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Welcome to the Haines Watts Newswire

December 2009

News

VAT-registered businesses are being urged to take note of the forthcoming changes to the rules on filing returns. Read more...

HMRC announced the new fuel rates for company cars from 1 December 2009 (which takes account of any recent fuel price adjustments as well as the soon to be increased VAT rate). Read more...

HM Revenue and Customs (HMRC) has extended its offshore tax amnesty in an effort to encourage more people to use the scheme. Read more...


Key dates

December 2009

30th: Last date to file your 2009 Tax Return electronically if you are an employee and wish to have a 2008/09 balancing payment of less than £2,000 collected through your 2010/11 PAYE code. Date dependant upon who is filing.

31st: Last day for non-EC traders to reclaim recoverable UK VAT suffered in the year to 30 June 2009.

End of relevant year for taxable distance supplies to UK for VAT registration purposes.

End of relevant year for cross-border acquisitions of taxable goods in the UK for VAT registration purposes.

End of CT61 quarterly period.

Filing date for Corporation Tax Return Form CT600 for period ended 31 December 2008.

January 2010

1st: Due date for payment of Corporation Tax for period ended 31 March 2009.

19th: PAYE/NIC due for the month to 5 January 2010.

PAYE and CIS quarterly payment date for small employers and contractors.

31st: Deadline for submitting your 2008/09 income tax self assessment return (up to £100 penalty if your return is late).

Balance of your 2008/09 income tax due, plus first payment on account for 2009/10 (interest will run on any payments due and not paid).

Filing date for Corporation Tax Return Form CT600 for period ended 31 January 2009.

 Business Tips

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VAT Update

For taxpayers who operate the Flat Rate Scheme, please ensure from 01 January 2010, the correct percentage is applied to your turnover as they were updated following the PBR. Where your VAT return period covers the VAT rate change, apply the previous flat rate percentage to turnover incurred up to 31 December 2009 and then apply the new rate thereafter.

For more information please visit our VAT section on our website. click here.



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Changing VAT in Accounting Systems

If your business has any unusual circumstances, uses VAT Cash Accounting, or you work retrospectively on accounts, then it may not be appropriate to make changes to your accounts software immediately. You should speak to your accountant or Sage support provider. Be careful when entering data during the changeover, as you may receive paperwork with both 15% and 17.5% rates being applied.

For more information, visit HW Technology.
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