Business News - Accountants for farmers in Lincolnshire covering Spalding, Wisbech and Market Deeping

Business News - February 2010

From time to time, we produce information for clients on a number of topical and important issues, some of which can be found below:

Call for Better Handling of Bereavement

Moore Thompson accountants have backed the findings of a campaigning organisation that HM Revenue and Customs (HMRC) needs to improve the way it treats recently-bereaved people.

Moore Thompson accountants are reminding business owners that HM Revenue and Customs (HMRC) has updated its online service for VAT ahead of new rules which come into force in April.

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 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.

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.

HMRC have introduced the facility to apply for dispensations online.

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.

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.

The new Statutory Payment Rates for 2010/11 have been announced.

HMRC have updated their guidance on using your own vehicle for work. The guidance needs to be read in conjunction with the mileage rates which for those using their own car for work purposes are unchanged at 40 pence a mile for the first 10,000 miles dropping to 25 pence a mile thereafter.

Internet links: HMRC factsheet mileage and HMRC mileage rates

Tax Payments

For those making tax and national insurance payments, HMRC are reminding that their bank details changed last year. To confirm that you are making payment to the correct bank account please visit the link below.

Internet link: HMRC bank details