Glazers Newswire

Glazers March 2010 Newswire

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50% Tax Rate - Act Now!

The new 50% top income tax rate comes into force from 6 April 2010, for individuals with annual taxable income above £150,000. There is also a tax hike for those with income above £100,000 as you will lose your personal allowances, bringing more of your income into the tax net.

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Vehicle Scrappage Scheme Ends This Month

The Vehicle Scrappage Scheme is a voluntary scheme for motor dealers under which participating dealers give buyers a £2,000 discount off the purchase price of a new car (or certain types of small van) in exchange for scrapping their old qualifying vehicle.

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PAYE – New Penalties

Businesses risk fines of up to £3,000 if they fail to submit their Employer Annual Returns electronically this year.

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HMRC Offer Advice On Fraud Emails

HMRC are warning taxpayers to be vigilant as there have been several reports of scam emails offering a tax repayment. Taxpayers should not respond to any email promising a tax repayment.

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Managed Payment Plans

HMRC has announced that they will launch a new method of paying tax liabilities, known as Managed Payment Plans, in April 2011.

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Student Loan Repayments

HMRC have announced a new initiative to reduce student loan over repayments for those ex students who repay their loan through PAYE deductions.

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Tax Codes Being Issued

HMRC have updated their guidance on the issue of multiple or incorrect PAYE tax codes to some employees following the introduction of their new National Insurance and PAYE computer system.

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Business & Tax News

You can find all our recent tax and business articles by clicking on the following links:

Tax - www.glazers.co.uk/tax_news.htm
Business - www.glazers.co.uk/business_news.htm

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Glazers Chartered Accountants
843 Finchley Road, London NW11 8NA
Tel no: (020) 8458 7427
Fax no: (020) 8458 8504
e-mail:quality@glazers.co.uk
web: www.glazers.co.uk

Glazers is registered to carry out audit work and regulated by the Institute of Chartered Accountants in England and Wales for a range of investment business activities.

The information in this newswire is believed to be correct at the time of circulation. It is essential to take advice on specific issues.

© Copyright Glazers 2010. All rights reserved. This information has been produced for general interest. It is therefore essential to take advice on specific issues. We are unable to take responsibility for any outcome resulting from acting upon, or refraining to act upon, this information.