Latest Accountancy News - September 2009
New Disclosure Opportunity
HMRC have provided more details of the New Disclosure Opportunity (NDO) which is due to take place from 1 September 2009 to 12 March 2010. The NDO is for people with unpaid tax connected to offshore accounts and assets and will give the taxpayers one final opportunity to disclose.
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Increase in Pay for Apprentices
From 1 August 2009 the national minimum wage (NMW) for apprentices increased from £80 to £95 per week.
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‘False Self-Employment’ in the Construction Industry
The government has been looking at the best way to address the issue of what they believe is ‘false self-employment’ in the construction industry. They have concluded, for income tax and national insurance purposes, that they will introduce legislation which deems workers within the construction industry to be in receipt of employment income unless one of three simple, clear and easy to apply criteria is met.
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HMRC Warn of more Scam Emails
HMRC have updated their guidance on scam emails as they are aware that a large number of individuals are receiving emails offering tax rebates. HMRC have also confirmed that they would not inform taxpayers of a tax rebate via email, or request that they complete an online form to receive a rebate of tax.
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‘Paper’ Tax Return Deadline Looming
For those wishing to complete paper self assessment tax returns, the filing deadline of 31 October 2009 is fast approaching.
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VAT Increase to 17.5%
HMRC have issued guidance for businesses dealing with the increase in the standard rate of VAT from 15% to 17.5%. The change takes effect from 1 January 2010. They hope that by issuing the guidance well in advance of the change that businesses will have sufficient time to prepare.
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Pension Changes Ahead
Under provisions contained in the Pensions Act 2008 employee pension enrolment and employer contributions are to be made compulsory.
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Redundancy Pay
The weekly maximum pay which can be taken into account when calculating statutory redundancy pay is set to increase from 1 October 2009.
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Cross-Border VAT Changes 2010
HMRC have issued important updates in advance of the changes in the place of supply of services rules which take effect from 1 January 2010.
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