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Key Tax Dates
14 July 2010 - Deadline for submission of forms CT61 and payment of any associated income tax for the quarter ended 30th June 2010.
19 July 2010 - PAYE and NIC due for the month ended 5th July 2010. Quarterly PAYE and NIC due for the quarter ended 5th July 2010 for qualifying small employers. Due date for payment of Class 1A NIC arising on relevant benefits in kind for the year ended 5th April 2010. Submit Construction Industry Scheme return for the month ended 5th July 2010.
31 July 2010 - Second payment on account due in respect of 2009/2010 personal tax. Second penalty of £100 applied where 2009 self-assessment tax return has not yet been submitted. Second 5% surcharge applied where 2008/2009 tax has not been settled in full by this date. |
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Accountants Pass On Budget Tips
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The experts from Essex-based chartered accountants Rickard Keen LLP were on hand after this week’s Budget to inform local businesses about what the changes meant for them.
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Successful start for Sage workshops
Rickard Keen staged a free workshop for users of Sage accountancy software during June, with the first of three sessions of hints and tips to help users get the most out of the package.
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Advice for Businesses
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Rickard Keen recently staged a joint event with NatWest on the theme of ‘Helping your business through the recovery’, providing local firms with advice and information on how to profit during the current uncertain economic climate.
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Emergency Budget
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Capital Gains Tax Changes
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A new rate of Capital Gains Tax (CGT) of 28% will be introduced. For individuals, the rate of CGT remains at 18% where total taxable gains and income, after taking into account all allowable deductions including losses, personal allowances and the CGT annual exemption, are less than the basic rate limit. The new 28% rate will apply to gains or any parts of gains above this limit.
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Standard Rate of VAT to Increase
It is proposed to increase the standard rate of VAT from 17.5% to 20% with effect for any supply made on or after 4 January 2011. The rate change does not affect either zero-rated supplies nor those supplies subject to VAT at the 5% reduced rate.
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HMRC Amend PAYE Penalties Guidance
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At the start of the tax year new late payment penalties were introduced for PAYE and other payments due from employers. The new rules apply to almost all employers and contractors, whether they employ one or a hundred employees. The rules apply to monthly, quarterly and annual periods of PAYE starting on or after 6 April 2010.
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Keep Proper Records!
HMRC have recently issued a reminder about the various 'toolkits' that they have developed to assist agents when preparing returns. Although the toolkits are aimed at tax professionals, they highlight common errors and the steps that can be taken to reduce those errors. The first series of toolkits cover:
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HMRC Launch Tax Credit Video
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Every year, tax credit claimants must renew their tax credit awards by 31 July or their payments may stop. Claimants on ‘nil awards’, and those receiving only the full family element of Child Tax Credit, will receive a statement of their 2009/10 award. If these details are correct no further action is needed and the claims are automatically renewed. However, if the details on the award statement are wrong, claimants must tell HMRC.
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Business Link Guidance for Farmers
Business Link has set up a dedicated new online service for farmers and growers. Whether they are starting up or looking to expand and diversify, the service will help:
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Maternity Rights for the Self Employed
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It appears as though the self employed will become entitled to maternity leave for the first time under new laws introduced by the European Union (EU).
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