Business News
The Budget - 22 June 2010
Chancellor of the Exchequer George Osborne delivered his first Budget less than three months after the final Budget of the last parliament. The Conservative Party had promised an ‘emergency’ Budget during the election campaign, with a view that quicker action was needed to bring down the UK’s record budget deficit. While the recession officially ended in the last quarter of 2009, recovery has been sluggish and Mr Osborne, together with his coalition partners from the Liberal Democrats, has had to balance the need to raise taxes and cut spending with the dangers of provoking a ‘double dip’ recession.
Emergency Budget 2010 – ‘Tough but fair’ measures unveiled by Chancellor
Stratford-upon-Avon based firm of chartered accountants Murphy Salisbury is advising clients to pay close attention to the Emergency Budget and its implications for businesses across the UK.
Are you prepared for the effects of the planned rise in Capital Gains Tax?
In the aftermath of this year’s General Election and the subsequent installation of the Coalition Government, it has been well publicised that this new Government intends to implement a rise in Capital Gains Tax (CGT) rates, details of which are expected in the Budget on June 22.
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. Employers may also be worrying about their employees being less productive, hung over or sick following over enthusiastic celebrations.
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). Employees do not need to pay NICs on reaching State Pension age (SPa). Some payroll software warns employers as women approach age 60 to check their national insurance status as previously women would have been exempt from the employee contribution from age 60. This warning may now be being issued too early.
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. These take effect for all journeys undertaken from 1 June 2010, so employers using the advisory rates should advise affected employees and update any expense forms as soon as possible.
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. Holiday entitlement is one of the complex areas which can cause employee dissatisfaction if not handled correctly, especially for those with part time or irregular hours. Since 1 April 2009 the minimum statutory holiday entitlement has been 5.6 weeks inclusive of Bank Holidays, the equivalent of 28 days for those employees working a five day week. Employers may of course offer more holiday if they wish.
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. The process of gathering the necessary information can take some time, so it is important that this process is not left to the last minute.
HMRC Warn of Email Rebate Scam
HMRC are 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. They inform recipients that they are entitled to a tax rebate and invite them to complete an online form to receive a rebate of tax.
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.
To find out more about how our leading firm of accountants in Stratford-upon-Avon and Warwickshire can help you, please contact us.
