Welcome to the Glazers July Newswire

This is the first in a series that will follow each month, featuring a useful resource or tool on the Glazers web site, that you can use if and when you need to know or calculate something. We hope you find these pages useful.

This month's web page is our payroll calculator - click here.

To get to it from our home page www.glazers.co.uk, take the following path … Online tools - resource centre - tax calculators - payroll calculator

How to use it - just enter the weekly or monthly gross pay and the PAYE code and press 'calculate'. If you want to start from the net pay rather than the gross pay, just use trial and error in estimating the correct gross pay until you arrive at the desired net pay.

If you need further help, please contact our payroll manager Avril Wildman by email or on 020 8458 7427.

31 July is the payment date for the second payment on account of income tax for the tax year 2009/10. We will as always be reminding our clients individually of the amounts of tax due. We thought you might appreciate an early reminder meanwhile.
In the event that your tax is paid late, the Revenue will charge interest from 1 August.

If you have any queries, please get in touch with us and we'll be pleased to help.

It appears as though the self employed will become entitled to maternity leave for the first time under new laws introduced by the European Union (EU).

Click here to view article.

George Osborne presented his first Budget on Tuesday 22 June 2010.

Click here to view article.

A new rate of Capital Gains Tax (CGT) of 28% will be introduced. For individuals, the rate of CGT remains at 18% where total taxable gains and income, after taking into account all allowable deductions including losses, personal allowances and the CGT annual exemption, are less than the basic rate limit. The new 28% rate will apply to gains or any parts of gains above this limit.

Click here to view article.

It is proposed to increase the standard rate of VAT from 17.5% to 20% with effect for any supply made on or after 4 January 2011. The rate change does not affect either zero-rated supplies nor those supplies subject to VAT at the 5% reduced rate.

Click here to view article.

At the start of the tax year new late payment penalties were introduced for PAYE and other payments due from employers. The new rules apply to almost all employers and contractors, whether they employ one or a hundred employees. The rules apply to monthly, quarterly and annual periods of PAYE starting on or after 6 April 2010.

Click here to view article.

HMRC have recently issued a reminder about the various 'toolkits' that they have developed to assist agents when preparing returns. Although the toolkits are aimed at tax professionals, they highlight common errors and the steps that can be taken to reduce those errors. The first series of toolkits cover:

Click here to view article.

Every year, tax credit claimants must renew their tax credit awards by 31 July or their payments may stop. Claimants on ‘nil awards’, and those receiving only the full family element of Child Tax Credit, will receive a statement of their 2009/10 award. If these details are correct no further action is needed and the claims are automatically renewed. However, if the details on the award statement are wrong, claimants must tell HMRC.

Click here to view article.

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