This briefing provides a practical summary of recent developments affecting employers including where relevant the related tax considerations. Including New PAYE penalties and filing online.
Click her for a PDF version of Essential update for employers
I am pleased to send you your copy of our summer newsletter which as usual includes a variety of topical tax issues. Now that the second Budget date has been announced, 22 June 2010, we will keep a careful watch for any new developments but it looks like tax matters will continue to be top of the list in discussions through to autumn and beyond.
Were you aware that expenditure on qualifying plant and machinery may obtain 100% tax relief? This means that investment in new equipment may provide you with useful tax savings. Our article ‘Making every £ count’ explains further whilst our article ‘Curiouser and curiouser’ highlights the importance of planning in order to maximise your claims.
Our article ‘Planned changes for childcare vouchers’ summarises the current position and outlines the proposed changes announced in the final session of the previous government. However, the new coalition government may have different ideas so the changes may change again.
We rarely produce a newsletter where HMRC doesn’t get a mention and this issue is no exception as they continue to target the construction industry sector. They also feature in our article ‘Relationship with records’ as the need to keep good records grows as do the consequences for not keeping them.
We also take a look at the tax implications of borrowings between a company and its director shareholders.
Please contact us if you have any questions regarding any of the articles or tax planning tips we have included in our newsletter or if you would like further information on a topic we haven’t covered. Your views are always important to us and we would welcome any feedback you could give us.
Please download our Summer Newsletter
This briefing is intended for both unincorporated and incorporated business clients.
It focuses on some key direct tax areas affecting the owner managed business so that essential
opportunities to maximise tax savings or minimise liabilities are not overlooked. Areas covered include
capital allowances, extraction of profits and employment taxation. It includes the more important year end
tax tips to help identify the areas that should be considered shortly before both the end of an accounts
period and/or tax year.
Click to down load PDF version of Practical Tax Tips for the owner managed business
The second instalment for the 2008/2009 tax liabiliy is due for payment by 31st July 2009. You should have recently received a payslip from HMRC along with an addressed envelope to send your payment however if you haven’t then your cheque should be made payable to HM Revenue & Customs and posted to:
HM Revenue & Customs, Accounts Office, Bradford, BD98 1YY.Please remember to write your 10 digit unique tax reference number on the reverse of your cheque.
Are you worrying about the recession?
The NHS have set up a “Credit Crunch Stressline” with support for those worrying about the current financial situation.
They have trained advisors who can offer you help on several aspects be it helping to look at your problems in another light to providing self-help materials.
If you would like to speak to one of these advisors call 0300 123 2000 between 8am and 10pm any day of the week.
Have you renewed your Tax Credits yet?
They must be completed and submitted with HM Revenue and Customs by 31st July 2009.
This can be done either by returning the Annual Review notice to HM Revenue and Customs or by calling the Tax Credit Helpline on 0845 300 3900.
If you’re worried about being able to meet tax, National Insurance, VAT or other payments owed to HM Revenue & Customs (HMRC), or you anticipate that payments coming due will cause you problems, you can call the Business Payment Support Line below seven days a week. They will review your circumstances and discuss temporary options tailored to your business needs, such as arranging for you to make payments over a longer period.
Tel 0845 302 1435
The old A5 version of the P45 form will no longer be valid as from 6 April.
It is being superseded by the new A4 version which was first introduced in October last year.
The new P45 includes details of the employee’s date of birth and their gender.
HM Revenue and Customs (HMRC) said that any back stock of the A5 P45s should be destroyed by 6 April and that employers must use the larger format instead.