Taxpayers could find themselves paying a high price for submitting late tax returns under a new penalty regime introduced in April. From 6 April 2011, anyone submitting a self assessment return a day late will receive a £100 penalty and for a delay of three months, will have to pay additional penalties on top of […]
HM Revenue & Customs (HMRC) has issued a reminder on due dates for PAYE payments made electronically. It says that to avoid paying late, HMRC must receive cleared funds by the due date, which is the 22nd of each month when payments are made electronically. However, when the 22nd falls on a non banking day […]
The government has accepted the independent Low Pay Commission’s (LPC) recommendations for this year’s National Minimum Wage (NMW) rates. The following rates, announced in April, will come into effect on 1 October 2011: the adult rate will increase by 15p to £6.08 an hour; the rate for 18-20 year olds will increase by 6p to […]
More than 100,000 new jobs are set to be created and safeguarded under government plans to invest £450 million in businesses across England. Now private companies and public/private partnerships are being invited to bid for almost £1 billion remaining in the Regional Growth Fund (RGF). The minimum bid is for £1 million. The first round […]
The government has decided to rule out further consideration of early access to pension savings for the time being. Its decision, announced on 19 April, followed a call for evidence by HM Treasury HM Treasury, which was launched last December and closed in February, on whether early access could act as an effective incentive for […]
American citizens and green card holders living in the UK are required to file annual tax returns and other information to the Internal Revenue Service (IRS). While this may be easy to overlook where the person has lived in the UK for some time and may not even have a US tax liability, there are […]
Thousands of businesses are taking up the government’s challenge to comment on more than 21,000 rules and regulations that affect their lives. The Red Tape Challenge website was launched on 7 April as part of the government’s drive to do away with badly designed or badly thought out regulations that create an unnecessary burden on […]
If you undertake any research and development within your business, and operate as a limited company, you should look at the big improvements being introduced to this enhanced tax relief regime. As from 1 April 2011, the relief is to be increased to 200% of the qualifying expenditure, up from 175%. Then from 1 April […]
If you are a member of a final salary pension scheme, the increase in your pension accrual on a year by year basis can result in an immediate tax charge. This arises if, and to the extent that, 16 x the annual increase exceeds £50,000. The excess is then charged to tax at your top […]
A modest but nonetheless welcome increase in the mileage allowance on which you can claim tax relief applies from 6 April 2011. Instead of a maximum claim of 40p per business mile, you can now get 45p. However, as before, this applies only for the first 10,000 business miles in the tax year, with the […]
The quality of our advice has seen us accredited with coveted Platinum Partner status by Xero – a leading provider of accounting software.
The quality of our advice has seen us accredited with Gold Partner status by FreeAgent – a leading provider of accounting software.
Request a call back