Weybridge-based firm of chartered accountants, TWP Accounting, has expressed delight that the expected CGT rises won’t affect business owners on the gains made when selling their business. Philip Munk, Managing Partner at TWP, said: “The Liberal Democrat’s manifesto pledge to increase Capital Gains Tax in line with an individual’s Income Tax rate, didn’t mention any […]
Weybridge-based firm of accountants, TWP Accounting, is advising taxpayers to ensure they seek professional advice when completing tax returns to avoid being hit with penalties, in light of stricter rules implemented by HM Revenue and Customs (HMRC). The new regime means that taxpayers can now incur penalties for inaccuracies in tax returns and other documentation, […]
Some types of postal services offered by the Royal Mail will be subject to VAT from 31 January 2011. According to the latest information issued by HMRC “In broad terms, the proposed changes will mean that any service which is individually negotiated or not subject to any price and regulatory control will become liable to […]
We’re regularly told by experts that we should manage a diverse portfolio of investments for our hard-earned cash, but with the interest rate still remaining incredibly low, some individuals are looking elsewhere for returns. And if you want your investment to come with some added ‘fun’ benefits, it may be worth looking at the alternative […]
HMRC have been warning employers for some time that they may have to pay a penalty if they do not pay their PAYE deductions on time. They have now issued more detailed guidance on the way in which the penalties will work. The penalties will apply to PAYE deductions due for a period starting on […]
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 […]
The employer’s annual returns P35 and P14 (P60) are due for submission to HMRC by 19 May 2010. Broadly all employers must submit their forms online this year. Previously those employers with less than 50 employees could file paper forms. The final date for payment of PAYE, National Insurance Contributions, Construction Industry Scheme deductions and […]
From October 2010, National Minimum Wage rates will increase from £5.80 to £5.93 an hour for workers aged 21 and over £4.83 to £4.92 an hour for workers aged 18 to 20 £3.57 to £3.64 an hour for workers aged 16 to 17. The government has extended the adult minimum wage rate to 21 (previously […]
HMRC are reminding taxpayers to be vigilant as there have been several reports of scam emails. Where taxpayers believe they may have been the victim of an email scam they should report the matter to their bank/card issuer as soon as possible. HMRC have previously advised that that those providing their details have had their […]
Getting the Finance Bill 2010 passed between when it was published on 1 April 2010 and the dissolution of Parliament on 12 April was always set to be a heavy load in spite of the fact that there were only 73 clauses and supporting schedules. That load was lightened as certain of the more unpopular […]
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