News
December 2009
The Pre-Budget Report
10 December 2009
Chancellor of the Exchequer Alistair Darling delivered this year’s Pre-Budget Report at a time of great uncertainty for the UK economy. While the recession appears to be levelling out, and there are even some tentative signs of recovery, most economists agree that the road ahead will be a rocky one, with rising unemployment and high levels of personal and government debt likely to have a negative impact. The need to reduce the current record levels of government borrowing has hampered the government’s ability to offer standard pre-election giveaways, with several tax rises already on the horizon and increased measures to clamp down on avoidance.
Pre-Budget Report 2009
Alistair Darling will make his Pre-Budget statement to the House of Commons on Wednesday 9 December 2009 at 12:30.
We will let you have details of the important announcements in the next issue.
Internet link: Treasury website
Intrastat Thresholds
HMRC have announced significant changes to the Intrastat thresholds. Intrastat is used to report the movement of goods within the EU over certain thresholds. Those traders with an annual intra-EU trade in goods exceeding the exemption thresholds are required to provide monthly statistical returns (Intrastat Supplementary declarations).
VAT and New Year’s Eve Traders
If you are going to be out celebrating on New Year’s Eve or indeed if your business will be operating over midnight, you will be glad to hear that the government has announced a relaxation of the VAT rules. Pubs, clubs, restaurants and other retail businesses remaining open past midnight on New Year’s Eve will be allowed to continue charging VAT at 15% on their sales until they close or until 6am on 1 January 2010, whichever is the earlier.
Parties For Employees
Are you planning a party for your employees? The good news is that, unlike entertaining customers, the costs of entertaining employees are generally allowable against the profits of the business.
Swine Flu and SSP
Under existing rules for Statutory Sick Pay (SSP) employees can self-certify for the first seven days of their illness and employers cannot ask for medical evidence during this period. There has been no change to this requirement.
Online Filing of VAT Returns
HMRC are reminding businesses that new rules on how VAT returns are submitted and payments are made will come into force next year. Paper VAT returns will be phased out from 1 April 2010.
First Aid at Work
The Health and Safety Executive are reminding businesses that the guidance for first aid at work changed from 1 October 2009.
To insure that you are complying with the revised requirements please visit the link below.
Internet link: HSE website
Business Rates Bills
The government has confirmed that 60% of business rates will fall next year as a result of revaluation and that it will not collect a penny more of extra revenue as a result of the 2010 revaluation, which is carried out every five years. However, rates bills for some businesses will rise significantly.
