Unfortunately, lots of companies go through periods where they are making losses & during these tougher times, there are more than ever. Your accountant, if they are worth their salt, should be helping you to turnaround any loss-making situation, wherever possible. So, what should they be suggesting? The more obvious avenues to explore include doing […]
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). The new rules provide equivalent access to maternity leave as for employees but on a voluntary basis. The EU is expected to adopt the legislation at the end of […]
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: marginal small companies’ relief; capital allowances […]
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 […]
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 […]
George Osborne presented his first Budget on Tuesday 22 June 2010. For the first time, forecasts were published in advance of the Budget. The Office for Budget Responsibility was formed in May 2010 to make an independent assessment of the public finances and the economy in advance of each Budget and Pre-Budget Report. Within the […]
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: ‘…focus your planning, apply best practice and meet government requirements – whatever your agricultural sector. You can access guidance and tools, and sign up for email […]
The new 20% standard rate applies to goods or services to be delivered or performed on or after 4 January 2011. Anti-forestalling rules will apply to artificial arrangements involving a VAT invoice being issued, or payment being made in advance, where the goods or services are not due to be delivered or performed until on […]
This special scheme is aimed at helping new businesses in targeted areas of the UK that need it most. During a three year qualifying period, new businesses which start up in these areas will get a substantial reduction in their employer NICs. Within the qualifying period, the employer will not have to pay the first […]
Higher rate tax relief Consideration is being given to abolishing the rules in Finance Act 2010 whereby from 6 April 2011 those with income of at least £150,000 in the tax year concerned suffer a loss of some or all of the higher rate tax relief otherwise available. The aim is to raise at least […]
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