Online News - Business News - Date: October 2009
Taxman waiting for £286m
HM Revenue & Customs is waiting on £286m in corporate taxes as the Business Payment Support Service scheme comes into play, essentially allowing companies to delay their tax bill.
Exchange rate volatility
Fluctuations in currency is the top concern for SMEs trading internationally, according to a report by American Express (AMEX).
Additional Paternity Leave and Pay
The government has announced its intention to introduce Additional Paternity Leave and Pay for fathers of children due on or after 3 April 2011.
National Minimum Wage Increases
The adult rate of the National Minimum Wage (NMW) increases to £5.80 (£5.73) an hour from 1 October 2009. This is payable to those age 22 and over.
Pay for Apprentices
From 1 August 2009 the minimum wage for apprentices increased from £80 to £95 per week.
Online Filing of Corporation Tax Returns
HMRC have written to half a million companies and their tax agents, to advise them of important changes to Corporation Tax (CT) return filing. The mail-shot contained a new HMRC leaflet on the changes, which will require all company tax returns delivered after 31 March 2011 to be filed online, for accounting periods ending after 31 March 2010. The leaflet explains how, after 31 March 2011, CT returns must be filed online in a specified data format (known as Inline XBRL or iXBRL).
Online Filing of VAT Returns
HMRC are advising businesses that new rules on how VAT returns are submitted and payments are made will come into force next year. Paper VAT returns will be phased out from 1 April 2010.
Liechtenstein Disclosure Facility
HMRC have announced details of the Liechtenstein Disclosure Facility (LDF) which has been introduced to support the reviews to be carried out by the Financial Intermediaries in Liechtenstein to identify those who may have liability to UK tax. The LDF allows people with unpaid tax linked to investments or assets in Liechtenstein to settle their tax liability under this special arrangement.
New UK Border Agency Controls
The government has announced new measures which should enable resident workers to have every opportunity to fill vacancies before they are offered to workers abroad.
HMRC Warn of more Scam Emails
HMRC have updated their guidance on scam emails as they are aware that a large number of individuals are receiving emails offering tax rebates. HMRC have also confirmed that they would not inform taxpayers of a tax rebate via email, or request that they complete an online form to receive a rebate of tax.
For further information, please contact us on +44 113 389 6200 or email enquiries@kirknewsholme.co.uk
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