News Archive
Keep up to date with developments in accountancy law, good business practice and economic events. We'll feature our own news as well as articles we believe will be of interest to you. Enjoy!
Business News - June
Emergency Budget 2010 - 'Tough but fair' measures unveiled by Chancellor
Carlisle based firm of chartered accountants Lamont Pridmore is advising clients to pay close attention to the Emergency Budget and its implications for businesses across the UK.
Local businesses are winners with Lamont Pridmore at Cumbria Growth 2010
Cumbria-based firm of chartered accountants, tax and business advisors Lamont Pridmore have announced the winners of the prize draw they held at the Cumbria Growth 2010 event.
Lamont Pridmore welcomes new member of the team to Carlisle office
Cumbrian-based family firm of chartered accountants, tax experts and business advisors, Lamont Pridmore, has expanded its pool of highly skilled financial advisers with the recruitment of a new team member, Tracy Gibson ACA, AAT.
Lamont Pridmore to offer technologically advanced security system
Cumbria-based firm of chartered accountants and business advisors, Lamont Pridmore, is setting itself apart from the rest by offering the latest in cutting edge technology to improve the security of their clients’ personal data.
Spreading business knowledge with the Chamber of Commerce
Lamont Pridmore is set to appear at two essential business networking events, hosted by the Cumbria Chamber of Commerce this month.
EFG Loan Review Pending?
Cumbria-based firm of chartered accountants, tax and business advisors, Lamont Pridmore, have commented on a clause hidden deep in the coalition programme.
Chris is following in Dad's footsteps
Lamont Pridmore's very own Chris Lamont is doing his part to improve the progression of the profession, having recently been voted on to the committee of the prestigious Cumberland Society of Chartered Accountants.
What a relief!
Cumbria-based firm of accountants and business advisers, Lamont Pridmore, has expressed delight that the expected CGT rises won't affect business owners on the gains made when selling their business.
Lamont Pridmore celebrates the taste of Cumbria at awards ceremony
Cumbria-based firm of chartered accountants, tax and business advisors, Lamont Pridmore, sponsored ‘The Taste of Cumbria’ category at this year’s Cumbria Tourism Awards, proudly playing their part in promoting the region’s tourism industry.
Lamont Pridmore Helps to give Cumbrian Tourism a Boost
Cumbria-based firm of chartered accountants and business advisors, Lamont Pridmore, is doing its bit to celebrate the region’s tourism trade, by sponsoring an award in a prestigious awards ceremony.
Graham shares the secrets of success at conference
A local business consultant and profit-improvement coach provided accountants from across the North of England with an expert insight into how to improve their business prospects, at a recent conference.
Penalty Guidance on Late Payment of PAYE
Alistair Darling presented his third Budget on Wednesday 24 March 2010.
National Minimum Wage Rates
From October 2010, National Minimum Wage rates will increase.
Furnished Holiday Letting Reprieve
Getting the Finance Bill 2010 passed between when it was published on 1 April 2010 and the dissolution of Parliament on 12 April was always set to be a heavy load in spite of the fact that there were only 73 clauses and supporting schedules.
HMRC Offer Advice on Fraud Emails
HMRC are reminding taxpayers to be vigilant as there have been several reports of scam emails.
P11D Deadline Looming
The forms P11D, and where appropriate P9D, which report employees and directors benefits and expenses for the year ended 5 April 2010, are due for submission to HMRC by 6 July 2010.
VAT And Royal Mail Postage
Some types of postal services offered by the Royal Mail will be subject to VAT from 31 January 2011.
Online Submission Of Employers Forms
The employer’s annual returns P35 and P14 (P60) are due for submission to HMRC by 19 May 2010. Broadly all employers must submit their forms online this year. Previously those employers with less than 50 employees could file paper forms.
UK economy grows more slowly than predicted
The UK avoided a double-dip recession in the first quarter of 2010, although the recovery was weaker than expected.
Savers lose out as inflation rises
Consumer Price Inflation (CPI) rose to 3.4 percent in March, higher than the predicted increase and the Government-set target of 2 percent.
