Glazers December 2010 Newswire

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VAT Changes

In his recent Pre-Budget Report, Chancellor Alistair Darling announced that the standard rate of VAT is reduced from 17.5% to 15% from 1 December 2008.

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More about the VAT Rate Change

The standard rate of VAT is reduced from 17.5% to 15% for the period 1 December 2008 to 31 December 2009. The rate will then revert to 17.5%. No changes have been made to the 5% reduced rate or the 0% rate.

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Interesting Opportunity to Pay Tax Bills

With the current financial climate encouraging us all to make the most of our money, individual and corporate taxpayers may find Certificates of Tax Deposit (CTDs) a useful option.

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Proposed Personal Tax Changes

The government has announced significant changes to the system of personal allowances and tax rates for the next few years. These mainly impact on those with higher levels of income.

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Corporation Tax Changes

The rise in the small companies corporation tax rate is to be delayed by one year.

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Taxation of Business Travel

Further details have been provided on the changes to the capital allowance treatment of cars. The changes will have effect from 1 April 2009 for corporation tax purposes and 6 April 2009 for income tax.

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Pension Forecast

Do you know how much your state pension could be when you retire? The Pensions Service will provide a forecast of this information either by letter or an online email service.

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Parties for Employees

Are you planning a party for your staff? Make sure you are clear on the tax implications.

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Tougher Penalties for Persistent Late Filing

Late filing penalties are now doubled if accounts and returns for financial years beginning on or after 6 April 2008 are filed late in two successive years.

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Beware of Mandatory Company Trading Disclosures £5000 Fine

From 1 October 2008, new rules are in place to unify and replace the various regulations setting out the trading disclosures that incorporated companies must make to show their legal identity. 

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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.