Dear Duncan,
Welcome to our monthly newswire designed to keep you informed of the latest business and tax issues. Please contact us if you have any questions. Remember, we're here to help.
Capital Allowances For Smaller Businesses Corporation Tax Rates Employer Payment Deadlines And Electronic
Filing Pensions – A Day 6 April 2006 Jones And Garnett – Off To The Lords Personal Tax Self Assessment Deadline To Change To
September IOD Publish Report On Inhibitors To Growth Bad Debt Reaches New Heights Family Friendly Policies - Have Your Say In The
Consultation Business Rates
In Budget
2006, the government announced that capital allowances in the form of
first year allowances (FYAs) on plant and machinery acquisitions would be
at the rate of 50% for small businesses.
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here for the full story
A starting rate of
corporation tax of 0% was introduced in 2002 and applies to companies with
taxable profits of £10,000 or less. Companies with profits between £10,000
and £50,000 enjoy a marginal relief from the small companies rate of 19%.
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here for the full story
Interest will start to run on any 2005/06 PAYE, NIC,
student loan and CIS deductions not paid over by 19 April 2006. We are
also aware that HMRC are chasing in year late payments with phone calls
and in some instances turning up at the employer’s premises demanding a
cheque.
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here for the full story
The new tax regime
for pensions finally takes effect from 6 April 2006, referred to as ‘A’
day. There will be a single set of rules for all registered pension
schemes.
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here for the full story
HMRC have been
given leave to appeal to the House of Lords so the saga continues.
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here for the full story
Tucked away in the vast amount of Budget information
are some radical changes which result from Lord Carter’s review of HMRC
online services.
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here for the full story
The
Institute of Directors (IoD) has published a report highlighting the
problems faced by UK businesses. The IoDs’ head of business policy Dr
Richard Wilson, said that “Skill shortages, red tape etc are what are
holding UK businesses back”.
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here for the full story
A study carried out by
the Credit Management Research Centre (CMRC) shows that late payment is
causing small firms in the UK to write off an average of £14,000 in bad
debt every year.
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here for the full story
The DTI has launched a consultation into parental
leave for employees, giving particular consideration to providing greater
options for parents to choose who cares for their child during the first
of their life.
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here for the full story
The Federation of Small Businesses
advises that lots of smaller businesses are paying too much in business
rates.
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here for the full story
Kind regards,
Dains
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