Business News
Court ruling blow for tax exiles
Stratford-based accountants, Murphy Salisbury, are highlighting the fact that wealthy British citizens who believed they could avoid UK taxes by spending fewer than 91 days in the UK may find they have to pay up after all, following a ruling from the Court of Appeal.
Changes to VAT payments by post
Stratford-based accountants, Murphy Salisbury, are warning businesses which still make VAT payments by post that, as of 1 April, all cheque payments will now be treated as having been received on the date when cleared funds reach the bank account of HM Revenue and Customs (HMRC).
Penalties for late tax payments
Stratford-based firm of accountants, Murphy Salisbury, is advising tax payers that the 2010/11 tax year sees the introduction of a series of new penalties for late payment of income tax, National Insurance contributions, Construction Industry Scheme deductions and student loan payments.
Reclaiming VAT on motoring costs
Stratford-based accountants, Murphy Salisbury, say the rules surrounding tax breaks on motoring costs are complicated and so it is easy to miss out on some of the permitted allowances.
Tax dodgers set to be exposed
Stratford-based accountants, Murphy Salisbury, are warning Individuals who do not pay their taxes that they face being ‘named and shamed’ by HM Revenue and Customs (HMRC) from next month if they have avoided paying more than £25,000 of tax.
Time to pay VAT online
Stratford-based accountants, Murphy Salisbury, has issued a reminder that more businesses will now have to file their VAT returns online and pay any money due electronically for VAT periods starting on or after 1 April 2010.
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.
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.
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.
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.
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.
To find out more about how our leading firm of accountants in Stratford-upon-Avon and Warwickshire can help you, please contact us.
