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Systematics International Ltd
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“It’s difficult to find a firm that provides a good quality, timely service in this day and age. That’s what Rickard Keen provide, a timely service, accurate figures and very helpful staff.”
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Key Tax Dates
19 April 2010 - PAYE and NIC due for the month ended 5th April 2010, including any due on deemed salaries under the IR35 rules. Quarterly PAYE and NIC due for the quarter ended 5th April 2010 for qualifying small employers.
3 May 2010 - Submission date for forms P46 (Car) for changes during the quarter ended 5th April 2010 to car and fuel benefits provided to employees.
19 May 2010 - PAYE and NIC due for the month ended 5th May 2010. Final submission date for employers' year end returns (forms P35 and P14) for the year ended 5th April 2010. Final submission date for contractors' year end returns (form CIS 36) for the year ended 5th April 2010. |
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Successful start for Sage workshops
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Don’t get too excited about the Budget
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Fed up of dealing with endless paperwork?
When running a business, you need to juggle many different demands every day, so it can be a real challenge finding the time and resources to deal with vital issues such as budgeting, cash flow forecasting, payroll and bookkeeping.
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Annual Investment Allowance Increased
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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.
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Close Company Loan Write Offs
Close companies, generally meaning family and owner managed companies, are subject to special rules in relation to loans or advances made to participators and their associates. Participators primarily means shareholders. Where such loans are written off or released an equivalent amount is treated as a deemed net dividend for income tax purposes.
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Entrepreneurs’ Relief
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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%.
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Inheritance Tax Nil Rate Band Frozen
As previously announced, the nil rate band for 2010/11 will be frozen at the current level of £325,000. This will now be extended to cover the tax years 2011/12 to 2014/15.
Internet link: HMRC Budget note |
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Stamp Duty Land Tax And First Time Home Buyers
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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.
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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.
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Employer Supported Childcare
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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. To read the guidance in full, please use the link below.
Internet link: HMRC NIC guidance |
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HMRC Will Publish Details Of ‘Deliberate’ Offenders
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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.
Internet link: HMRC press release |
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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.
Internet link: HMRC beneficial loan interest rate |
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Employment Rate Falls To 72.2%
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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.
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