This three-year scheme will be available to a qualifying new business which is set up on or after 22 June 2010. Unfortunately, the scheme only applies to businesses outside London, the South East and the East of England.
The scheme will provide exemption from Class 1 employers national insurance contributions up to a maximum of £5,000 for each
HM Revenue & Customs have issued a Brief to agents in which they announce a change to a wider risk-based approach when deciding whether to investigate an individual's domicile and whether to make a determination of inheritance tax (IHT) based on that. In future, HMRC will consider opening an enquiry where domicile could be
The Government is implementing a compulsory pension scheme from 2012.
From 2017 employers will need to contribute at least 3% of earnings. Employees will contribute 4% and HM Revenue & Customs 1% as tax relief.
Compliance will be regulated by the Pensions Regulator.
More details of the NESTS will be posted
The vast majority of the taxpaying public are employees who pay tax through the 'Pay as you earn' system administered by the employer. Because of this most employees have very little involvement with HM Revenue & Customs - trusting both HMRC and their employer to 'get it right'.
But, this system is not perfect.
Changes made to the taxation of company cars to fall in inline with the Government's green agenda mean that the once great perk of motoring at the cost of the employer is no longer the benefit it once was. To be given a company car is now the exception not the norm.
Most people are happy to assume that each year the deduction of tax and national insurance from earnings is helping to build up their entitlement to a state pension. However, it has been revealed that of the 50 million payroll returns received by the HM Revenue & Customs each year around 4% contain incomplete
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.
The new penalties will apply to all employers.
The penalties will be a percentage of the amount you pay late, starting at 1% and increasing to 4% depending on
A recent survey has suggested that up to 250,000 higher rate tax payers are not claiming tax relief on their pension contributions.
If you are earning in excess of £45,000 and make contributions to a personal pension you may be one of these people.
For more information contact Jamie
The majority of sole traders are aware of their obligations to register for VAT when their business turnover has gone over a specific limit - called the 'VAT threshold' (currently £70,000), but few realise that it is not their 'business' that is registered but them personally.
Why does this matter?
Where an individual carries
From 6th April 2010 all employers must file their Employer Annual (P35 and P14s) online. If you need assistance filing your returns we would be pleased to help but would ask you to contact us as soon as possible in order that your are prepared in good time to meet these new obligations. If