The Budget 2009 contained announcements about significant changes to the rules for furnished holiday lettings (FHL) but those who are affected may have to act fast. The main announcements are set out below: Extension of the furnished holiday lettings scheme to properties in the European Economic Area (EEA) (previously it was thought that the property had [...]
Saturday, May 2, 2009
The vehicle scrappage or discount scheme is a voluntary scheme for motor dealers. Participating dealers will give buyers a £2,000 discount off the purchase price of a new car or small van in exchange for scrapping their old qualifying vehicle which must, amongst other criteria, be registered on or before 31 August 1999. The scheme is [...]
Saturday, May 2, 2009
Alistair Darling presented his second Budget on Wednesday 22 April 2009. Having acknowledged the depth of the recession, he hinted that the Budget measures would enable the UK economy to begin to grow ‘by the end of the year’. As always the timing of the changes needs to be carefully watched – some are immediate but [...]
Thursday, April 30, 2009
The Chancellor has not only brought forward proposals which were to take place in 2011, he has also made changes to his original announcements. From 6 April 2010 the personal allowance, currently £6,475, will be subject to an income limit of £100,000. An individual’s personal allowance will be reduced by £1 for every £2 of adjusted [...]
Monday, April 27, 2009
Pension contributions made by an individual are usually paid net of basic rate tax. Where the individual is a higher rate taxpayer further relief is due which significantly reduces the net cost of the contribution. The government has announced its intention to restrict tax relief on pension savings with effect from 6 April 2011 for people [...]
Wednesday, April 22, 2009
Under current rules businesses already have a number of mechanisms to relieve trading losses against other income including past trading profits. Unincorporated businesses can offset unlimited trading losses against income in the preceding year and in the early years of business trading losses may be carried back for three years. The main relief for companies is a [...]
Tuesday, March 17, 2009
From 6 April 2009, changes have been made to how employers will have to record National Insurance Contributions (NICs) due to changes to the State Second Pension. Employers will have to record NICs in the following four earnings bands, with the introduction of the Upper Accrual Point: earnings up to and including the Lower Earnings Level [...]
Thursday, March 12, 2009
The new Statutory Payment Rates for 2009/10 have been announced (subject to Parliamentary approval). The new rates are as follows: Statutory Sick Pay (SSP) weekly rate - £79.15 for payment weeks beginning on or after 6 April 2009 Statutory Maternity Pay (SMP) – standard rate £123.06 for payment weeks beginning on or after 5 April 2009 Statutory, Adoption [...]
Tuesday, March 10, 2009
Salary sacrifice is a change to an employee’s contractual pay entitlement. It often involves the giving up of some entitlement to pay in return for some other form of benefit, such as employer pension contributions or childcare vouchers. Depending on the sort of benefit involved, tax and/or National Insurance savings can often result for both [...]
Sunday, March 8, 2009
During 2009, HMRC will be changing the bank accounts into which businesses and individuals make payments. These changes will be phased in throughout the year but HMRC will keep businesses and taxpayers informed of any changes. The first account change will be on the Pay As You Earn (PAYE) payment booklets issued from February 2009, which [...]
Registered in England No. 06734565 - HM Revenue & Customs Agent Ref: i5076F - Data Protection Number : Z1549382 - VAT Reg. 942 0667 26
Web Design By
Tuesday, May 5, 2009
0 Comments