Online News - Business News - Date: February 2010
New Tax Rate for Trusts
If you are Trustee of or Professional Adviser to (or even a potential beneficiary) then the change to the rate of tax applying to Trustees from 6 April 2010 will affect you and should be planned for.
HMRC New Scam Emails
HMRC have issued a warning about a new scam email which is being sent from ‘HMRC Online Services – test@test.com’ stating that the recipient has one new ALERT message and should log onto their Online Account to read the message.
Employment Rights - Statutory Limits
The limit on the amount of the compensatory award for unfair dismissal is set to decrease from 1 February 2010. The current maximum of £66,200 is to reduce to £65,300, due to the decrease in the retail prices index measure of inflation. This new limit applies where the event giving rise to the entitlement to the payment arose on or after 1 February 2010.
Dispensations - New Online Application Form
HMRC have introduced the facility to apply for dispensations online.
Tax Codes being issued
HMRC are advising employees that between January and March 2010 they will be issuing new PAYE coding for 2010/11. The tax codes should reflect the individual’s personal circumstances and include the tax allowances and reliefs that individuals are entitled to.
Scrappage Scheme
The Vehicle Scrappage Scheme is a voluntary scheme for motor dealers under which participating dealers give buyers a £2,000 discount off the purchase price of a new car (or certain types of small van) in exchange for scrapping their old qualifying vehicle.
Statutory Payments
The new Statutory Payment Rates for 2010/11 have been announced.
Using your own Car for Work
HMRC have updated their guidance on using your own vehicle for work.
Tax Payments
For those making tax and national insurance payments, HMRC are reminding that their bank details changed last year.
For further information, please contact us on +44 113 389 6200 or email enquiries@kirknewsholme.co.uk
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