02/03/10
Compulsory Online VAT Return Submission
As from the April 1st 2010 all VAT registered businesses with sales exceeding £100,000/pa and all new registrations will have to submit their returns online and make payment electronically. For businesses that have previously submitted paper returns with cheques the first period for which this is compulsory is the first period beginning on or after the 1st April.
The procedure to register for online returns is set out at http://www.hmrc.gov.uk/vat/vat-online/moving.htm.
Anyone requiring assistance either to register or with paying electronically should contact Robert or Jane at this office immediately.
Budget Highlights (or lowlights) 2009
Chancellors Pre-Budget Statement 9/12/09
The main points affecting most people are as follows:
- The ½% increase in national insurance contributions scheduled for April 2011 has been increased to 1% (both employers and employees). The starting threshold is to be increased so anybody earning less than £20,000 will not be worse off.
- The standard rate of VAT will revert back to 17.5% as from 1st January 2010.
- Personal Allowances and tax bands will not be increased in 2010 from current levels.
- The planned increase in the small companies rate of Corporation Tax from 21% to 22% will be deferred for another year (until 2011).
- Planned increase in inheritance Tax threshold from £325,000 deferred.
- VAT has been reduced to 15 (from 17.5%) from the 1st December for 13 months to the 31st December 2009
- From April 2011 both employees and employers national insurance contributions are to be increased by half a percent. Self employed contributions will also be increased
- Proposed increases in Vehicle Excise Duty (VED) are to be delayed and phased in. No increase will exceed £5 next year and £30 in 2010. Fuel Duty is to be increased by 4p (also alcohol and cigarette duties will increase)
- The proposed increase in small companies corporation tax is to be postponed but the increases already introduced will not be reversed (currently 21%)
PERSONAL
The main news here is the introduction of a 50% income tax rate on earnings over £150,000 pa from April 2010, a restriction of relief on pension contributes to basic rate for those earning over £150,000 from 2011 and a phased withdrawal of the personal tax allowance for those earning £100,000 from April 2010.
Other items include the car scrapage scheme, your ten year old car is now worth £2,000 on trade in, increases in fuel duty from September, increases in alcohol and tobacco duties from budget day and an extension of the stamp duty holiday until 31st December for properties under £175,000.
Budget Highlights 2008
The chancellor in his Pre-budget statement
24/11/2008
Today a pre-budget report statement to the House of Commons, was delivered by the Rt Hon Alistair Darling MP, Chancellor of the Exchequer. The main points affecting businesses announced by the chancellor in his Pre-budget statement (really an emergency mini budget) are:-
Finally in the latest news it was revealed that a new 45% tax rate will be introduced from April 2011 on earnings in excess of £150,000, while the increase in personal allowance for basic rate tax payers will be made permanent. The personal allowance will be increased in April 2009 but a taper will be introduced for higher rate taxpayers to limit their benefit to the maximum that a basic rate taxpayer can receive
Link to the official pre-budget report: Pre-Budget Report statement to the House of Commons, delivered by the Rt Hon Alistair Darling MP, Chancellor of the Exchequer
Legislation on "income splitting" delayed until 2009
16/04/2008
Following the defeat of H M Revenue & Customs at the House of Lords over "Arctic Systems" in 2007, Chancellor Darling threatened to remove the long standing right of family businesses to legally arrange their affairs to minimise their tax liabilities. In future dividends or profit shares would have to be justified by the recording of an individuals input to the business increasing the burden of administration and removing certainty. Because of the almost impossible task of framing workable legislation he has deferred its introduction while he consults, hopefully he will apply common-sense and quietly let this drop.
Capital Allowances
15/04/2008
From 6th April 2008 (1st for companies) every business will be able to claim 100% of expenditure on plant and machinery up to £50,000 instead of first year allowances (varied between 40% & 50% in recent years). Any excess expenditure will be given @ 20% pa. If the pool balance is less than £1,000 it can be written off. entirely.
Digital Globe Limited
19/05/2007
Robert Ogle instructs UK software company digital globe ltd to develop new website
"It's so easy..."
Digital Globe offer technology that will grow with your business without having to worry about technical complexity. The combination of software engineers, web designers, system analysts and consultants means that you receive the best support and experience possible.
The consultants at Digital Globe offered a superb, cost-effective and professional service and we are more than delighted with the new site and ongoing support we have received.