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Higher Rate Tax due on Dividends Received
Wednesday 21 July 2010
We are often asked to clarify the amount of tax payable by shareholders when dividends are paid, particularly, by private companies. Read more…
Critical filing deadlines July 2010
Wednesday 21 July 2010
Apart from the requirement to keep up-to-date with PAYE, Self Assessment, Corporation Tax and VAT filing and payment, there are two deadlines exclusive to the month of July. Read more…
Furnished Holiday Lettings
Wednesday 21 July 2010
It would appear that the threatened withdrawal of the tax benefits for owners of Furnished Holiday Lettings has been cancelled! Read more…
Capital Gains Tax
Wednesday 21 July 2010
The following changes affect chargeable gains on or after 23 June 2010. Read more…
Cars Qualifying for 100% Tax Write-Off
Wednesday 16 June 2010
Unless the rules change on the 22 June 2010 company cars that have CO2 emissions of 110g/km or less qualify for a 100% write-off for tax purposes in the year of purchase. Read more…
HMRC Warn Of Email Rebate Scam
Wednesday 16 June 2010
HMRC are once again warning that taxpayers are being emailed stating that they are entitled to a tax rebate. These emails are being sent from a number of bogus email addresses. Read more…
State Pension Age And National Insurance Contributions
Wednesday 16 June 2010
HMRC are reminding employers to take care when deciding whether or not their employees need to pay national insurance contributions (NICs). Read more…
VAT - Starting on the Flat Rate Scheme
Wednesday 16 June 2010
As an incentive to new VAT registered businesses to consider using the Flat Rate Scheme, H M Revenue & Customs allow a 1% reduction in the flat rate percentage for your type of business for one year. This can be a significant benefit for newly registered traders. If your turnover including VAT is £117,500 in the first year the 1% will be worth a reduction in your VAT payments of £1,175. Read more…
Beneficial Loans to Employees or Directors
Wednesday 16 June 2010
If a company makes a loan or loans to an employee or director and the combined outstanding value to an individual never exceeds £5,000 there is no personal tax or National Insurance contributions to pay. Read more…
Tax-Free Long Service Awards
Wednesday 16 June 2010
If you provide an employee with a non-cash award to reward long service, the payment can be made without deduction of tax or National Insurance contributions, as long as the following criteria are observed Read more…
What can we expect after 6 May 2010?
Monday 10 May 2010
At the time of going to press we do not know who will lead the Government for the next few years, but whoever, it will be a crucial time for UK plc. All parties seem to agree that the new Parliament will need to deal with the reduction in our national debt. Accordingly any tax concessions are likely to be eclipsed by increased taxation in other areas. We have listed some of the taxes that might change post the May election:
Read more…
Payroll filing and compliance 2009/10
Monday 10 May 2010
There are three annual payroll returns and associated payments to HMRC that need to be made during the next three months for the tax year 2009-10. They are: Read more…
Penalty Guidance on Late Payment of PAYE
Monday 10 May 2010
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. They have now issued more detailed guidance on the way in which the penalties will work. Read more…
VAT and Royal Mail Postage
Monday 10 May 2010
Some types of postal services offered by the Royal Mail will be subject to VAT from 31 January 2011.
According to the latest information issued by HMRC Read more…
National Minimum Wage Rates
Monday 10 May 2010
From October 2010, National Minimum Wage rates will increase from
•£5.80 to £5.93 an hour for workers aged 21 and over
•£4.83 to £4.92 an hour for workers aged 18 to 20
•£3.57 to £3.64 an hour for workers aged 16 to 17. Read more…
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