Business News

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  • Standard Rate of VAT to Increase

    01/07/2010

    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.

  • The Budget 2010

    01/06/2010

    22 June 2010

  • Budget Date Announced

    01/06/2010

    The new coalition government is settling into office and a date has been announced for the emergency Budget. Chancellor of the Exchequer George Osborne will present the emergency Budget on Tuesday 22 June 2010.

  • Child Trust Fund To Be Cut

    01/06/2010

    The government has outlined plans to make changes to the Child Trust Fund as part of plans to cut  £6 billion in expenditure.
     
    The government intends to introduce secondary legislation to scale back government payments due to Child Trust Funds from 1 August 2010. From that date, payments at birth will be reduced from £250 to £50 for better off families, and £500 to £100 for lower income families; and payments at age 7 stopped. The government intends to introduce primary legislation to stop all payments from 1 January 2011. Additional contributions for disabled children will be paid this year. From 2011/12 the money used for these additional contributions will be redirected to respite care for disabled children.

  • Are There VAT Increases Ahead?

    01/06/2010

    The British Chamber of Commerce are predicting that we should expect an increase in VAT to help deal with the country’s budget deficit.

  • HMRC Warn Of Email Rebate Scam

    01/06/2010

    HMRC are warning that taxpayers are being emailed stating that they are entitled to a tax rebate.  These emails are being sent from a number of bogus email addresses. They inform recipients that they are entitled to a tax rebate and invite them to complete an online form to receive a rebate of tax.
     
    HMRC are advising that taxpayers should not visit the website contained within the email or disclose any personal or payment information.

  • Flexible Working – The World Cup

    01/06/2010

    Acas (the Advisory, Conciliation and Arbitration Service) is advising employers to be ready for the World Cup. Some employees will be expecting their employers to be flexible about working hours so that they can watch matches. Employers may also be worrying about their employees being less productive, hung over or sick following over enthusiastic celebrations.

  • State Pension Age and National Insurance Contributions

    01/06/2010

    HMRC are reminding employers to take care when deciding whether or not their employees need to pay national insurance contributions (NICs). Employees do not need to pay NICs on reaching State Pension age (SPa). Some payroll software warns employers as women approach age 60 to check their national insurance status as previously women would have been exempt from the employee contribution from age 60. This warning may now be being issued too early.

  • Changes To The Advisory Fuel Rates From 1 June 2010

    01/06/2010

    To reflect the increase in fuel prices, HMRC have issued new advisory fuel rates for employees driving employer provided cars. These take effect for all journeys undertaken from 1 June 2010, so employers using the advisory rates should advise affected employees and update any expense forms as soon as possible.

  • Holiday Entitlement

    01/06/2010

    With signs that spring is finally here many employees will be planning or longing for their summer holidays. Holiday entitlement is one of the complex areas which can cause employee dissatisfaction if not handled correctly, especially for those with part time or irregular hours. Since 1 April 2009 the minimum statutory holiday entitlement has been 5.6 weeks inclusive of Bank Holidays, the equivalent of 28 days for those employees working a five day week.  Employers may of course offer more holiday if they wish. 

  • P11D Deadline Looming

    01/06/2010

    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 last minute.

  • HMRC Takes Hard Line on Time to Pay Applications

    01/06/2010

    The number of companies being refused more time to pay tax bills has doubled, new figures have revealed.

  • Budget date set for 22 June

    01/05/2010

    The Chancellor, George Osborne, will present his budget speech on Tuesday, 22 June, the government has announced.

  • Penalty Guidance on Late Payment of PAYE

    01/05/2010

    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 or after 6 April 2010 include PAYE, Student Loan deductions, Construction Industry Scheme payments, Class 1 NICs, annual payments of employers' Class 1A NICs and annual PAYE Settlement Agreements payments.

  • National Minimum Wage Rates

    01/05/2010

    From October 2010, National Minimum Wage rates will increase from

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