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Welcome to the Haines Watts Newswire

February 2010

News

Employers are being urged to ensure that they are ready for forthcoming changes to the PAYE system. Read more...

Individuals could be paying more tax later this year after HM Revenue and Customs (HMRC) sent out incorrect tax codes, experts have claimed.
Read more...


More than £700m of affordable, easy access funding from the European Investment Bank (EIB) has been approved for nearly 3,000 businesses in the UK, the Government has revealed. Read more...


Key dates
February 2010

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

28th: Filing date for Corporation Tax Return Form CT600 for period ended 28 February 2009.

5% penalty surcharge on any 2008/09 outstanding tax due on 31 January 2010 still remaining unpaid.


March 2010

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

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

31st: Filing date for Corporation Tax Return Form CT600 for period ended 31 March 2009.

Last minute planning for tax free investments. Make sure you use your ISA allowances.

Last minute planning for the tax year 2009/10. Make sure you use any capital gains tax and inheritance tax annual exemptions.

End of CT61 quarterly period.

End of Corporation Tax financial year.
Tips

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Incorrect PAYE Coding by HMRC

Historically, up to a quarter of all PAYE tax codes have been incorrect when issued. Recently HM Revenue & Customs introduced a new system for producing these codes and, to quote from HMRC’s own website, "The transition to the new system has brought to light some discrepancies in our existing records and this is resulting in a number of incorrect Coding Notices being issued". Make sure you ask HMRC to correct any errors that are discovered.


Sage V11 - Urgent Upgrade Required

Sage Version 11 is soon to cease being supported by Sage. Anyone using V11 or below is strongly recommended to upgrade to the latest version, as no data fixes, support or updates will be available by April 2010, and will result in a serious risk to your accounting data.

To find out more click here.



Utilities - New Micro Business Regulations

Ofgem, the utilities industry regulator, has put in place regulations to protect small businesses from 18 January 2010. The regulator concluded that suppliers could do more to protect small businesses (Micro Businesses) and offer greater benefits to customers and has set out a number of proposals aimed at providing a fairer deal for the small business market.

To find out more click here.


VAT - Car Dealers

The concession which allows dealers in second-hand vehicles to account for VAT on the purchase price or half the selling price (where they do not hold the necessary records) will be withdrawn on 1 April 2010. Dealers who fail to retain evidence of both purchase and selling price will be required to charge VAT on the full selling price.


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