Private pensions move back into surplus
The 7,400 private sector final-salary pension schemes in the UK have moved back into surplus for the first time since June 2008.
Business News - May
Graham shares the secrets of success at conference
Graham Lamont, chief executive and managing partner of Cumbria-based chartered accountancy firm, Lamont Pridmore, gave an informative presentation on the ‘secrets of success’ at the Lakes Weekend Conference at the Lakeside Hotel, Newby Bridge.
Lamont Pridmore Helps to give Cumbrian Tourism a Boost
Lamont Pridmore, is doing its bit to celebrate the region’s tourism trade, by sponsoring an award in a prestigious awards ceremony.
National Minimum Wage Rates
From October 2010, National Minimum Wage rates will increase.
Furnished Holiday Letting Reprieve
Getting the Finance Bill 2010 passed between when it was published on 1 April 2010 and the dissolution of Parliament on 12 April was always set to be a heavy load in spite of the fact that there were only 73 clauses and supporting schedules.
HMRC Offer Advice on Fraud Emails
HMRC are reminding taxpayers to be vigilant as there have been several reports of scam emails.
P11D Deadline Looming
The forms P11D, and where appropriate P9D, which report employees and directors benefits and expenses for the year ended 5 April 2010, are due for submission to HMRC by 6 July 2010.
VAT And Royal Mail Postage
Some types of postal services offered by the Royal Mail will be subject to VAT from 31 January 2011.
Online Submission Of Employers Forms
The employer’s annual returns P35 and P14 (P60) are due for submission to HMRC by 19 May 2010. Broadly all employers must submit their forms online this year. Previously those employers with less than 50 employees could file paper forms.
UK economy grows more slowly than predicted
The UK avoided a double-dip recession in the first quarter of 2010, although the recovery was weaker than expected.
Savers lose out as inflation rises
Consumer Price Inflation (CPI) rose to 3.4 percent in March, higher than the predicted increase and the Government-set target of 2 percent.
Private pensions move back into surplus
The 7,400 private sector final-salary pension schemes in the UK have moved back into surplus for the first time since June 2008.
Business News - April
Budget 2010
Alistair Darling presented his third Budget on Wednesday 24 March 2010.
Annual Investment Allowance Increased
Most businesses are able to claim an Annual Investment Allowance (AIA) on the first £50,000 spent on plant and machinery. This provides immediate 100% tax relief on qualifying expenditure.
Close Company Loan Write Offs
Close companies, generally meaning family and owner managed companies, are subject to special rules in relation to loans or advances made to participators and their associates.
Entrepreneurs' Relief
The amount of an individual’s capital gains that can qualify for Entrepreneurs’ Relief are currently subject to a lifetime limit of £1 million. Gains qualifying for the relief are charged at an effective tax rate of 10% rather than the usual rate of 18%.
Inheritance Tax Nil Rate Band Frozen
As previously announced, the nil rate band for 2010/11 will be frozen at the current level of £325,000. This will now be extended to cover the tax years 2011/12 to 2014/15.
Stamp Duty Land Tax And First Time Home Buyers
At present the Stamp Duty Land Tax rate is 1% for residential property purchases where the consideration is more than £125,000 but does not exceed £250,000.
Payment of VAT
HMRC are advising businesses that from 1 April 2010 all cheque payments by post will be treated as being received by HMRC on the date when cleared funds reach HMRC's bank account. This change does not affect any cheque payments made by Bank Giro.
Employer Supported Childcare
In 2009 the government announced changes to employer supported childcare and HMRC have now issued further guidance on the changes.
National Insurance - New EU Rules
HMRC have released new guidance for employers about forthcoming changes to EU rules regarding national insurance for people moving around Europe for work. The rules apply from 1 May 2010. To read the guidance in full, please use the link below.
HMRC Will Publish Details Of 'Deliberate' Offenders
HMRC have the necessary power under existing tax law to publish the details of taxpayers where it is established that they have committed ‘deliberate’ tax offences. HMRC have confirmed that they will apply this provision for tax periods starting on or after 1 April 2010 and for offences which are committed on or after this date.
