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Welcome to the HW Newswire

January 2009

News...

Speculation, Speculation, Speculation

From April this year HMRC will have new powers to inspect business premises. A new penalty regime also comes into force from April that will see a doubling up of penalties in many cases. One can therefore only speculate that the apparent inaction by HMRC hides preparations for renewed exertions from April onwards.... full story...

Government unveils Ł20bn loan scheme for business

A multi-billion pound aid package designed to help small businesses through the financial crisis has been unveiled by the Government. fill story...

Self Assessment date looming

Taxpayers should remember that their 2007/08 tax return must be filed online by 31 January 2009. full story...

Key Dates...

February 2009

1st Due date for payment of Corporation Tax for period ended 30 April 2008.
2nd for submitting P46(car) for employees whose car/fuel benefits.
19th PAYE/NIC due for month to 5 February 2009.
28th 5% penalty surcharge on any 2007/08 outstanding tax due on 31 January 2009 still remaining unpaid.
Filing date for Corporation Tax Return Form CT600 for period ended 28 February 2008.

March 2009

1st Due date for payment of Corporation Tax for period ended 31 May 2008.
19th PAYE/NIC due for month to 5 March 2009.
31st End of Corporation Tax financial year.
End of CT61 quarterly period.
Last minute planning for the tax year 2008/09. Make sure you use any capital gains tax and inheritance tax annual exemptions.
Last minute planning for the tax free investments. Make sure you use your ISA allowances.
Filing date for Corporation Tax Return Form CT600 for period ended 31 March 2008.

Tax Tips

Check your National Insurance Contributions (NICs).
If you have more than one job, or if you are both employed and self-employed at the same time, you may overpay NICs during the tax year. You can reclaim any overpaid NICs from HMRC after the end of the tax year. You can also avoid the overpayment arising by deferring payment of NICs on one of your jobs if you complete the form in the HMRC leaflet CA72A (employees) or CA72B (self-employed).

Useful Link

Business Link - Employing Staff
Full of useful information and interactive tools for employing staff. It includes advice on employing, paying, motivating and managing staff and also has information on redundancy and short time working. Click here to for more details.

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