Wednesday June 3, 2009

Dear Reader

It's P11D time

As I mentioned in the last issue, we are approaching the time for filing of P11Ds by employers. Many people think of a P11D as relating to benefits in kind and therefore if they don't have a company car or private health insurance believe there is no requirement to file. Unfortunately, if you are director of your own company or have employees earning more than £8500 per annum and are repaying business expenses or using a business credit card, then you are required to prepare and file a return. We've prepared a guide to assist in preparing the returns which is available free of charge along with a template for a claim letter to ensure you and your employees don't get taxed on these expenses claims. Please email me at gcarson@incauk.biz if you would like these documents. Alternatively, if you prefer us to prepare the return for you, this is typically charged at £100 + VAT per P11D. The filing date is 6th July and any National Insurance owing from the returns must be paid by 19th July by cheque or 22nd July electronically.

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Could you claim working tax credits?

Working tax credits top up the earnings of working people on low incomes. This applies to both employees and those who are self employed (measured by their profits). It also doesn't matter if you don't have children. A single person can claim even with earnings of £13,000 per annum, for a couple this increases to a combined annual income of £17,000. The goverment has produced a leaflet offering guidance which can be found here.

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The government's car scrappage scheme, announced in the budget went live on 18th May 2009. Owners of cars and light vans registered before 31st August 1999, who have owned the car for at least a year, are able to scrap the vehicle and receive £2000 towards a new car or van ordered from a participating dealership. There are some conditions linked to the scheme and there appears to be some evidence of deals being withdrawn recently which would eat into the overall saving. Click here for more.

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