We keep you updated

We provide our clients with regular updates on changes in taxation regulation, news from the world of accounting and, of course, information about the latest developments at Adjuta Accountancy & Advisory Services.

Helpful Information

New Paternity Leave Rules

 

From 3 April 2011, eligible employees will gain the right to additional paternity leave and pay (APL&P).

 

For futher information, please follow the link below:

http://online.businesslink.gov.uk/bdotg/action/ruDetail?itemId=1086861632&topicType=1&type=REGUPDATE

Budget 2011 Overviews

 

Use this link to HMRC's own document on the new Budget.

 

http://www.hmrc.gov.uk/budget2011/

 


Key Dates for tax year-ending 5 April 2011:

 

19 April 2011 - The final date for postal payments to reach your HMRC Accounts office for any outstanding PAYE & NIC's for the tax year ending 5 April 2011.


22 April 2011 -  The final date for electronic payments to be cleared in  HMRC bank account for any oustanding PAYE & NIC's for the tax year ending 5 April 2011.

 

19 May 2011 - The final date for the 2010-2011 Employer Annual Return (P35 & P14s) to reach your HMRC Office.

 

31 May 2011 - The last date for giving a paper form P60 for each relevant employee who was working for you on 5 April 2011.

 

6 July 2011 - Last date for:

  • Your 2010-2011 forms -P9D and P11D, or substitutes, for the tax year ending 5 April 2011 to reach your HMRC office.
  • Any return of Class 1 A NIC's on form P11D(b) for 2010-2011 to reach your HMRC office.
  • Giving a copy of the 2010-2011 form P9D, P11D or equivalent  information to each relevant employee.

19 July 2011 - This is the final date for postal payments to reach your HMRC Accounts Office for any outstanding Class 1 A NIC's for the tax year ending 5 April 2011.

 

22 July 2011 - This is the final date for electronic payments to have cleared in the HMRC bank account for any outstanding Class 1 A NIC's for the tax year ending 5 April 2011.

 

VAT Payment Change

 

From 1 April 2010 all cheque payments sent by post will be treated as being received by HM Revenue & Customs on the date when cleared funds reach  the HMRC's bank account – not the date when the HMRC receive the cheque.

 

This means that businesses must allow enough time for their payment to reach the HMRC and to clear into the HMRC's bank account no later than the due date shown on their VAT return.

 

A cheque takes three bank working days to clear – excluding Saturdays, Sundays, and bank holidays.

 

To allow for possible postal delays (for which HMRC are not responsible) businesses should allow at least three working days for a cheque payment to reach HMRC and a further three days for the payment to clear in the HMRC bank account.

 

A business may be liable to a surcharge for late payment if a cheque payment does not clear by the due date shown on their VAT return.

 

This change does not affect any cheque payments made by Bank Giro. Payments by Bank Giro are treated as electronic which means that businesses will get up to an extra seven calendar days for the cleared payment to reach the HMRC (unless they use the Annual Accounting Scheme or are required to make Payments on Account).

 

The HMRC recommends that businesses make their VAT payments electronically as this is safe and secure and in, most cases, gives up to seven extra calendar days to pay or, if paying by Direct Debit, at least ten extra calendar days. This extra time does not apply to businesses if they use the Annual Accounting Scheme or are required to make Payments on Account.

 

Please remember that if a VAT return is filed online then any VAT due must be paid electronically. To find out more about how to pay electronically use the link below:

 

http://www.hmrc.gov.uk/payinghmrc/vat.htm

 

 

 

From 6 April 2009 there is a change in the penalty to pay for late notification to the HMRC that you have commenced self-employment.

Up to 6 April 2009 the penalty was £100 and you had 3 months after commencement of trade to let HMRC know.

From 6 April 2009 the rules have been changed as follows:

  1. Anyone who ceases or becomes liable for Class 2 or Class 3 contributions must notify HMRC immediately.
  2. A penalty may be levied (between 30% and 100% of the "lost contributions") if notice is not given by 31 January following the end of the tax year in which you become liable.
  3. There will be no penalty if you have a reasonable excuse for the late notification.

You may find out about other changes in a consultation at our office.