Official Rate Of Interest
From 6 April 2010 the official rate of interest applying to interest-free or low interest loans made to employees will be 4%. The current rate is 4.75%. Employees are generally liable to tax on a benefit equal to the amount of interest, calculated at the official rate, where the balance of the loan exceeds £5,000 at any point in the tax year.
Employment Rate Falls To 72.2%
The government has announced the latest employment statistics which show the number of people in employment has dropped by 54,000.
Fit Notes
Fit notes will be brought into effect from April 2010 and are a replacement for sick notes. The information that doctors will be asked to provide means that instead of giving patients a sick note saying they are too ill to work, they will be able to advise whether a person may be fit for work with some help and support, and what employers can do to assist in this process.
ISA limit set to rise further
Following a first decade of the ISA which saw just one increase in the allowances available to all savers, the government has pledged an annual increase for the duration of the next parliament.
FSA targets commission-based sales
Under the final rules of the Retail Distribution Review (RDR), which come into force on 1st January 2013, financial advisers will be paid by fees agreed between them and their clients rather than commission from product providers.
UKFI considers reducing stake in banks
UK Financial Investments (UKFI) is considering selling bonds that could be eventually exchanged for shares in Lloyds Banking Group and the Royal Bank of Scotland (RBS).
Business News - March
Budget 2010 - The 'Budget for Recovery'
Workington-based firm of chartered accountants, tax and business advisers Lamont Pridmore, is advising clients to take note of this year’s budget and the provisions it has made to aid the growth of businesses across the UK.
Local accountant provides valuable advice to National firms - March 2010
Accountants from all over the UK benefited from a local firm’s expertise last week when Chris Lamont, of Cumbrian based accountants and business advisors Lamont Pridmore, gave an informative presentation on disaster recovery strategies at the Corporate Finance Network’s spring conference held in Stratford-upon-Avon.
New record for filing online tax returns - March 2010
According to HMRC statistics a record number of taxpayers filed their Self Assessment tax returns online this year.
HMRC offer advice on fraud emails - March 2010
HMRC are warning taxpayers to be vigilant as there have been several reports of scam emails offering a tax repayment. Taxpayers should not respond to any email promising a tax repayment.
Managed payment plans - March 2010
HMRC has announced that they will launch a new method of paying tax liabilities, known as Managed Payment Plans, in April 2011.
Student loan repayments- March 2010
HMRC have announced a new initiative to reduce student loan over repayments for those ex students who repay their loan through PAYE deductions.
Tax codes being issued - March 2010
HMRC have updated their guidance on the issue of multiple or incorrect PAYE tax codes to some employees following the introduction of their new National Insurance and PAYE computer system.
Vehicle scrappage - March 2010
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.
Scrappage scheme - February 2010
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.
Inflation - March 2010
Government figures released show that the inflation rate increased to 3.5% in January 2010 from the previous month’s figure of 2.9%.
Online communication to soar - March 2010
Clients can expect more regular and relevant contact from their independent financial adviser as the use of electronic communication grows over the next 12 months.
Building societies under renewed pressure - March 2010
While the last two years has seen a number of small and medium-sized building societies merge or be taken over, the remainder are facing a tough fight for survival.
Election uncertainty hits pound - March 2010
Since the beginning of 2010, the pound has fallen sharply against the dollar, dropping to its lowest level since May 2009. Sterling has also plunged against the euro, to its lowest level since last November.
Investors drive up price of farmland - March 2010
Investors' high demand for farmland, coupled with a supply shortage, caused prices to rise in the second half of 2009, following a slight dip in the previous six months.
Business News - February
Budget 2010 - The 'Budget for Recovery'
Workington-based firm of chartered accountants, tax and business advisers Lamont Pridmore, is advising clients to take note of this year’s budget and the provisions it has made to aid the growth of businesses across the UK.
Local accountant provides valuable advice to National firms - March 2010
Accountants from all over the UK benefited from a local firm’s expertise last week when Chris Lamont, of Cumbrian based accountants and business advisors Lamont Pridmore, gave an informative presentation on disaster recovery strategies at the Corporate Finance Network’s spring conference held in Stratford-upon-Avon.
