News - October

From time to time, we produce information for clients on a number of topical and important issues, some of which can be found below:

Additional Paternity Leave and Pay

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

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

From 1 August 2009 the minimum wage for apprentices increased from £80 to £95 per week.

Online Filing of Corporation Tax Returns

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

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.

Liechtenstein Disclosure Facility

HMRC have announced details of the Liechtenstein Disclosure Facility (LDF) which has been introduced to support the reviews to be carried out by the Financial Intermediaries in Liechtenstein to identify those who may have liability to UK tax. The LDF allows people with unpaid tax linked to investments or assets in Liechtenstein to settle their tax liability under this special arrangement.

New UK Border Agency Controls

The government has announced new measures which should enable resident workers to have every opportunity to fill vacancies before they are offered to workers abroad.

HMRC Warn of more Scam Emails

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.

Income shifting to dodge the new top tax rate

Halesowen accountants E R Grove & Co are advising higher rate tax payers to start planning now for the new tax rates effective April 2010.