News

Budget Update 2011

 

  • Personal Tax Allowance for under 65 up to £7,475
  • Personal Tax Allowance for over 65 up to £9,940
  • Corporation Tax for small business’s (under £300,000 profit) down to 20%
  • Self Employed Class 4 NI Limit up to £7,225 (but 1% increase to 9% from 2011)
  • Annual Investment Allowance DOWN to £25,000 from 2012
  • Mileage Allowance UP to .45p (from .40p)
  • VAT Registration up to £73,000
  • Companies Act stays the same
  • Filing on line stays the same
  • HMRC update “add”
  • HMRC are planning to fine you up to £3,000 for bad book keeping
  • Amnesty for Plumbers until 31st May 2011
  • Crackdown on Tax Credit Fraud – over 12,000 letters sent out already
  • 100,000’s WRONG Notices of Coding being sent out – CHECK YOURS!!!

 

 

Companies Act 2006

 

q       NO “same names”. i.e. Figure Limited – Figures Limited

q       Private Companies no longer require Company Secretaries

q       Accounts to be filed within 9 months NOT 10 months

q       Directors will be able to have “Service Addresses” instead of the public having access to their home address.

q       Those who sign up for the PROOF system (Registrars PROTECTED online Filing Scheme) will ONLY be able to file forms On-Line

q       Private Limited Companies no longer have to hold AGM’s

q       Most Companies House Forms have new numbers

 

 

Filing On-Line

 

q       It is proposed that by 2010 over 85% of all HMRC and Companies House paperwork will have to be filed on line.  Possible discounts will be given to encourage filing on line.  For those without access to the internet, Figures can deal with filing on line on your behalf.

 

HMRC Update

 

q       Since the “Inland Revenue” and “H M Customs & Excise” merged and became “HMRC” there have been many changes.  One of the most important facts are that “the tax man” now has the same powers as previously only available to “the Vat Man”.  HMRC are using these powers to the full and virtually every week, new powers are being added.  No longer is forgetting to paying your tax “late” a normal offence, in certain cases it is now seen as “Fraud”. HMRC are becoming very pro-active with many individuals being scrutinized, early morning and late night phone calls chasing tax and a lot more covert operations to catch out those avoiding paying tax.

 

  

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