From time to time, we produce information for clients on a number of topical and important issues, some of which can be found below:
Higher late filing of accounts penalties – watch out!
If you run your own company you will no doubt be aware that company law requires all companies to file a copy of their annual accounts at Companies House by their ‘due date’. Penalties become payable if these accounts are filed late.
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PAYE tax codes about to be issued
HMRC have advised that they are about to issue PAYE tax codes to employees for the 2009/10 tax year.
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Holidays
On returning to work in the New Year, many will be reaching for the travel brochures to plan their next holiday getaway. Now would be a good time to ensure that your employees’ (or your own) holiday entitlement has been correctly calculated, especially as many employees’ entitlement may need to be increased due to a change in the minimum holiday entitlement, which takes effect later this year.
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Pay HMRC by direct debit
HMRC have announced that they are now able to offer more customers the option of paying by Direct Debit. If taxpayers are registered to use Self Assessment Online, PAYE Online for employers or Corporation Tax Online they can now set up Direct Debit payments online. Taxpayers can also make tax credit repayments by Direct Debit.
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Government help for businesses
Richard Lambert, CBI Director-General, has given his analysis of the Government’s announcement on lending in the economy. .
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Reduction in the standard rate of VAT
The standard rate of VAT was reduced from 1 December 2008 from 17.5% to 15%. HMRC have published some further frequently asked questions which clarify the correct treatment in several situations.
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Health in pregnancy grant
Pregnant women are being urged to apply for the new Health in Pregnancy grant of £190.
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New HMRC penalties
There is a significant change in the approach which HMRC will be taking in dealing with tax returns relating to periods starting on or after 1 April 2008, where the return is due to be submitted on or after 1 April 2009.
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HMRC warn about email fraud
HMRC are warning taxpayers that recently they have been made aware of the email scam.
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