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2010 Budget |
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Wednesday, 24 March 2010 09:39 |
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EMPLOYMENT
For those over 60, the chancellor says he will cut the number of hours they need to work to qualify for working tax credits. He also says the government is looking into scrapping the compulsory retirement age. He announces that that the guaranteed offer of work or training for those under 24 who are unemployed for more than six months will be extended until March 2012.
PROPERTY
First-time home buyers will pay no stamp duty on properties worth up to £250,000. That will apply this year and next. That cut for first-time buyers will be paid for by a hike in stamp duty to 5% for properties worth more than a million pounds.
SAVING
The ISA limit will be raised from £7,200 to £10,200 (half for cash ISA's) and will increase each year after that in line with inflation.
FUEL DUTY
Next month's planned 3p increase in fuel duty will be staged to soften the blow. It will go up by 1p in April, another 1p in October and a final 1p in January 2011.
INHERITANCE TAX
Inheritance tax will be frozen for four years.
ALCOHOL AND TOBACCO DUTY
Alcohol duty will rise and that on cider specifically will go up by 10% from midnight tonight. Smokers will also pay more as tobacco duty will increase by 1% immediately, then 2% in subsequent years.
BUSINESS
Business rates are to be cut for a year from October, meaning a tax reduction for 500,000 small firms in England.
The annual investment allowance will also be doubled from £50,000 to £100,000 to help new companies get off the ground.
The chancellor says he is also increasing the relief on capital gains tax for entrepreneurs - and leaving the main rate of capital gains tax unchanged for the rest of us.
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VAT Paper Returns |
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Monday, 05 October 2009 09:01 |
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Who has to switch to online VAT Returns?
From 1 April 2010 you will have to submit your VAT Returns online and pay any VAT due electronically if either of the following applies:
- you have an annual turnover of £100,000 or more (exclusive of VAT)
- you register or should have registered for VAT on or after 1 April 2010 (regardless of your turnover)
If you fall into either of the groups mentioned above, you will have to file all your VAT Returns online (including nil and repayment returns) even if your turnover drops below £100,000 in the future.
If your turnover is less that £100,000
You currently don't have to submit your VAT Return online and pay VAT electronically if you registered for VAT before 1 April 2010 and your turnover stays below £100,000. You will still be able to submit your VAT Return on paper but this may change in the run up to 2012.
You might want to switch to using the online service sooner - it will save you time and, in most cases, will give you extra days to submit your return and pay the VAT due.
Getting ready for changes
If you think you will have to submit your VAT Return online from 1 April 2010, you should take the following action now:
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Identify your preferred form of electronic payment (eg Direct Debit, Internet banking) and set up the necessary arrangements.
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Register and enrol for the VAT online service. JPS will be registering clients for this service in February 2010.
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JPS Will require all client to sign the VAT return before submission.
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PAYE Penalties |
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Monday, 05 October 2009 08:57 |
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From May 2010 you may have to pay a penalty if you do not pay the PAYE due each month, on time and in full.
What if I do not pay on time?
It is intended to implement the late payments penalties for payment due from May 2010. From then on, you may have to pay penalties if you make more then one PAYE payment late. The new penalties apply to all employers.
How will the new penalties work?
The penalties will be a percentage of the amount you pay late. They will start at 1% and increase to 4% depending on the number of late payments in a year.
There are also penalties of 5% if any of the PAYE due is still not paid after 6 months; and again after 12 months.
You will not get a penalty if you have a reasonable excuse for being late once in the tax year (unless the payment is more then 6 months overdue). You can also appeal against the penalty if you disagree with HMRC’s decision to impose it, or if you believe the amount of the penalty is wrong.
When should I pay by?
The PAYE payment deadlines are:
22nd of the month for your cleared electronic payment to reach HMRC’s account.
19th of the month if you send the payment by post (or 17th of the month if you are a large employer). If these dates fall on a weekend of a bank holiday your payment needs to be received on the last bank working day before the 19th or 22nd. If the amounts you pay are likely to average less then £1,500 per month over the year, you can pay quarterly.
What if I can’t pay what I owe?
You should tell HMRC as soon as you can, if you think you will have difficulty paying, otherwise they may start recovery action.
Please contact the dedicated Business Payment Support Service (BPSS) on 0845 302 1435 – Monday to Friday 8.00 am to 8.00 pm; and Saturday and Sunday 8.00 am to 4.00 pm.
HMRC will need the following information if you call the BPSS:
Your tax reference number
Details of the PAYE amount that you will have trouble paying
Basic details of your business’s income and outgoings.
But please note that the BPSS is intended for new enquiries only.
If HMRC agree a payment arrangement with you, you will not be charged any penalties for the period of your agreement. Any penalties already charged can also be included in the payment arrangement.
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