Corporation tax changes on the horizon

HM Revenue and Customs (HMRC) has issued a reminder about important changes that will be affecting corporation tax this April. Under the changes, all company tax returns sent in from April 2011 must be filed online for accounting periods ending after 31 March 2010. What’s more, returns will need to be submitted in a data[…]

MP Jake joins Jack Ross Budget Breakfast Q&A

In March we’re hosting our own post-Budget Question Time event with Rossendale and Darwen MP Jake Berry. We’re inviting owners and managers from across Rossendale to the Jack Ross Budget Breakfast event at Rawtenstall Cricket Club on Friday March 25 — two days after the chancellor George Osborne delivers his Budget. Our special post-Budget breakfast[…]

Posted in Tax

The importance of keeping books in good order

Smaller businesses are being urged to maintain up-to-date and accurate financial records. HM Revenue and Customs (HMRC) has plans to clamp down on significant record keeping failures this year. HMRC could be looking at as many as 50,000 firms each year to make sure that their records are in good order. ‘Inadequate’ or ‘inaccurate’ records[…]

Savers continue to be hit by inflation

The rising cost of living remains a problem for savers. The latest measure of inflation by the Consumer Prices Index now stands at 3.7 per cent. Once inflation and tax are taken into account, basic rate taxpayers would need an account that delivers an interest rate of 4.625 per cent for a return on their[…]

2011 PAYE Update – Tax Enquiries

Increasingly, HMRC is issuing formal queries when a few years ago it would simply ring up the employer. In most cases, this is nothing to be worried about. The matter is addressed simply by passing the letter to us for a reply. Some of these letters can look formal and even intimidating. In most cases,[…]

Posted in Tax

2011 PAYE Update – Pensions

The previous government announced that it was restricting pension relief to taxpayers that earn more than £150,000 a year. This took 22 pages of tax law and involved complex calculations. The new government has decided to keep the pension restriction but to implement it in a simpler way. This is done in two stages: the[…]

2011 PAYE Update

There have been a number of developments during the last year  – here is a brief overview of the changes. National insurance The new rates for national insurance have been announced for the tax year starting on 6 April 2011. The earnings threshold is replaced by two thresholds: a primary threshold (PT) for employees and[…]

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