Taxman targets the medical profession - February 2010
High-earning professionals in the medical sector are the latest group to be targeted under HM Revenue and Customs' continuing crackdown on suspected tax evasion.
The Tax Health Plan (THP) - February 2010
HMRC have obtained information from various sources, including NHS trusts, private hospitals and medical insurers and are introducing the THP as an opportunity for medical professionals with tax to pay to get their affairs up to date with the benefit of a fixed penalty.
HMRC new scam emails - February 2010
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 - February 2010
The limit on the amount of the compensatory award for unfair dismissal is set to decrease from 1 February 2010.
Dispensations - new online application form - February 2010
HMRC have introduced the facility to apply for dispensations online.
Tax codes being issued - February 2010
HMRC are advising employees that between January and March 2010 they will be issuing new PAYE coding for 2010/11.
Scrappage scheme - February 2010
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.
Using your own car for work - February 2010
HMRC have updated their guidance on using your own vehicle for work.
Tax payments - February 2010
For those making tax and national insurance payments, HMRC are reminding that their bank details changed last year.
Protecting investments from jumping inflation - February 2010
Last December, the Consumer Price Index (CPI) took the biggest leap since records began – rising to 2.9 percent – with a possible knock on effect on savings, mortgages and pensions.
Obama plans new banking regulations - February 2010
President Barack Obama has proposed sweeping reforms of the US banking system to try to prevent further financial crises.
Pre-year end planning for your investments - February 2010
With a new tax year just over two months away, this is the ideal time to ensure you are making the most of your current investments, as well as deciding on the most beneficial ones for 2010/2011.
The demise of defined benefit pension schemes - February 2010
The writing is on the wall for final salary pension schemes, with nearly nine out of ten defined benefit pensions closed to new entrants, according to a survey of more than 300 larger employers by the Association of Consulting Actuaries.
Business News - January
Extra national insurance burden ahead - January 2010
High-earning professionals in the medical sector are the latest group to be targeted under HM Revenue and Customs’ continuing crackdown on suspected tax evasion.
Special annual allowance charge – new limits for 2009/10 - January 2010
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 - January 2010
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 - January 2010
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 - January 2010
As the New Year gets underway HMRC are reminding taxpayers to be vigilant as scam emails have been reported.
Tax relief on nursery vouchers - January 2010
Gordon Brown has revised his proposal to withdraw the income tax and NI exemption on employer provided childcare vouchers.
Cross-border VAT changes 2010 - December 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 - January 2010
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.
Business News - December
Intrastat thresholds - December 2009
HMRC have announced significant changes to the Intrastat thresholds. Intrastat is used to report the movement of goods within the EU over certain thresholds. Those traders with an annual intra-EU trade in goods exceeding the exemption thresholds are required to provide monthly statistical returns (Intrastat Supplementary declarations).
VAT and new year’s eve traders - December 2009
If you are going to be out celebrating on New Year’s Eve or indeed if your business will be operating over midnight, you will be glad to hear that the government has announced a relaxation of the VAT rules.
Parties for employees - December 2009
Are you planning a party for your employees? The good news is that, unlike entertaining customers, the costs of entertaining employees are generally allowable against the profits of the business.
Swine flu and SSP - December 2009
Under existing rules for Statutory Sick Pay (SSP) employees can self-certify for the first seven days of their illness and employers cannot ask for medical evidence during this period. There has been no change to this requirement.
Online filing of VAT returns - December 2009
HMRC are reminding 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.
First aid at work - December 2009
The Health and Safety Executive are reminding businesses that the guidance for first aid at work changed from 1 October 2009.
Business rates bills - December 2009
The government has confirmed that 60% of business rates will fall next year as a result of revaluation and that it will not collect a penny more of extra revenue as a result of the 2010 revaluation, which is carried out every five years. However, rates bills for some businesses will rise significantly.
Business News - October
Carlisle accounting firm rewards top student - October 2009
A top accountancy student from The University of Cumbria , Carlisle, was rewarded for her outstanding exam results on Monday (October 12) by Lamont Pridmore Accountants.
