Johnson Murkett & Hurst

• EMERGENCY BUDGET
  George Osborne presented his first Budget on Tuesday 22 June 2010. For the first time, forecasts were published in advance of the Budget. The Office for Budget Responsibility was formed in May 2010 to make an independent assessment of the public finances and the economy in advance of each Budget and Pre-Budget Report..........read more
• CAPITAL GAINS TAX CHANGES
  A new rate of Capital Gains Tax (CGT) of 28% will be introduced. For individuals, the rate of CGT remains at 18% where total taxable gains and income, after taking into account all allowable deductions including losses, personal allowances and the CGT annual exemption, are less than the basic rate limit.........read more
• STANDARD RATE OF VAT TO INCREASE
  It is proposed to increase the standard rate of VAT from 17.5% to 20% with effect for any supply made on or after 4 January 2011. The rate change does not affect either zero-rated supplies nor those supplies subject to VAT at the 5% reduced rate.........read more
• HMRC AMEND PAYE PENALTIES GUIDANCE
  At the start of the tax year new late payment penalties were introduced for PAYE and other payments due from employers. The new rules apply to almost all employers and contractors, whether they employ one or a hundred employees. The rules apply to monthly, quarterly and annual periods of PAYE starting on or after 6 April 2010............read more
• KEEP PROPER RECORDS!
  HMRC have recently issued a reminder about the various 'toolkits' that they have developed to assist agents when preparing returns. Although the toolkits are aimed at tax professionals, they highlight common errors and the steps that can be taken to reduce those errors. The first series of toolkits cover............read more
• HMRC LAUNCH TAX CREDIT VIDEO
  Every year, tax credit claimants must renew their tax credit awards by 31 July or their payments may stop. Claimants on ‘nil awards’, and those receiving only the full family element of Child Tax Credit, will receive a statement of their 2009/10 award. If these details are correct no further action is needed and the claims are automatically renewed.......... read more
• BUSINESS LINK GUIDANCE FOR FARMERS
  Business Link has set up a dedicated new online service for farmers and growers. Whether they are starting up or looking to expand and diversify, the service will help.............read more
• MATERNITY RIGHTS FOR THE SELF EMPLOYED
  It appears as though the self employed will become entitled to maternity leave for the first time under new laws introduced by the European Union (EU). The new rules provide equivalent access to maternity leave as for employees but on a voluntary basis. The EU is expected to adopt the legislation at the end of June and then EU countries............read more

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