HMRC have announced new rates that apply to all journeys on or after 1 July 2009.
The rates apply where employers reimburse employees for business travel in their company cars or require employees to repay the cost of fuel used for private travel.
Customs will also accept the rates for VAT purposes if employers retain sufficient receipts.
Follow the link below for the new rates:
http://www.hmrc.gov.uk/cars/advisory_fuel_current.htm
For help and advice regarding company cars contact Nottingham Accountants Marshall Smalley Chartered Certified Accountants on 0115 9565171 or visit www.marshallsmalley.com
Monday, 24 August 2009
HMRC’s New Disclosure Opportunity (NDO)
The NDO is available to all UK taxpayers who decide to make a voluntary disclosure of direct or indirect tax liabilities. The irregularities do not have to necessarily involve an offshore bank account.
Under the NDO HMRC allow people with unpaid taxes to settle their tax liabilities at a discounted penalty rate. Where the tax does not exceed £1,000 there are no penalties.
The NDO registration window opens on 1 September and closes on 30 November whilst the longest deadline date for full disclosure and settlement is 12 March 2010.
NDO covers both onshore and offshore tax problems, we are more than willing to help anyone who would like to register and make a disclosure under NDO.
HMRC have said the NDO is "the last opportunity of its kind”. Meanwhile, HMRC has won access to offshore accounts of 300 banks, and will use that information to monitor who makes a disclosure.
For assistance or more information call Nottingham Accountants Marshall Smalley on 0115 9565171 or visit http://www.marshallsmalley.com/
Under the NDO HMRC allow people with unpaid taxes to settle their tax liabilities at a discounted penalty rate. Where the tax does not exceed £1,000 there are no penalties.
The NDO registration window opens on 1 September and closes on 30 November whilst the longest deadline date for full disclosure and settlement is 12 March 2010.
NDO covers both onshore and offshore tax problems, we are more than willing to help anyone who would like to register and make a disclosure under NDO.
HMRC have said the NDO is "the last opportunity of its kind”. Meanwhile, HMRC has won access to offshore accounts of 300 banks, and will use that information to monitor who makes a disclosure.
For assistance or more information call Nottingham Accountants Marshall Smalley on 0115 9565171 or visit http://www.marshallsmalley.com/
Monday, 17 August 2009
New disciplinary procedures
As of 6th April 2009, the Statutory Dismissal, Disciplinary and Grievance Procedure was replaced with the new Acas Code of Practice on Discipline and Grievance. Employers should ensure they ollow the new code carefully or risk falling foul of the financial penalties.
The new code sets out clearly the steps that an employer must take when dealing with issues concerning and disciplinary matter or grievance.
The code must be followed at all times, even in cases where employers simply issue an employee with a verbal or written warning. Failure to do so means that if a claim is brought against you in an Employment Tribunal, the Tribunal will have the power to increase any award made by upto 25%.
On a more positive note, employees will no longer be ale to successfully bring a claim of automatic unfair dismissal purely as a result of an employers failure to follow the statutory process. This does not mean however that no process need be followed as Tribunals will still be able to decide that a dismissal is unfair if a proper and reasonable procedure has not ben followed.
The new code sets out clearly the steps that an employer must take when dealing with issues concerning and disciplinary matter or grievance.
The code must be followed at all times, even in cases where employers simply issue an employee with a verbal or written warning. Failure to do so means that if a claim is brought against you in an Employment Tribunal, the Tribunal will have the power to increase any award made by upto 25%.
On a more positive note, employees will no longer be ale to successfully bring a claim of automatic unfair dismissal purely as a result of an employers failure to follow the statutory process. This does not mean however that no process need be followed as Tribunals will still be able to decide that a dismissal is unfair if a proper and reasonable procedure has not ben followed.
Monday, 10 August 2009
Do you really need to be registered for VAT?
You must register only if the value of your taxable supplies in the last year or less has exceeded £68,000. De-registration may enable you to reduce your prices or to keep more of your sales.
HMRC’s New Disclosure Opportunity (NDO)
HMRC have now confirmed the details of the NDO.
The NDO allows people with unpaid taxes linked to offshore accounts or assets to settle their tax liabilities at a favourable penalty rate. The NDO runs from the 1 September 2009 until 12 March 2010.
We have the expertise to help anyone who thinks they might benefit from the NDO.
The NDO allows people with unpaid taxes linked to offshore accounts or assets to settle their tax liabilities at a favourable penalty rate. The NDO runs from the 1 September 2009 until 12 March 2010.
We have the expertise to help anyone who thinks they might benefit from the NDO.
Monday, 3 August 2009
VAT cash accounting scheme
If you sell more on credit than you buy on credit, you should look at the VAT Cash Accounting Scheme. Normally you pay VAT on your sales according to when you invoice but using this scheme defers the payment of VAT as it is based on when the customer has paid you.
Contact Accountants in Nottingham Marshall Smalley Chartered Certified Accountants on www.marshallsmalley.com
Contact Accountants in Nottingham Marshall Smalley Chartered Certified Accountants on www.marshallsmalley.com
Can You Defer Self Assessment Payments on Account?
Taxpayers are not required to make payments on account for 2010 if the 2009 income tax and Class 4 National Insurance liability is less than £1,000. So getting your return in on time could reduce the payment due 31 January 2010 and mean there’s nothing to pay by 31 July 2010.
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