Online News - Business News - Date: January 2010
Aged between 50 and 55?
The minimum age at which you can draw your pension benefits increases to 55 with effect from the 6 April 2010.
Extra National Insurance Burden Ahead
One of the significant announcements in the Pre-Budget Report last month was a further increase in national insurance contributions (NIC) which is to take effect from 6 April 2011.
Special Annual Allowance Charge – New Limits for 2009/10
In the Pre-Budget Report last month, changes were announced to the complex rules for the Special Annual Allowance (SAA) charge which affects those with substantial income who make significant pension contributions. The current rate of the SAA charge is 20% on excess pension contributions. The aim of the charge is to discourage individuals from making significantly higher pension contributions in anticipation of the removal of higher rate tax relief which will occur in 2011.
Bank Payroll Tax
In a move designed to tackle certain remuneration practices that are considered to have contributed to ‘excessive risk taking’ in the banking industry, a temporary bank payroll tax of 50% is to apply to certain bonuses regardless of how they are paid. The tax will apply to the amount of the bonus which exceeds £25,000 for any individual employee and is applicable to banks, building societies and other related financial businesses.
Changes to the Advisory Fuel Rates from 1 December 2009
To reflect the increase in fuel prices, HMRC have issued new advisory fuel rates for employees driving employer provided cars. These take effect for all journeys undertaken from 1 December, so employers using the advisory rates should advise affected employees and update any expense forms as soon as possible.
HMRC Warn of more Scam Emails
As the new year gets underway, HMRC are reminding taxpayers to be vigilant as scam emails have been reported.
Tax Relief on Nursery Vouchers
Gordon Brown has revised his proposal to withdraw the income tax and NI exemption on employer-provided childcare vouchers.
Cross-border VAT Changes 2010
HMRC have issued some important guidance regarding the changes in the place of supply of services rules which take effect from 1 January 2010.
Bad Weather Advice
The Institution of Occupational Safety and Health (IOSH) are warning people to be prepared for poor weather conditions when travelling. They have produced a few tips to help ensure that travel, whether it is for work or pleasure, remains safe despite the weather.
For further information, please contact us on +44 113 389 6200 or email enquiries@kirknewsholme.co.uk
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