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VAT changes - 1 January 2010

All VAT registered businesses will be receiving a note of three changes taking place next year in respect of:

The reinstatement of the 17.5% VAT rate,

Filing VAT returns on line and

New rules on cross-border business, especially for service providers. 

Essential reading on all can be found on HMRC's VAT website

GOING CONCERN ISSUES FOR COMPANIES - Directors' responsibilities

Directors have always been required to prepare accounts that give a "true & fair view" and, in the current economic climate, this will include careful consideration of any material circumstances that may cast doubt over the company's ability to continue to operate.  In other words, is it correct to prepare the accounts on the assumption that the company is a "going concern"?

If the directors consider that there are material doubts, or that the figures presented may give that impression, then notes should be made in the accounts to explain the situation.

The assessment of the company's wellbeing must be for the year following the date on which the accounts are signed and the Financial Reporting Council (FRC) have recently issued two directives on the subject to directors.  Links to both (in PDF format) appear opposite, the first will apply to the majority of our clients (ie small companies) and the second applies to all companies. 

All directors are required to consider this.

FRC going concern small cos

FRC going concern all cos

All personal clients should by now have received their tax return checklist, let us know if you haven't.

Under billing arrangements tax return and accounting information (for the year to 31 March) should be with us by 5 July and 30 June respectively, if it isn't you risk additional fees.

Let us know if you are going to find it difficult to meet the deadline or if you are unsure about what we need.

Follow the links on the right to our budget report and 2009-10 tax tables or go to to

HMRC's Budget page.

Budget report 2009

Tax tables 2009/10

HAPPY NEW YEAR 6 April 2009

Our tax return checklists will be hitting your doormat.  Contact us if you do not receive one or if you have any questions and note that we have extended our deadline by a few days to 5 July.  Many thanks to all those who made it last year, we managed over 70% of information before the deadline.  A PDF of our general cover note and checklist is linked opposite with the normal password.

Hope you can all wait another couple of weeks for this year's budget!

New holiday entitlement 1.04.09

From 1 April 2009, the statutory entitlement rises to 5.6 weeks (28 days for a worker working a five-day week, and is capped at the 28 days). 

WORKING AND CHILD TAX CREDITS

Are you claiming tax credits?  Many people are missing out on this tax break and you don’t need children to be able to claim.  If in doubt make a claim.

In April 2009 a new automatic penalty regime for inaccuracies on returns comes into play. Initially it will be applied to Income Tax (including Self Assessment), VAT, employers paying PAYE, National Insurance contributions, Corporation Tax, Capital Gains Tax and the Construction Industry Scheme and will focus on the taxpayer's behaviour.

See links opposite to HMRC's site and our own PDF summary (normal password applied)

HMRC penalties

Atria penalties summary

 Feb 2009 A BIG THANK YOU!

To our clients in moving heaven & earth last year to get us their information.  Against our widest expectations we received over 70% of information we needed for accounting and tax returns before the 30 June deadline, compared to just 17% the year before. 

Many Many thanks from Paul & All

All personal clients should by now have received their tax return checklist, let us know if you haven't.

Under the new billing arrangements tax return and accounting information (for the year to 31 March) should be with us by 30 June, if it isn't you risk extra fees.

Let us know if you are going to find it difficult to meet the deadline or if you are unsure about what we need.

Follow the links on the right to our budget report and 2007-08 tax tables or go to to

HMRC's Budget page.

NB: the income tax rates show the updated tax bands and personal relief proposed by the Chancellor in May

Budget report 2008

Tax rates 2008/09

January 2008: Chancellor announces new CGT relief for small businesses

From 6 April 2008 (following the general change to a flat rate 18% for CGT) there will be a 10% rate for small business owners for up to the first £1M of gains.  Follow link opposite to the press release.

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