Lamont Pridmore, have shown local business how to save over £1/2m in tax - October 2009
The firm held a free seminar for businesses on Tuesday (September 29th), which let them in on the top 50 secrets for making savings on your tax bills.
Additional paternity leave and pay - October 2009
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 - October 2009
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 - October 2009
From 1 August 2009 the minimum wage for apprentices increased from £80 to £95 per week.
Online filing of corporation tax returns - October 2009
HMRC have written to half a million companies and their tax agents, to advise them of important changes to Corporation Tax (CT) return filing.
Online filing of VAT returns - October 2009
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 - October 2009
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.
New UK border agency controls - October 2009
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 - October 2009
HMRC have updated their guidance on scam emails as they are aware that a large number of individuals are receiving emails offering tax rebates.
Business News - September
Lamont Pridmore to show businesses 50 ways of saving tax - September 2009
Lamont Pridmore are helping local firms ease their cash flow by showing them how to save tax.
The firm is holding a series of free seminars for businesses, which promises to let you in on the top 50 secrets for making savings on your tax bills.
New disclosure opportunity - September 2009
HMRC have provided more details of the New Disclosure Opportunity (NDO) which is due to take place from 1 September 2009 to 12 March 2010. The NDO is for people with unpaid tax connected to offshore accounts and assets and will give the taxpayers one final opportunity to disclose.
Increase in pay for apprentices - September 2009
From 1 August 2009 the national minimum wage (NMW) for apprentices increased from £80 to £95 per week.
‘False Self-Employment’ in the construction industry - September 2009
The government has been looking at the best way to address the issue of what they believe is ‘false self-employment’ in the construction industry.
HMRC warn of more scam emails - September 2009
HMRC have updated their guidance on scam emails as they are aware that a large number of individuals are receiving emails offering tax rebates.
‘Paper’ tax return deadline looming - September 2009
For those wishing to complete paper self assessment tax returns, the filing deadline of 31 October 2009 is fast approaching.
VAT Increase to 17.5% - September 2009
HMRC have issued guidance for businesses dealing with the increase in the standard rate of VAT from 15% to 17.5%.
Pension changes ahead - September 2009
Under provisions contained in the Pensions Act 2008 employee pension enrolment and employer contributions are to be made compulsory.
Redundancy pay - September 2009
The weekly maximum pay which can be taken into account when calculating statutory redundancy pay is set to increase from 1 October 2009.
Cross-border VAT changes 2010 - September 2009
HMRC have issued important updates in advance of the changes in the place of supply of services rules which take effect from 1 January 2010.
Business News - August
Rise in prosecutions for employing illegal workers - August 2009
Businesses are being warned to undertake more rigorous checks into applicants’ backgrounds as the number of prosecutions for employing illegal workers increased over 500%, according to Giant Precision a business process outsourcer.
Are you complying with the national minimum wage rules? - August 2009
HMRC are reminding employers that since the beginning of the current tax year automatic penalties have been introduced for those who do not comply with the National Minimum Wage (NMW) Regulations.
Business payment support services - August 2009
According to government figures, as at the end of April 2009, over 116,000 businesses have agreed time to pay tax arrangements with HMRC to the value of two billion pounds.
Redundancy alternative - August 2009
The Confederation of British Industry (CBI) has made a proposal for an 'Alternative to Redundancy' (ATR) scheme which could be introduced as part of a package of measures to reduce job losses.
Starting a new business - August 2009
HMRC have amended the form CWF1 which is completed by those individuals who have set up a new business either as a sole trader or as a partner in a partnership.
HSE warning not to be misled over new law poster - August 2009
The Health and Safety Executive (HSE) is warning businesses not to be misled into buying unnecessary and expensive copies of the health and safety law poster.
Swine flu advice for businesses - August 2009
The UK has moved from the 'containment' to the 'treatment' phase of swine flu (H1N1) as the number of people catching swine flu continues to rise.
Scrappage incentive scheme successful - August 2009
According to the Society of Motor Manufacturers and Traders (SMMT) 29,796 vehicles have been registered under the scrappage scheme since it started on 18 May 2009.
