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Contact Us Business News - October 2009
From time to time, we produce information for clients on a number of topical and important issues, some of which can be found below:
New Timetable for Tax Refunds
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Moore Thompson accountants are reminding taxpayers that the time limit for claiming back overpaid tax is being reduced from six to four years. |
Tax-Free Dividends
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Moore Thompson accountants are advising that overseas dividends received by a UK company will be exempt from corporation tax in the same way as those received from a UK company. |
Firms Reminded Of Companies Act Changes
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Moore Thompson are advising that the new Department of Business, Innovation and Skills (BIS) has written to all companies registered in the UK, reminding them of the changes coming into place on 1 October this year under the 2006 Companies Act. |
Additional Paternity Leave and Pay
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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
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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
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From 1 August 2009 the minimum wage for apprentices increased from £80 to £95 per week. |
Online Filing Of Corporation Tax Returns
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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
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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. |
HMRC Warn Of More Scam Emails
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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. |
Keeping hold of Entrepreneurs’ Relief
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Moore Thompson accountants is advising business owners about further steps that can be taken to preserve the relief from the new Entrepreneurs’ Relief (ER), which was brought in just over a year ago. |
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