYE |
HMRC have been warning employers for some time that they may have to pay a penalty if they do not pay their PAYE deductions on time. |
National Minimum Wage Rates |
From October 2010, National Minimum Wage rates will increase. |
Furnished Holiday Letting Reprieve |
Getting the Finance Bill 2010 passed between when it was published on 1 April 2010 and the dissolution of Parliament on 12 April was always set to be a heavy load in spite of the fact that there were only 73 clauses and supporting schedules. |
HMRC Offer Advice on Fraud Emails |
HMRC are reminding taxpayers to be vigilant as there have been several reports of scam emails. |
P11D Deadline Looming |
The forms P11D, and where appropriate P9D, which report employees and directors benefits and expenses for the year ended 5 April 2010, are due for submission to HMRC by 6 July 2010. |
VAT And Royal Mail Postage |
Some types of postal services offered by the Royal Mail will be subject to VAT from 31 January 2011. |
Online Submission Of Employers Forms |
The employer’s annual returns P35 and P14 (P60) are due for submission to HMRC by 19 May 2010. Broadly all employers must submit their forms online this year. Previously those employers with less than 50 employees could file paper forms. |
The Tax Health Plan (THP) |
HMRC have obtained information from various sources, including NHS trusts, private hospitals and medical insurers and are introducing the THP as an opportunity for medical professionals with tax to pay to get their affairs up to date with the benefit of a fixed penalty. |
HMRC new scam emails |
HMRC have issued a warning about a new scam email which is being sent from ‘HMRC Online Services – test@test.com’ stating that the recipient has one new ALERT message and should log onto their Online Account to read the message. |
Employment rights - statutory limits |
The limit on the amount of the compensatory award for unfair dismissal is set to decrease from 1 February 2010. The current maximum of £66,200 is to reduce to £65,300, due to the decrease in the retail prices index measure of inflation. |
Dispensations - new online application form |
HMRC have introduced the facility to apply for dispensations online. |
Tax codes being issued |
HMRC are advising employees that between January and March 2010 they will be issuing new PAYE coding for 2010/11. The tax codes should reflect the individual’s personal circumstances and include the tax allowances and reliefs that individuals are entitled to. |
Scrappage scheme |
The Vehicle Scrappage Scheme is a voluntary scheme for motor dealers under which participating dealers give buyers a £2,000 discount off the purchase price of a new car (or certain types of small van) in exchange for scrapping their old qualifying vehicle. |
Using your own car for work |
HMRC have updated their guidance on using your own vehicle for work. |
