With effect from 6 April 2010 a new form for doctors to certify a persons fitness for work will be issued. It will add to the existing fit/unfit statement the following
If available, and with your employer’s agreement, you may benefit from:
a) a phased return to work
b) altered hours
c) amended duties
d) workplace adaptations
e) Comments, including functional effects of your condition(s):
This will enable employers to determine whether they can change an employee’s work pattern so that limited or certain duties can recommence.
Posted By Haydn Pyatt - Wednesday March 10, 2010.Tags: Employment, Management
HMRC have announced that from 1 April 2010 all cheque payments by post will be treated as being received by HMRC on the date when cleared funds reach HMRC’s bank account. So please allow an extra 4 days if you want to avoid getting sucked into the penalty regime.
It seems to be part of HMRC’s bludgeoning of the taxpayer to use electronic banking. If you file online and pay electronically you have until 7th of the month, pay by direct debit then you have until the 10th of the month to pay.
Posted By Haydn Pyatt - Monday March 8, 2010.Tags: Small Business, Tax
As the new tax year approaches and some radical changes come into force it may be worthwhile considering whether you need to do anything to mitigate your future tax liabilities.
1. For those of you in the upper echelons of income earning, the new 50% tax rate will have a huge effect. Simply speaking the raise in tax is by 25% (10% added over 40% – we can all play the % game) so anything that you can do to avoide the increase will be of immense value. Convert income to capital, receive income early, defer income until later years when a more lenient tax regime is in place are all tactics that can have a beneficial effect for a small outlay.
2. Incorporate your business. For those sole traders and partnerships earning over £15,000 incorporation can often reduce the overall tax and NI bill without a huge increase in compliance costs.
3. Plan capital expenditure. If you are anticipating spending over £50,000 on new plant and equipment, spend £50k now and £50k after the 6 April and get the benefit of 100% capital allowances on the whole amount.
All these point need detailed planning. Give us a call now to avoid last minute chaos.
Posted By Haydn Pyatt - Thursday February 11, 2010.Tags: Tax, Self Employed
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).
Employers are not obliged to reimburse their employees for business fuel at these rates as long as they do not exceed them overall. Employers making or collecting payments at the superseded rate because they have not been able to change their systems in time may use their judgement on whether to make or require a second payment in respect of the same period in order to apply the new rate from its effective date. However, employers should note that under the normal rules, employees are only able to avoid the car fuel benefit charge if the amount they repay in respect of private fuel at least equals the amounts based on the rates as published.
Visit the HMRC WebSite for the current rates at http://www.hmrc.gov.uk/cars/advisory_fuel_current.htmPosted By Haydn Pyatt - Thursday December 17, 2009.
Tags: Tax
Another damp squib announcment that was more about setting the scene for next years election than curing the budget deficit.
National Insurance contributions:
All employer, employee and self-employed National Insurance contributions will increase by a further 0.5 per cent from April 2011, adding to the 0.5 per cent hike already penned in to take affect from April 2011 (announced in the 2008 pre-Budget report). However, to protect those on modest incomes, the chancellor said he would raise the starting point from which National Insurance contributions are payable, so that no-one earning under £20,000 will pay the higher contributions.
The basic state pension: Good news if you already draw a state pension, as it will rise by 2.5 per cent from April 2010.
Child and disability benefits: Effective from 2010, the chancellor will increase child and disability benefit by 1.5 per cent.
Stamp Duty: Calls for the chancellor to extend the stamp duty holiday – which allowed residential homes under £175,000 to be bought tax-free – have been ignored. From 1 January 2010, properties priced over £125,000 will again have to pay a 1 per cent tax on the property.
VAT: VAT which was reduced to 15 per cent during the credit crisis, will return to its normal level of 17.5 per cent from 1 January 2010. The chancellor said there are no further planed changes to the level of VAT.
Your vehicle and your home: Improving energy efficiency
Household boiler scrappage scheme: The chancellor has called for each and every one of us to become more energy efficient and cut household bills. He said each inefficient boiler adds over £200 to household bills and one tonne of carbon to the atmosphere. As a result, 125,000 homes will now be eligible for funding to replace inefficient boilers with new models, from April.
Home wind turbines and solar panels: From April 2010, people with a home wind turbine or solar panels who then plug their excess power into the national grid will receive on average £900 a year tax free from the government.
Electric motoring: In a bid to increase the number of electric cars on UK streets, the chancellor from April 2010, will allow electric car drivers to enjoy tax free benefits exempting the vehicles from company car tax for five years.
The economy: What to expect in the year ahead
Economic growth: The UK economy (GDP) is expected to grow in 2010, by between 1-1.5 per cent. This year the economy is expected to shrink in total by 4.75 per cent.
Inflation: Concerns about inflation look set to continue with the chancellor anticipating inflation will rise to 3 per cent in the early part of 2010, with it then falling back to 1.5 per cent at the end of 2010.
And finally…..Banker bonuses
For all of the bank’s paying bonuses to their bankers in excess of £25,000, a 50 per cent super-tax will be levied on the bank itself in a bid to encourage banks to rebuild financial strength. The measure comes into effect immediately. However any contractual ( as opposed to discretionary ) bonus will be exempt as will any bonus paid after 5 April 2010.
Posted By Haydn Pyatt - Thursday December 10, 2009.Tags: Small Business, Tax
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