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Spring Payroll Newsletter 2010

We have now uploaded our latest newsletter for you to download.

This newsletter includes:

  • information on the upcoming PAYE deadlines.
  • information on the 2010/2011 rates
  • information on taxable and non taxable benefits and how to make them right for you
  • information on the new PAYE penalties
  • information about filing online

Qualifying Low Emission Cars

As an incentive to businesses to reduce their carbon footprint cars with emissions of less than 110g/km or is electrically propelled qualify for 100% first year allowance. A list of the petrol/diesel cars that currently qualify is shown in the pdf attached.

The benefit in kind for these are when given to employees as a company vehicle attract lower tax benefits.

If you require any further information please contact our Business Services Manager.

Has your company set up PROOF?

What is PROOF?
PROOF stands for PROtected Online Filing.  It is a scheme set up by Companies House to help prevent companies

Leisure and Hospitality Businesses open on New Year's Eve.

It has been accepted that bars, clubs, restaurants and hotels open after midnight on 31 December 2009 can continue to charge VAT at the 15% rate of VAT.

This applies until the end of the nights trading or 6.00am whichever is the earlier.

Please note that this does not include amusement, gaming or vending machine sales.

Prepare for the VAT rate increase

From 1 January 2010 the VAT rate returns to 17.5%. The rate chargeable is determined by the tax point. If a tax point for supply is 31 December or earlier then the rate of 15% should be used.

When is the tax point?

It is the earlier of:
- Receipt of money
- Delivery of goods or completion of services
- Date of invoice

How will this affect cash flow?

Businesses will pay 2.5% more for their purchases and charge 2.5% more on their sales.

Pre Budget 2010

On Wednesday 9 December 2009, the Chancellor of the Exchequer, the Rt Hon Alistair Darling MP, delivered his Pre-Budget Report to the House of Commons.

We have attached our summary for your information here.

If you would like to discuss how this affects you personally please contact us on 01332 680540.

Paying PAYE on time

From May 2010 you may have to pay a penalty if you do not pay the PAYE due each month, on time and in full.

What if I do not pay on time?

H M Revenue and Customs intend to implement the late penalties for payments due from May 2010. From then on, you may have to pay penalties if you make more than one PAYE payment late. The new penalties will apply to all employers, including large employers (who are required to pay electronically) and will replace the Mandatory Electronic Payment surcharge.

Personal Affairs Checklist

Do you know where all your important papers and documents are kept?

Would it be easy to locate your Will, Insurance Policies, Bank Accounts and Pension Arrangements?

If the answer is

Autumn Newsletter

We have now uploaded our latest newsletter for you to download.

This newsletter includes:

  • information for new businesses,
  • information useful for anyone who is paying income tax
  • information on a new Personal Affairs Checklist which can be downloaded free
  • some reminders of tax deadlines

Shapcotts Accountants Website

Welcome to Shapcotts New Website.

We hope you find the site useful and informative.

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