Business News
Leadership and Management Training Funding
The funding stream is part of the train to gain leadership and management brokerage. The funding is available for senior decision makers in organisations who employ between 5 and 249 employees and have not previously accessed the train to gain leadership funding.
MBO Training Programme
We are delighted to announce details of an MBO Training Programme via our membership of the Corporate Finance Network.
The Tax Health Plan (THP)
HMRC have obtained information from various sources, including NHS trusts, private hospitals and medical insurers and are introducing the THP as an opportunity for medical professionals with tax to pay to get their affairs up to date with the benefit of a fixed penalty.
HMRC New Scam Emails
HMRC have issued a warning about a new scam email which is being sent from ‘HMRC Online Services – test@test.com’ stating that the recipient has one new ALERT message and should log onto their Online Account to read the message.
Employment Rights - Statutory Limits
The limit on the amount of the compensatory award for unfair dismissal is set to decrease from 1 February 2010. The current maximum of £66,200 is to reduce to £65,300, due to the decrease in the retail prices index measure of inflation. This new limit applies where the event giving rise to the entitlement to the payment arose on or after 1 February 2010.
Dispensations - New Online Application Form
HMRC have introduced the facility to apply for dispensations online.
Tax Codes being issued
HMRC are advising employees that between January and March 2010 they will be issuing new PAYE coding for 2010/11. The tax codes should reflect the individual’s personal circumstances and include the tax allowances and reliefs that individuals are entitled to.
Scrappage Scheme
The Vehicle Scrappage Scheme is a voluntary scheme for motor dealers under which participating dealers give buyers a £2,000 discount off the purchase price of a new car (or certain types of small van) in exchange for scrapping their old qualifying vehicle.
Statutory Payments
The new Statutory Payment Rates for 2010/11 have been announced.
Using your own Car for Work
HMRC have updated their guidance on using your own vehicle for work.
Tax Payments
For those making tax and national insurance payments, HMRC are reminding that their bank details changed last year.
We have now found a more practical way of altering sage for the new tax rate from 01.01.10
On sage to change the T1 tax code back to 17.5%, go to Settings, then Configuration. There is a tab at the top called tax codes. Highlight the T1 tax code which should be set to 15% and click edit. Change the rate box to 17.50 and click ok. Click apply not save and then close.
VAT – Compulsory on Line Filing
Halifax chartered accountants Lambert, Roper and Horsfield are reminding business owners that HM Revenue and Customs (HMRC) has updated its online service for VAT ahead of new rules which come into force in April.
Extra National Insurance Burden Ahead
One of the significant announcements in the Pre-Budget Report last month was a further increase in national insurance contributions (NIC) which is to take effect from 6 April 2011.
Special Annual Allowance Charge – New Limits for 2009/10
In the Pre-Budget Report last month, changes were announced to the complex rules for the Special Annual Allowance (SAA) charge which affects those with substantial income who make significant pension contributions. The current rate of the SAA charge is 20% on excess pension contributions. The aim of the charge is to discourage individuals from making significantly higher pension contributions in anticipation of the removal of higher rate tax relief which will occur in 2011.
Bank Payroll Tax
In a move designed to tackle certain remuneration practices that are considered to have contributed to ‘excessive risk taking’ in the banking industry, a temporary bank payroll tax of 50% is to apply to certain bonuses regardless of how they are paid. The tax will apply to the amount of the bonus which exceeds £25,000 for any individual employee and is applicable to banks, building societies and other related financial businesses.
Offshore Disclosure Extension
HMRC is giving taxpayers with offshore investments more time to come forward under the New Disclosure Opportunity (NDO). The registration deadline, which was due to expire on 30 November 2009 has been moved to 4 January 2010 as some banks need more time to contact their offshore customers.
Changes to the Advisory Fuel Rates from 1 December 2009
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 December, so employers using the advisory rates should advise affected employees and update any expense forms as soon as possible.
HMRC Warn of more Scam Emails
As the new year gets underway, HMRC are reminding taxpayers to be vigilant as scam emails have been reported.
Tax Relief on Nursery Vouchers
Gordon Brown has revised his proposal to withdraw the income tax and NI exemption on employer-provided childcare vouchers.
Cross-border VAT Changes 2010
HMRC have issued some important guidance regarding the changes in the place of supply of services rules which take effect from 1 January 2010.
Bad Weather Advice
The Institution of Occupational Safety and Health (IOSH) are warning people to be prepared for poor weather conditions when travelling. They have produced a few tips to help ensure that travel, whether it is for work or pleasure, remains safe despite the weather.
