Wednesday January 6, 2010

Dear Reader

Happy New Year

From all of us at Inca, may we wish you a Happy New Year and that your dreams for 2010 become realities

As most of you know, January is "tax month", the 31st being the deadline for filing of self-assessment tax returns for the 2008-9 tax year. Last year we only had 1 still to complete on the last day, this year of course it's a Sunday (lovely). We are noticing HM Revenue & Customs being quicker to issue fines for lateness, so if you still have your return to complete, or intend sending the information to us, then please get cracking. Remember that any tax and payment on account you owe is also due for payment on 31st January 2010.

If this is likely to cause hardship, HMRC are very willing to listen and implement repayment plans over several months. The telephone number for the helpline is 0845 302 1435. It's definitely better to give them a call rather than leave it and hope for the best, we just reached an agreement for one of our clients to pay over £14K in instalments throughout the remainder of 2010, the original bill was due on 1st January. You will be charged interest on late payments, but with rates quite low, this can be manageable.

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Remember VAT Rates Have Changed

I'm sure hardly anyone will have missed the fact that the standard rate of VAT went back to 17.5% on 1st January. We've put some basic guidance together here...

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Do you sell to or buy from overseas?

Then it is likely you will be affected by changes in overseas VAT which also came into force on 1st January 2010 and were relatively unnoticed compared to the main VAT rate change. We've put together some basic guidance here, however, this is still a complicated area and if in doubt, please give us a call on 01865 821100.

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