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News - July
Emergency Budget
George Osborne presented his first Budget on Tuesday 22 June 2010.
Capital Gains Tax Changes
A new rate of Capital Gains Tax (CGT) of 28% will be introduced.
Standard Rate of VAT to Increase
It is proposed to increase the standard rate of VAT from 17.5% to 20% with effect for any supply made on or after 4 January 2011.
HMRC Amend PAYE Penalties Guidance
At the start of the tax year new late payment penalties were introduced for PAYE and other payments due from employers.
Keep Proper Records!
HMRC have recently issued a reminder about the various 'toolkits' that they have developed to assist agents when preparing returns.
HMRC Launch Tax Credit Video
Every year, tax credit claimants must renew their tax credit awards by 31 July or their payments may stop. Claimants on ‘nil awards’, and those receiving only the full family element of Child Tax Credit, will receive a statement of their 2009/10 award. If these details are correct no further action is needed and the claims are automatically renewed.
Business Link Guidance For Farmers
Business Link has set up a dedicated new online service for farmers and growers.
Maternity Rights for the Self Employed
It appears as though the self employed will become entitled to maternity leave for the first time under new laws introduced by the European Union (EU).