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Businesses can currently write off 100% of the cost of acquiring qualifying assets against their taxable profits, up to an annual limit of £100,000. Assets that can be written off in this way include commercial vehicles, plant, computers and other equipment. However, cars do not qualify for AIA. George Osborne’s Budget of 22 June 2010 . . . → Read More: Annual Investment Allowance (AIA) 31 July 2010 is an important deadline in the self assessment calendar and also the renewal deadline for tax credits. Below are a list of items that need to be completed by this date. 2008/09 Self Assessment Tax Return Outstanding returns for 2008/09 should be submitted or incur a £100 penalty. No penalty will . . . → Read More: The 31st July Deadline Just a reminder of some deadline that are approaching during August: 1 August 2010 - Due date for corporation tax due for the year ended 31 October 2009. 19 August 2010 - PAYE and NIC deductions due for month ended 5 August 2010. (If you pay your tax electronically the due date . . . → Read More: August 2010 Tax Diary If HMRC owe you tax, then you can give your repayment to a charity of your choice simply by filling in a form. It is an easy way to make a donation and you can use the Gift Aid to increase the value of the gift. This is done through a scheme called SA . . . → Read More: Would you like to give you tax repayment to charity? It would appear that the threatened withdrawal of the tax benefits for owners of Furnished Holiday Lettings has been cancelled! For the tax year 2010-11 it is back to business as usual – letting activity is treated as a trade, CGT rollover and Entrepreneurs’ Relief is available, rental losses can be set off against . . . → Read More: Furnished Holiday Lettings 1 July 2010 - Due date for corporation tax due for the year ended 30 September 2009. 6 July 2010 - Complete and submit forms P11D return of benefits and expenses and P11D(b) return of Class 1A NICs. - Deadline for submission of new Tax Credit application for 2010- 2011, if you . . . → Read More: Tax Diary July 2010 PERSONAL TAX ISSUES Personal Tax Allowance The personal allowance for 2010-11 remains at £6,475. The basic personal allowance will rise to £7,475 from April 2011 with a commitment to further increases towards the promised £10,000 target by the end of the present parliament. Tax bands The income figure above which . . . → Read More: Emergency Budget June 2010 Following George Osbornes emergency budget today, 22 June 2010, below are a list of changes that will take affect in the future. Tax Changes The standard rate of VAT will rise from 17.5% to 20% from 4 January 2011. The Personal allowance for under 65’s will rise from £6,475 to £7,475 for the 2011-12 . . . → Read More: Budget June 2010 – How the budget will affect you. Just a reminder that the following deadline are due during June: 1 June 2010 Corporation tax due for the year ended 31 August 2009. 19 June 2010 PAYE and NIC deductions due for month ended 5 June 2010. (If you pay your tax electronically the due date is 22 June 2010) Deadline for filing . . . → Read More: Tax Diary – June 2010 Don’t forget that the following deadline are due Wednesday 19th May: PAYE and NIC deductions due for month ended 5 May 2010. (If you pay your tax electronically the due date is 22 May 2010) Filing deadline for the CIS300 monthly return for the month ended 5 May 2010. CIS tax deducted for the . . . → Read More: Tax Deadlines May 2010 |
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