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Tax return deadlines
Many of us are not yet ready to even think about Christmas and the new year, but for accountants, the one date that we try to get clients to be prepared for is 31 January - yes its the filing deadline for personal tax returns. Many of you will already have provided the information to enable us to complete these but many more have not yet - in spite several subtle reminders the accounting and tax records are still illusive - please piece this all together as soon as possible. If the information does not come in by the end of November, there is no guarantee that the return will be processed and submitted on time which could leave you with and automatic filing penalty of £100. We will prepare work on a first come first served basis.
To avoid being at the end of the queue you know what to do...
On a different note
Liric Accountants are proud to be one of the sponsors of the Royston Rugby Union Football Club under 10 team. Playing every Sunday, it is a delight to see these enthusiastic boys and girls play their hearts out as the run, dodge tackle and scrum for the odd shaped ball. Much nicer than them being stuck in front of a computer screen which seems to so often be the case now. Their home ground is on the Heath (somewhat windy and cold some days but beautiful when the sun comes out!) and they also play other local teams both home and away. The photo shows Lisa Compton presenting a sponsored shirt to one of the team. Sally Rabbetts from Royston Physiotherapy clinic is the other sponsor in the shot. Good luck to the team this season.
Raft of new legislation comes into force
A raft of new regulations, including changes to the National Minimum Wage (NMW), came into force earlier this month.
From 1 October, employers are banned from using tips and service charges to bring the wages of bar and restaurant workers up to the minimum salary.
The change follows a recent case in the Court of Appeal, in which the judge concluded that employers must not take into account tips, gratuities, service charges or cover charges when paying the NMW, unless these are paid to employees through the employer's payroll.
It came on the same day that the main adult rate of the NMW rose by 7p an hour to £5.80. Workers aged 18-21 are now guaranteed a minimum rate of £4.83 - up from £4.77. For 16 and 17-year-olds, the rate has gone up to £3.57 an hour.
In addition, businesses will now have to abide by new rules set out in the Companies Act 2006.
With the final sections of the Act coming into effect last week, the biggest overhaul of company law is now complete. Key provisions of the Companies Act 2006 include:
- Creating separate and simpler model Articles of Association for small companies, reflecting how they operate
- Enabling greater use of electronic communications with shareholders, therefore avoiding unnecessary cost and time consuming administration
- Making it an offence to carry on business in the UK under a name that gives so misleading an indication of the nature of the activities of the business as to be likely to cause harm to the public.
If you think the new regulations may affect you, please contact us.
Phasing out of paper VAT returns
HM Revenue & Customs (HMRC) plan to phase out the use of paper VAT Returns from 1 April 2010, when businesses with an annual turnover of £100,000 or more excluding VAT, and all newly registered VAT businesses, will be required to file their VAT Returns online and make payments electronically. Paper returns will still be an option for the remaining VAT registered businesses, but this will be reviewed in the run up to 2012.
To find out more about these changes and the benefits of filing your VAT Return online you can speak to us or look at the information on HMRC website.
Small enough to care - experienced enough to deliver
Telephone Liric on 01763 853 633
Lisa Compton FCA CTA Liric Chartered Accountants
Wyndmere House Ashwell Road Steeple Morden Herts SG8 0NZ