Pension payments - August 2009
Pension contributions made by an individual are usually paid net of basic rate tax. Where the individual is a higher rate taxpayer further relief is due which significantly reduces the net cost of the contribution.
Business News - July
Advisory fuel rates - July 2009
To reflect the changes in fuel prices, HMRC have issued new advisory fuel rates for employees driving employer provided cars.
HMRC new disclosure opportunity - July 2009
HMRC have announced some details of the New Disclosure Opportunity (NDO) which is due to take place this autumn. In order to encourage taxpayers to disclose an undeclared offshore account the penalty level has been set at 10%. HMRC hope that the low penalty will encourage taxpayers to come forward.
HMRC PAYE services interruption - July 2009
HMRC are advising taxpayers and employers that, as part of its ongoing plans “to improve customer service and efficiency”, they are in the process of changing the way they process PAYE records.
Employees accrue holiday pay while on sick leave - July 2009
The House of Lords has ruled in the case of Stringer v HMRC that workers who are refused holiday pay while on sick leave can make a claim to an employment tribunal for an unauthorised deduction from wages (under the Employment Rights Act 1996).
Extra paternity leave put on hold - July 2009
Proposals to introduce six months’ paid paternity leave for new fathers have been put on hold by the government in the light of the current economic climate.
HMRC warn of fraudulent email - July 2009
HMRC are warning that an email is currently being sent to some taxpayers advising them that HMRC have “approved them to receive monies”. Apparently the email states that this is as a result of an HMRC program on 15 June 2009. HMRC are advising that this is not a genuine email and taxpayers should not act on it.
Digital Britain - July 2009
The government has published its report Digital Britain which sets out the government’s plans for the UK to be at the forefront of the global digital economy.
Corporation tax return guide - July 2009
HMRC have published revised guidance on the completion of the corporation tax return form CT600.
Please do get in touch if you would like any help in this area.
One in five businesses admit data protection breaches - July 2009
A survey of over 500 SMEs carried out by the British Standards Institution (BSI) has found that nearly one in five businesses has unwittingly breached the Data Protection Act (DPA) at least once.
TAX credits renewal deadline - July 2009
Tax credits are state benefits which are generally available to lower income families. However, entitlement to the credits is significantly increased where individuals pay for childcare or suffer a drop in normal levels of income perhaps due to incurring trading losses or redundancy.
Business News - May
Personal tax changes - May 2009
The Chancellor has not only brought forward proposals which were to take place in 2011, he has also made changes to his original announcements.
Restricted tax relief on pension contributions - May 2009
Pension contributions made by an individual are usually paid net of basic rate tax. Where the individual is a higher rate taxpayer further relief is due which significantly reduces the net cost of the contribution.
Enhanced relief for trading losses - May 2009
Under current rules businesses already have a number of mechanisms to relieve trading losses against other income including past trading profits.
Capital allowances on plant and machinery - May 2009
Additional capital allowances are to be available for expenditure incurred by a business in the 12 month period (starting 1 April 2009 for companies and 6 April 2009 for individuals and partnerships).
Standard rate VAT - May 2009
The standard rate of VAT was reduced from 17.5% to 15% for the 13 month period 1 December 2008 to 31 December 2009. HMRC have confirmed that the standard rate of VAT will revert to 17.5% from 1 January 2010.
VAT system for cross-border trading - May 2009
A package of measures is being introduced to simplify and modernise the VAT system for cross-border trading and to counter fraud across the EU.
Bradford & Bingley position of former shareholders - May 2009
As you are no doubt aware, shares in Bradford & Bingley plc were taken into public ownership last year. HMRC have issued guidance relevant to former shareholders and employees who were members of employee share schemes.
Change of HMRC bank account details - May 2009
HMRC bank account details for paying self employed Class 2 and voluntary Class 3 National Insurance Contributions have changed. HMRC have advised that individuals will need to use the new account details when making a payment.
Businesses given more time to pay business rates - May 2009
Alistair Darling made a late change to the impact of business rate rises which were due to take effect in England from 1 April 2009.