We have been working on the assumption that, unlike previous years, the provisions of the 2009 Finance Act meant that the £100 late filing penalty for self-assessment tax returns could no longer be avoided by paying all the tax owed for the year by 31st January of the following year. The legislation means that there is an automatic £100 filing penalty irrespective of whether all tax had been paid.
However, it now seems that the Treasury have not implemented this section of the Finance Act so this provision will not apply. In other words, provided you have no tax to pay for the 2009/10 tax year at 31st January, 2011, then the fine will be waived.
Please be aware that this concession is not available for members of a partnership where the partnership tax return is filed late. There is an automatic non-waivable £100 penalty for each partner.
Friday, 15 October 2010
Monday, 4 October 2010
New National Minimum Wages Rates
On October 1 the National Minimum Wage rates rose to:
• £5.93 per hour for those aged 21 and over (the “adult rate”)
• £4.92 per hour for those aged 18 to 20
• £3.64 per hour for those aged 16 to 17.
Please note that the adult rate now applies to all workers aged 21 and over. Previously, it only applied to those over the age of 22.
• £5.93 per hour for those aged 21 and over (the “adult rate”)
• £4.92 per hour for those aged 18 to 20
• £3.64 per hour for those aged 16 to 17.
Please note that the adult rate now applies to all workers aged 21 and over. Previously, it only applied to those over the age of 22.
Friday, 24 September 2010
Childcare vouchers
The government is offering help in deciding whether employees would be better off receiving tax credits or taking childcare vouchers from their employer. By using an online calculator staff can determine whether they are eligible and if they would benefit from the voucher scheme.
Childcare vouchers can save many parents with children aged up to 15 up to £1195 per year for the parent (£2390 if both parents apply), enabling employees to pay for childcare out of their Pre-tax and National Insurance income.
As the employee doesn’t pay NI on the vouchers, this also equals big savings for the employer!
For further information and an overview of the information you need to input into the calculator, visit http://www.hmrc.gov.uk/calcs/ccin.htm.
Childcare vouchers can save many parents with children aged up to 15 up to £1195 per year for the parent (£2390 if both parents apply), enabling employees to pay for childcare out of their Pre-tax and National Insurance income.
As the employee doesn’t pay NI on the vouchers, this also equals big savings for the employer!
For further information and an overview of the information you need to input into the calculator, visit http://www.hmrc.gov.uk/calcs/ccin.htm.
Thursday, 16 September 2010
National insurance holiday for new businesses in the regions begins
The new regional National Insurance Contributions (NICs) holiday for new businesses announced in the June, 2010 has now come into effect.
New business set up outside London, the South East and East of England will be eligible for a holiday worth up to £5,000 for up to the first ten employees they hire in their first year of business. This means a maximum saving on the employer's national insurance payments of up to £50,000.
The scheme will run for three years. It is estimated that 400,000 new businesses will benefit by having a lower tax bill from employing new staff.
New businesses established since the announcement in the Budget on the 22nd June, and which meet the qualifying criteria, will also be eligible to apply.
There is full guidance on the business link website. The scheme is available to new businesses in Shropshire. Please contact us if we can help.
New business set up outside London, the South East and East of England will be eligible for a holiday worth up to £5,000 for up to the first ten employees they hire in their first year of business. This means a maximum saving on the employer's national insurance payments of up to £50,000.
The scheme will run for three years. It is estimated that 400,000 new businesses will benefit by having a lower tax bill from employing new staff.
New businesses established since the announcement in the Budget on the 22nd June, and which meet the qualifying criteria, will also be eligible to apply.
There is full guidance on the business link website. The scheme is available to new businesses in Shropshire. Please contact us if we can help.
Subscribe to:
Posts (Atom)
