We keep you updated

We provide our clients with regular updates on changes in taxation regulation, news from the world of accounting and, of course, information about the latest developments at A A Accountancy.

 

Tax Debts

H M Revenue & Customs says that the Business Payment Support Service gives viable businesses which are experiencing temporary difficulties paying their taxes the opportunity to reschedule their tax payments to ‘a more affordable timetable’.  This is part of HMRC’s time to pay arrangements which can cover PAYE, National Insurance, VAT or any other taxes.

..........................................................................................................................

 

 

Budget 2010

Personal allowance 2010/11 £6475, 65 or over £9490, 75 or over £9640

Corporation Tax – companies with profits up to £300000 21%

Capital gains tax – General rate 18%

VAT – 17.5%, registration threshold (after 31 March 2010) £70000

National Insurance – employee 11% of earnings between £110 and £844 per week -- employer 12.8% of all earnings in excess of £110              per week

........................................................................................................................

 

Online Filing: From April 2010 almost all businesses will be obliged to file PAYE and VAT Returns online.

PAYE Returns due to be filed with H M Revenue and Customs by 19 May 2010 will not have paper returns issued. Online filing is compulsory and incentive payments have also ceased.

PAYE payments are due with HMRC by 19 of each month. From 2010/11 penalties will be imposed for each late payment made. The penalties will be:-

1% for 2-4 late payments in the year
2% for 5-7 late payments in the year
3% for 8-10 late payments in the year
4% for 11-12 late payments in the year
5% for any payment that is over 6 months late and another 5% after 12 months

................................

Any business that registers for VAT from 1 April 2010 regardless of their turnover will have to file returns online.

If you are already registered and your turnover is in excess of £100000 online filing of VAT Returns will also be compulsory from April 2010.

Online filing means payment of VAT due is to be made electronically.

Online VAT does require registration so allow plenty of time for this.

 

.........................................................................................................................

Self-employed NIC penalties

From 6 April 2009 there is a change in the penalty to pay for late notification to the HMRC that you have commenced self-employment.

Up to 6 April 2009 the penalty was £100 and you had 3 months after commencement of trade to let HMRC know.

From 6 April 2009 the rules have been changed as follows:

  1. Anyone who ceases or becomes liable for Class 2 or Class 3 contributions must notify HMRC immediately.
  2. A penalty may be levied (between 30% and 100% of the "lost contributions") if notice is not given by 31 January following the end of the tax year in which you become liable.
  3. There will be no penalty if you have a reasonable excuse for the late notification.

You may find out about other changes in a consultation at our office.

New online access

Consult our online tips and newsletters, including information about recent changes in taxation regulations.

Sign up to receive our free client newsletter

Name:*
No., street:*
Postcode:*
Location:*
E-mail Address:
phone:
Comment:
 
Please enter the code:

Note: Fields marked with * are required.